NBA players show acumen off the court | Kwesé

NBA players show acumen off the court

NBA players show acumen off the court

21:30 SAST | 10 Feb 2017

A 2009 Sports Illustrated article revealed that almost 60 percent of former NBA players are broke within five years of retirement.

Stories of how Allen Iverson allegedly blew $150- 200-million career earnings on cars, clothes, friends and family or how Vin Baker, a former NBA All-Star went from $100-million earnings to working for Starbucks training to be a manager, have become subjects of documentary series like ESPN’s 30 for 30: Broke.

However, there are cases of astute and business-minded players that have used their resources and social capital to create new opportunities for themselves.

LeBron James

Not only is he smart on the court but he is smart when it comes to how he makes his money. With multiple streams of income, James has become one of the highest-earning athletes in the world.

Alongside childhood friend and business partner Maverick Carter, LeBron owns a sports and brand management firm called LRMR (which stands for LeBron, Rich, Maverick and Randy). The company manages deals for James as well as brand consulting for Steuban Glass and furniture company American Signature.

The firm was able to orchestrate James’ blockbuster lifetime deal with Nike worth more than $1-billion. In 2008, the firm also brokered a deal with Beats where James was given a small stake in the company. When Beats was sold to Apple for $3-billion in 2014, James received a $30-million check for his shares.

James also owns a piece of professional soccer team Liverpool FC and a media company called Uninterrupted which received a $15.8-million investment from Warner Brothers.

Steph Curry

When Curry is not shooting the lights out from the perimeter, he’s investing in the booming technology industry in Silicon Valley which is right in his backyard.

Curry co-founded a startup called Slyce which curates and simplifies social media platforms for celebrities and athletes. The company has raised over $900,000 in less than a year of launching.

He has also collaborated with Appmoji, an app with emojis for celebrities. The ‘StephMoji’ features caricatures of Curry chewing his mouth guard, of him playing basketball as well as emojis of his wife Ayesha and daughters Riley and Ryan.

Michael Jordan

Jordan became the first professional athlete to become a billionaire when he became chairman and majority stakeholder of the Charlotte Hornets.

Putting earnings from the Hornets aside, Jordan made a staggering $110-million in 2016 from his partnerships with Jordan Brand, Gatorade and Hanes, Upper Deck and 2k Sports amongst others. The Jordan brand alone generates about $60-million in annually royalties for Jordan.

Jordan also owns a car dealership and seven restaurants which add to his annual income.

Jamal Mashburn

His name may not be as memorable as Jordan, Shaq O’Neill and Magic Johnson but his business acumen is.

Mashburn owns more than 80 franchise locations in the United States including 40 Papa Johns, 38 Outback Steakhouses, five car dealerships and four Dunkin’ Donuts. Alongside NFL player Winston Justice, Mashburn owns Justice Capital Partners which invest in tech startups.

He has accumulated a net worth estimated at $45-million.

By Lethabo Nxumalo from the WeeklyLayUp Crew

@leahwrite on Twitter

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