National Basketball Association star Giannis Antetokounmpo is now part-owner of a sports nutrition start-up.
The Milwaukee Bucks forward agreed to terms with sports nutrition maker Ready Nutrition in a transaction that will grant Antetokounmpo part ownership of the company told CNBC. The company didn’t give an exact amount for Antetokounmpo’s investment, but said it’s in the six-figure range.
“This is not an endorsement deal,” Antetokounmpo told CNBC of his first brand investment. “Obviously, I can help the brand and go out there and sell it to everybody, but this is not what this is. … this is a company I really believe in.”
“I could go with Gatorade, I could go with BodyArmor, but at the end of the day Ready was the right fit for me,” Antetokounmpo added.
Antetokounmpo’s agent, Alex Saratsis of sports and entertainment firm Octagon, said the deal with Ready Nutrition made a good fit for his client’s personal story.
“Both [founder and President Pat Cavanaugh] and Giannis and the brand itself have really started from nothing and really have a chance to grow together,” he said.
The Pennsylvania-based company also partnered with Los Angeles Rams star Aaron Donald in November 2019. Donald and Antetokounmpo are the only two investors in Ready Nutrition, both receiving ownership stakes.
Giannis isn’t the first athlete to invest their own money into businesses and he certainly won’t be the last.
But not every investment makes money.
We’ll see how this one fares.
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