NFL Players Start a Venture Firm Using Tom Brady as Capital
The National Football League players union is starting a venture group, using athletes’ collective cachet, not cash, as investment capital alongside millions from established investors including Kleiner Perkins Caufield & Byers LLC and Madrona Venture Group LLC.
The OneTeam Collective, as the group is called, is designed to trade the rights to football players’ images for equity in sports-oriented startups. It’s a unique proposition. Other tech investors in the pro sports world, including Kobe Bryant, the L.A. Dodgers and the Philadelphia 76ers, put up seed capital but not intangible assets like marketing rights.
When it comes to NFL players, those rights are valuable. Companies like Electronic Arts and Nike pay the NFLPA handsomely to use the players in commercials, video games and other promotions. – READ MORE