Becoming a pro athlete has always been viewed as a financial dream come true, but for many players, that dream can quickly turn disastrous if they don’t have a solid monetary plan. As players are becoming more financially savvy and in charge of their futures beyond the game, they are exploring investment and ownership opportunities like never before. NFL player Larry Fitzgerald, who’s a Wide Receiver for the Arizona Cardinals, is the newest pro-athlete to make a bold business move. Fitzgerald recently purchased a stake in the Phoenix Suns NBA franchise and is the second NFL player to invest in an NBA team.
In a statement to NFL.com, Fitzgerald claimed the investment was, “a unique opportunity because I hadn’t heard of many other [athletes] doing it, but I wanted to really think about it because it’s a substantial capital commitment. It’s not something small.” Fitzgerald was introduced to the offer by his friend and mentor Robert Sarver, who also happens to own the Phoenix Suns. Sarver said Fitzgerald’s role will eventually evolve, but for now, he will act as an advisor and resource to the team’s staff.
The amount of the investment is unknown; however, as a minority stake in a team worth an estimated $1.5 billion is no small deal. Congratulations to Larry Fitzgerald, and hopefully, this trend continues for more athletes to become better businessmen both on and off the field.