We marvel what these athletes have accomplished on the field/court, but there is no question that we have now reached a new era which these stars have become more than just an athlete. Record breaking salaries granted to professional athletes in recent years has opened up doors for them; giving them millions of dollars to invest in new business ventures and expand their careers within their sports world. These 7 athletes have created a life of prosperity that leaves a legacy far beyond their game. Lets take a look at the wealthiest athletes today.
Hometown Favorites – Grind Weekend
This past weekend, legends from the Los Angeles basketball community got together at the Cal State Los Angeles gym.
They invited the next generation of LA hoopers and shared their knowledge about the game of basketball, the brotherhood, and life outside of hoops.
Russell Westbrook, Lou Williams, Baron Davis, Nick Young, DeMar DeRozan, Dorell Wright, Trevor Ariza, Bobby Brown, Pooh Jeter, Montrezl Harrell, Chris Copeland, Michael Beasley and others spent their weekend with some of LA’s top basketball talent from middle school to the college level.
Follow the movement on @la.unfd
Joseph Tsai to Buy All Remaining Nets Shares for Record Total of $2.35B
The Brooklyn Nets are officially under new ownership as Taiwanese-Canadian billionaire, Joseph Tsai, just completed his purchase of the team.
It was already known that Tsai would become the full owner of the Nets in due time, as he purchased 49 percent of the team last year for $1 billion, with the opportunity to buy the remaining portion of the team for $1.35 billion.
Tsai had until the 2021-22 season to complete the purchase from former owner Mikhail Prokhorov, but he did not need to wait that long to get the deal done.
Prokhorov has made an insane return on his investment, as he reportedly first purchased 80 percent of the team for $223 million back in 2010.
What this sale really does, is show just how much the NBA is skyrocketing right now in value. Now the Clippers, Rockets and Nets have all been sold for $2 billion price tags, showing the immense growth of the league.
With the additions of Kyrie Irving and Kevin Durant this offseason, the value of the Nets franchise is sure to go up anyway, as there is going to be more interest than ever in Nets basketball.
Tsai is working to buy the Barclay’s Center (where the Nets play), and the new Nassau Coliseum from Prokhorov to complete what has turned into an impressive sports portfolio.
The co-founder of the Alibaba Group has also purchased 100 percent of the New York Liberty in the WNBA and the San Diego Seals in the National Lacrosse League.
Klutch Sports’ to Become Part of United Talent Agency’s Sports Division
Klutch Sports is the sports agency run by LeBron James’ close friend and agent Rich Paul. Klutch represents many of the best basketball players in the NBA, namely LeBron’s newest teammate Antony Davis.
Paul has been building out an impressive client list ever since leaving CAA to form his own agency back in 2012. Now his work is paying off in a big way, as Klutch is set to become part of one of the biggest talent agencies in the world.
United Talent Agency is a major player in Hollywood, representing big-name movie stars such as Kevin Hart and Angelina Jolie.
Up to this point, United Talent did not have their own sports division, so they are essentially making Klutch that division. As part of the deal, Paul will still operate Klutch under that name, but will also be the head of UTA sports.
For years the narrative around Klutch is that it was a somewhat puppet agency for LeBron, where the NBA superstar could represent his friends and wield massive power in the league, with Paul just being the face.
While it is clear that Klutch’s motives align with LeBron’s at times, such as when Davis forced his way to the Lakers, this deal is more about Paul than it is about LeBron.
One of the biggest talent agencies in the world is looking at Paul and saying they want him to be the face and voice of their sports division. Having LeBron as a client surely helps that image, but it is still one that Paul has earned on his own.
Three years ago, Phil Jackson came under fire when he referred to LeBron James’ close friends and business associates as his posse.
James argued in behalf of his friend and all the hard work they have done to become the best at what they do in their respective fields.
As we see the massive success of Paul as an agent and Maverick Carter as a producer, it is about time we give these men the credit for the success that they have earned, rather than just giving all of that to LeBron.
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