Imagine a world were fans go beyond just showing so much love for their favourite artist or athlete or footballer by doing something a little more…viable. Like buying a share in the footballer in exchange for a percentage of his future income from weekly salary, endorsements, promos, sign on fees etc. Well that is exactly what one company just did.
According to the Nytimes Deal Book a start-up company Fantex Holdings announced a new trading exchange for investors to buy and sell interests in professional athletes. Backed by executives from Silicon Valley, Wall Street and the sports world, the company plans to create stocks tied to an athlete’s financial performance. The Company made public its intention to issue tracking stock on Arian Foster, an American Football player . Fantex reported that it had paid $10 million in early October to Mr. Foster in return for 20% of all contract and endorsement income that he will earn after February 28, 2013. To recover their investments, Fantex plans to raise approximately $10 million from the issuance of 1.055 million Arian Foster tracking shares to the public, and use its share of Mr. Foster’s income to pay dividends to these shareholders. The picture below captures the initial set up:
Now what do you think? Would you buy Wizkid or Victor Moses or Mikel Obi? See more on the story below;
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