Get to know Tracy McGrady and Vince Carter; they are former NBA teammates and Hall of Famers who reinvented themselves as entrepreneurs after retiring from the NBA.
McGrady retired from the league in 2013 with $130 million in career earnings. He ventured into real estate, cryptocurrency, and sports. In sports, he invested in a sports agency. Also, he self-funded Ones Basketball League.
“I’ve always invested in other people’s ideas and other people’s visions,” McGrady told CNBC. “Not once did I ever trust mine. I didn’t have the confidence to think mine was good enough. I didn’t trust my ideas or decision-making when it came to my vision.”
He added, “This is the first time I actually trusted and believed that I can pull this off.”
Carter, on the other hand, played alongside McGrady for two seasons. At the peak of his career, he had endorsements from major brands such as Nike, Wilson, Gatorade, EA Sports, and T-Mobile.
Today, Carter and McGrady are minority owners of the Buffalo Bills, which is currently valued at $4.2 billion, per Forbes. The two are among 10 limited partners to join the franchise, marking the first time the team has added minority owners.
As per AP, the noncontrolling, minority interests were approved by NFL team owners at the league’s winter meetings. The NFL recently made policy changes allowing private equity investments in teams and paving the way for diverse ownership.
The new minority ownership of Bills also includes former U.S. Men’s National Team soccer player Jozy Altidore, who has made investments in Sogility, a technology-powered soccer training center co-founded by Chris McGrath and Jimmy Carson.
The remaining seven partners, pending final closing of the agreements, include: Private investment firm Arctos, Rob Palumbo, co-managing partner of Accel-KKR; Sue McCollum, CEO and owner of beverage distribution companies Eagle Brand Sales and Double Eagle Distributing; Theresia Gouw, co-founder and managing partner of the venture capital firm Acrew Capital; Rob Ward, co-founder, general partner of venture capital firm Meritech Capital; Mike Joo, COO, Global Corporate and Investment Banking and Head of North America Corporate and Investment Banking at Bank of America; Tom Burger, co-founder and managing partner of the investment firm Gridiron Capital.
Terry and Kim Pegula bought the Bills for $1.4 billion from the estate of late Hall of Fame owner Ralph Wilson in 2014. Per the new ownership arrangement, the Pegulas will retain 79% control of the team, according to the AP.
“It’s a huge honor to join this historic Bills organization,” Carter said in a statement. “I’m truly thankful the Pegula family has given me the opportunity to help the franchise continue to grow and thrive in player growth, community service, and, of course, winning the Lombardi trophy. See you soon, Bills Mafia!”
