Venturing into business appears to be the retirement plan of many NBA star since time immemorial. It’s always the case with professional athletes after retiring, including musicians and many other top American celebrities to start up their own businesses and emerge as entrepreneurs.
Athlete turned entrepreneur is common among NBA stars. After all, they retire at a relatively young age, so they must find something else to spend all their money and time on. While some see it as a mere coincidence, many feel NBA players that venture into business after retirement had the drive to succeed in life and therefore ventured into the wonderful world of business.
We take a critical look at 10 professional NBA players who became entrepreneurs after retirement:
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Michael was one of the first NBA stars to become a billionaire, and he didn’t get all that Billions from playing in the NBA. However, he is first NBA star of all time to become a billionaire. Michael is the chairman and majority shareholder of the Charlotte Hornets NBA side. He certainly got his Billions from being an entrepreneur.
Aside that Michael also earned a lot of dollars through his many other corporate sponsorships, making an about $80 million from them a year ago. These corporate partners include Nike, Coca Cola, Gatorade, Chevrolet, Upper Deck 2k Sports and McDonald.
Aside all these companies that Michael has invested or partnered with, he also owns a car dealership business, a Motorsport team and six restaurants.
Shaquille O’Neal’s net worth is about $400 million as at 2021, making him one of the richest professional athletes in the globe. Nicknamed Shaq, he is a retired professional basketball star who is currently serving as a sports analyst on Television, offering analysis to some league games which had been covered by NBA Odds alongside other analysts.
During his 19-year Basketball career, he played for six sides and is currently considered one of NBA’s greatest players in history. Aside being a basketball player and entrepreneur, he also released four rap albums and has featured in several movies and TV shows..
Standing 7 foot 1 inches tall, he made it big on the Basketball court and has taken his incredible skills off court and into the world of business.
While playing actively, he has investments in World’s biggest search engine, Google, Muscle Milk and Vitamin Water. Shaq also own Five Guys burger franchises and gyms.
Overall, the NBA legend, after retiring has emerged as an incredibly successful entrepreneur.
Le Bron James
The famous NBA star for La Lakers, LeBron James wealth is worth is estimated about $400 million. LeBron made over $30 million from the sale of Beats by Dre to Apple, of which he still owned a 1% stake in.
LeBron is reportedly the biggest endorsed NBA player, through his endorsements with Nike, McDonald’s, Nike, Dunkin’ Donuts, Baskin Robbins and such. It’s through these endorsements that he’s banked $53 million yearly because of sponsorship and partnerships
Just like Michael Jordan, Lebron James also partnered Nike to release his own branded shoe, which has been a top seller bringing in $90 million in sales.
Dave Bing is a retired basketball player who became a politician after retirement. The former Mayor of Detroit has a net worth of $5 million.
Dave Bing featured for 12 seasons in the NBA between 1966 and 1978 for the Detroit Pistons, Washington Bullets as well as Boston Celtics. A seven time NBA all-star and a member of the Hall of Fame. Port retirement, he founded his own steel company, known as Bing Steel.
The Bing Group produces automotive products, appliance and office furniture industries.
Vinnie Johnson was an unsung basketball hero. Vinnie was the 6th man for the Pistons in the NBA, and after he retired, opted to remain in Detroit to build his company further.
He went ton to create the company called Piston Automotive, and through it has create several jobs for people in Detroit. Truth be told, Vinnie, through Piston Automotive has done wonders to develop the local community.
Webber made an estimated $176,000,000 in his entire NBA career, and kept the ball rolling cashing out after they retired. Chris Webber owns an investment company representing basketball players, real estate, filming projects and football player.
Chris Webber also owned a restaurant – Center Court, and also dabbled in the art of music production, including writing his own book.
The NBA all-star player is also an accomplished entrepreneur.
Johnson played for 13 years in the NBA, and created Magic Johnson Enterprises after retiring as a basketball player, which he is now the CEO. The company owns several franchises, including Burger King, Starbucks, T.G.I Fridays, 24 Hour Fitness and so on.
If you add up all of his franchises, it’s worth about 32 million customers each year.
Richardson, who retired in September 2013, has since ventured into the world of Business. Richardson’s said that he’s always wanted to venture into business and become an entrepreneur after he retires from active Basketball, and though he has not had so much time to broaden his horizons since he retired, he has a long term plan to further expand his business and broaden his horizon.
Quentin has bought an East Coast Wings & Grill franchise, and aims to further open 10 of the restaurants in numerous other areas, in the next 7 years. This is just the beginning of Quentin’s plans to hit it real big as an entrepreneur.
Chauncey played for 17 seasons in the NBA, and after he retired, partnered with another former NBA player, Junior Bridgeman, to buy 30 Wendy’s restaurants.
They weren’t joking about with investing their hard earned money. Most of the NBA stars on this list acquired a restaurant franchise or even two, but not as much as 30 Wendy’s
Since food appears to be the popular investment choice among NBA all-star players these days, George Tinsley is no exception. George Tinsel invested in the popular KFC and TGI Fridays franchises and has been successful with the two.
His Company – The Tinsley Group, now operates more than 50 franchises across Florida.