I am trying to build a business empire
Super Bowl champion and Kansas City Chiefs star quarterback Patrick Mahomes isn’t just focused on building an empire on the gridiron, he is looking to plant his flag outside of the sport as well.
“I am trying to build an empire off the field in every way,” Mahomes, 25, told Yahoo Finance Presents. “I watch a lot of the great athletes that came before me and they found ways to build their empire and to build themselves up off the field, so I am trying to do that as much as possible.”
Mahomes says sports legends such as Michael Jordan and Alex Rodriguez are models for his business building, as is well-known entrepreneur and Dallas Mavericks owner Mark Cuban.
To be sure, Mahomes is off to an impressive start in his business empire building ambitions.
After signing a record-setting 10-year $503 million contract in 2020, Mahomes purchased a minority stake in the Kansas City Royals. He then invested an undisclosed sum for a stake in surging wearable device company Whoop. The tech unicorn has an estimated valuation of about $1.2 billion.
Those moves come in addition to Mahomes having endorsement deals with athletic-wear maker Adidas, sports recovery device seller Hyperice, NetJets rival Airshare and supplement seller BioSteel.
More recently, Mahomes has dabbled in the exploding NFT market (earlier this month he reportedly sold $3.4 million in NFTs) and attached his name to a SPAC that is on the prowl for tech investments.
Mahomes concedes not all his investments have been wild successes. But, he has learned a great deal from his business failures.
“The biggest thing is to do the stuff you love and you have a passion for because if you do that, you usually figure out a way to make it work. That has been big to me, not to just invest in everything but to invest in stuff that you truly believe in,” Mahomes said.
As for adding stocks to his portfolio of investments, Mahomes lets his financial advisors handle that.
“I do a little bit [of dabbling in stocks], but I usually have a financial advisor that kind of steers me in the right direction that way. I’m pretty conservative I would say so myself, but as I have learned more and more I try to do a little bit more,” added Mahomes.
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