23 August 2016
There have been stories of former sportsmen who went broke after retiring from their respective sports.
Taking into consideration the huge salaries they earned while actively playing, it remained a shock how being broke should even be a thing for them.
There have been stories of former Nigerian footballers resorting to driving taxis in the U.S. after retiring and runnig out of cash.
Apart from football coaches, stories of NBA stars going broke after retirement are also quite common.
This doesn’t look likely for retired NBA star, Kobe Bryant. The legendary basketball player is setting up a venture capital fund worth 100 million dollars to invest in technology, data, and media companies, according to Wall Street Journal.
The Bryant–Stibel venture is a partnership with Dun & Bradstreet Vice-Chairman, Jeff Stibel.
The Wall Street Journal reports that the pair (Bryant and Stibel) have already invested in 15 companies since 2013, but is now making the partnership official.
Is the Investment open to outsiders? No. The venture has already invested in 13 companies, which includes, The Players’ Tribune, video game designer Scopely, LegalZoom, Juicero, RingDNA, Datanyze, FocusMotion, SHIFT, ToastLabs, House Canary, Reserve.com, Represent and a Chinese e-commerce company, Alibaba.
“This is one of my passions,” Bryant said on CNBC after he rang the opening bell on Monday on the New York Stock Exchange. “We are one gear, 100 per cent laser-focused, and here we go.”
Bryant’s Fund may be the highest profile example of a sportsman going into the VC world to date.
Other NBA players have made a dent in the investing world, including former Lakers great Magic Johnson, Former San Antonio Spurs center David Robinson and Camelo Anthony, the New York Knicks forward who was part of the United States Basketball Ball team that won Gold in the just-concluded Rio Olympics.
It is impressive that Kobe Bryant already has the next phase of his life figured out even though he only retired earlier this year.
Author: Timilehin Boyinde
Oluwatimilehin Boyinde is a research writer and a social media strategist. A public affairs analyst, he writes about history, politics, sports, life matters and technology. He is passionate about happenings in Local and international political arenas. He is an avid Manchester United fan and an unapologetic Nigerian.