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Mathew Knowles was inspired to invest in a sports team due to a former Destiny’s Child member. On Saturday, Oct. 12, 2024, Knowles graced the Main Stage during the Building Wealth Today for Tomorrow (BWTT) Financial Empowerment Summit at the UIC Forum in Chicago, IL. The event promoted wealth-building among the Black community through workshops moderated by local financial experts and insightful discussions from panelists, including Keke Palmer, Larenz Tate, and Knowles, among others. Photo Credit: Building Wealth Today for Tomorrow “Building Wealth Today for Tomorrow is the largest financial education program of its kind,” Chicago’s City Treasurer Melissa Conyears Ervin explained in a statement shared with AFROTECH™ . “It brings together experts and leaders from businesses, community organizations, and city, state, and federal agencies to lead workshops and discussions that help Chicagoans build a more financially secure future.” Knowles shared insights into his family history —...
Team ownership is not completely off the table for billionaire Mark Cuban. Cuban was former majority owner of the NBA’s Dallas Mavericks since 2000, purchasing stake in the team for $285 million, mentioned Fortune. At the time, he felt he was at an advantage due to his knowledge in technology and media. However, in recent years he recognized a shift towards real estate as necessary to be successful in team ownership. As a result, he chose instead to sell most of his stake to the Miriam Adelson family, controlling shareholder of Las Vegas Sands Corp., in December 2023 in a deal valued at $3.5 billion. He now maintains a 27% stake in the Dallas Mavericks and is in control of its basketball operations as well as serves as the alternate governor, according to the NBA. “When I first bought [the Mavericks] in 2000 I was the tech guy in the NBA. I was the media guy. I had every edge and every angle,” he explained on the “All-In Podcast.” “Now fast-forward 24 years later. In order to...
Yo Gotti is seeing a return on his investment in D.C. United. The “Rake It Up” rapper purchased a minority stake in the league in 2021 at a time when it was valued at $730 million, as AFROTECH™ previously reported. His foray was driven by his admiration for Jason Levien and Steve Kaplan, co-chairmen of D.C. United who have former ties to the NBA’s Memphis Grizzlies, which represents Yo Gotti’s hometown. “What I’ve seen them do in Memphis with the Grizzlies and just as businessmen in general; I wanted to be in business with them. D.C. United, I think, is a great organization and D.C. has always been, overall, one of my favorite markets, even as an entertainer,” Yo Gotti told The Athletic. “It’s always been one of my favorite cities to come to — the whole DMV area has always been one of my favorite places to come to. Being from Memphis, even when I was building outside of my tri-state area, I want to say that Maryland, Baltimore, those were some of the biggest shows I’ve ever done. So...
When Malcolm Jenkins secured stake in England’s Burnley FC, he made history in the process. Sports Illustrated reported the three-time Pro Bowl safety became an investor — through Malcolm INC and Disrupt Sports Partners — in the Burnley, Lancashire-based professional team within the English Premier League (EPL) back in 2021. He joined the new ownership group, ALK Capital. Jenkins, playing for the New Orleans Saints at the time, saw the opportunity as a perfect alignment to values that have been central to his business portfolio, noted a press release. He pointed to the club’s “tenacity, work ethic, good sportsmanship and efficient operational infrastructure.” His decision was finalized following a visit to the team’s Turf Moor stadium in England before watching the team, nicknamed “The Clarets,” play against Manchester City. “I think the club’s doing a great job with some of the updates around the stadium and to see the vision of where they want to go in creating a venue that’s not...
Angel Reese is among a trio of powerhouse Black women who are now investors in the DC Power Football Club. The Maryland native and current Chicago Sky player is already making strategic business moves in her rookie year. In May 2024 Reese joined an ownership group for the DC Power Football Club, a new professional women’s soccer team based in Washington, DC, as AFROTECH™ previously reported. “I want to help grow women’s sports and elevate female athletes across the board,” Reese said in a statement, per Sportico. “We’re taking over, and I’m honored to be able to support Power FC and invest in women’s soccer in the DMV community.” Jason Levien, D.C. United’s CEO and co-chairman, commented: “Angel’s decision to be a founding investor alongside us in Power FC is groundbreaking. As a Maryland native, Angel is so passionate about being a catalyst for positive change in women’s sports in the DMV as well as globally while inspiring the next generation of female athletes. We’re looking...
Dwight Howard says he lost the opportunity to invest in his city’s WNBA team. During a sit-down interview on his “Above The Rim with DH12” podcast, Howard — who last played in the NBA in 2022 — explains he had the opportunity to become an owner of the Atlanta Dream. This was an interest to him because he wanted to support his daughters, in the event they had aspirations to follow in his footsteps in the professional league. “It was a group of people who was all in it together. My plan that I had was, I was looking to buy the Atlanta Dream, the basketball team for women. So I was like, ‘Man I want to really do this ’cause I got two daughters,'” Howard explained on the podcast. “One day they’re going to want to play basketball. I can set it up to where they can play for the Atlanta Dream one day when they get older.” The 6-foot-10-inch hooper, who was an active player in the league at the time, says he put a team together and invested $7 million into the deal. He was also showing his...
Ulysses “Junior” Bridgeman now holds a stake in the league where he once played. Bridgeman was drafted to the NBA in 1975 and selected by the Los Angeles Lakers as an eighth pick in the first round, Basketball Reference reports. Bridgeman continued his career in the league with nine seasons for the Milwaukee Bucks, followed by a two-year stint with the Los Angeles Clippers, before returning to the Bucks for his final season and retiring in 1987, Sports Illustrated mentions. At his highest, he earned $350,000 in a single season, as AFROTECH™ previously reported. However, his fortune greatly increased beyond the NBA, amassing a reported $600 million. His business portfolio has included Wendy’s and Chili’s restaurant franchises, although he later sold his stakes in 2016 and soon after became a Coca-Cola distributor. The basketball veteran is also the owner of Ebony and Jet Magazine as of 2020. He purchased the publications for $14 million after they filed for bankruptcy. In a...
History is being made in the 2024-2025 NFL season. Diverse Representation shares on Instagram that the current season, which kicks off Thursday, Sept. 5, 2024, reportedly has the most Black team minority owners in league history. The list is filled with various trailblazers across entertainment, sports, and business, which you can find below. Venus And Serena Williams Kicking things off are trailblazers Venus and Serena Williams, who made history as the first Black women to become minority owners in the NFL. As AFROTECH™ previously told you, they became minority owners in 2009 when the team was reportedly worth $1.02 billion, per Statista. “I am honored to be a partner in the Miami Dolphins franchise and thankful to owner Stephen Ross for allowing Serena and I to be part of Miami Dolphins history,” Venus said at the time, according to People. Serena added, “I am so excited to be part of such a renowned organization. Having spent so much of my childhood in the area, being involved...
Magic Johnson now has five teams in his investment portfolio. As AFROTECH™ previously reported, the NBA-legend-turned-serial- entrepreneur has ownership in the MLB’s Los Angeles Dodgers, MLS’s Los Angeles Football Club, WNBA’s Los Angeles Sparks, and NFL’s Washington Commanders. Now, he is announcing his involvement with a fifth team. “CBS Mornings” reports he joined the investor group for the National Women’s Soccer League (NWSL) team Washington Spirit , which is led by Michele Kang, the first woman of color to have majority ownership in the NWSL. The pair first met in Los Angeles, CA, and immediately connected over a shared excitement for the growing popularity in women’s soccer in the U.S. “I’m so excited to join the Washington Spirit’s investor group at such a pivotal time in the club’s history! Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity,” Johnson wrote on Instagram. View...
Carmelo Anthony is open to team ownership with his longtime friends LeBron James And Dwyane Wade. Anthony is already inching closer to obtaining ownership in the National Basketball League (NBL) after being named a Global Ambassador of its innovative Next Stars program, a news release mentions. With his appointment, it also means he can one day be part of an ownership team when the league expands. Speaking of his appointment, Anthony said, “The recent pipeline of talent that has come out of the NBL and into the NBA has been extremely impressive, and the Next Stars program is a prime example of the league’s commitment to nurturing talent and cultivating elite players. I look forward to working with the League to help play a role in shaping the future of basketball worldwide.” Anthony’s interest in team ownership, to no surprise, also includes the NBA. The 10-time All Star was drafted in 2003 to the Denver Nuggets as third overall draft pick, the NBA notes. He went on to spend...
Kevin Durant has struck gold overseas. Olympic Victory The athlete is fresh off a USA Basketball Men’s National Team victory at the 2024 Olympics, taking home a gold medal alongside teammates, including LeBron James and Stephen Curry, and leading against France in a 98-87 upset, according to USA Today. View this post on Instagram A post shared by USA Basketball (@usabasketball) Durant now has four Olympic gold medals, according to his Team USA profile. “My goal every time I put this jersey on was to represent my country, my state, my street, my family name, and it help put the game forward,” Durant said, per USA Today. “And since I’ve been here, we’ve done that. We built off the Dream Team in ’92, and we carried that torch and that was the main goal.” Investing In Paris Saint-Germain Besides focusing on the victory lap on the court, Durant also looked to do the same in the business world through his sports, media, and entertainment company Boardroom, which he founded in 2019...
A wise investment made by Serena Williams and Alexis Ohanian has greatly benefitted their daughters. As AFROTECH™ previously reported, the couple has been very intentional about investing in their children’s futures. When their first child, Alexis Olympia Ohanian Jr., was 2 years old, she made headlines as the youngest owner of a professional sports team when she was listed alongside her parents as an investor in Angel City, the National Women’s Soccer League team based in Los Angeles, CA. “As someone who spends hours kicking around a football with my two-year-old daughter, I want her to have a front-row seat to this revolution,” Alexis Ohanian said at the time. “I’m personally investing on behalf of my family because creating more opportunities in women’s sports is important to my wife and me, and we want to be a part of making a better future for our daughter.” In August 2023, the couple welcomed the birth of their second child and daughter, Adira River Ohanian, Today reported....
Dwyane Wade has revealed who influenced his decision to invest in the WNBA. In 2023, the former NBA player, who was born in the “Windy City” and has three national championships to his name, decided to become an investor in the Chicago Sky when the team was valued at $85 million, a news release mentions. It was not revealed what size stake Wade purchased. The team is now worth $95 million, according to Sports Illustrated. Reflecting on Wade’s participation as an investor, Nadia Rawlinson, co-owner and operating chairman of the Chicago Sky commented,” Not only has Dwyane been an extraordinary talent on the court during his career, but even more so in his business and philanthropic endeavors after. We care a lot about the culture that we’ve built, and we want people around us that have the same outlook and values as we do, and he is definitely one of those people.” She added, “Dwyane is very much someone who can help us achieve those goals and even take them to another level. There...
Nadia Rawlinson believes in investing in women’s sports. Rawlinson carries executive experience with tenure at companies that include Live Nation Entertainment, Slack, and American Express. It’s her collective experience that has emboldened her involvement with the WNBA’s Chicago Sky along with her deep appreciation for the city of Chicago, IL. “It’s having a level of understanding of how things can be done in an elite way,” she explained to Market Watch. “You have players, you have 22-year-old rookies who are moving to a new city to have their first job out of college. I care a lot about Chicago. I was here during the Bulls years when Jordan was here, which was epic. How can I recreate that here with the Sky? We are the future of Chicago and Chicago sports.” Rawlinson’s commitment to the team is exhibited in her decision to purchase equity in it. She now serves as co-owner and operating chairman of the Chicago Sky. “I’m also operating chairman, but I lead and manage our board of...
Tim Howard, a former U.S. Men’s National Team (USMNT) goalkeeper, now has ownership in a soccer league. ESPN reports Howard joined Houston Dynamo FC’s ownership group on July 16, 2024. By default, Howard now also becomes a minority investor in the National Women’s Soccer League’s Houston Dash. “We are proud to welcome Tim Howard to our ownership group at the Houston Dash and Houston Dynamo,” Dynamo majority owner Ted Segal said in a news release, according to ESPN. “His wealth of experience across soccer, both as a player at the highest levels and subsequently as a sporting director and media analyst, will be invaluable within ownership as we continue to build a competitive and successful organization. Moreover, Tim’s commitment to using his unique platform to positively impact communities in need aligns with the values of our organization.” Howard’s new position as an investor comes after his 2024 induction into the National Soccer Hall of Fame. The honor recognizes his 121 caps...