The plight of professional athletes making tens-of-millions, even hundreds-of-millions is well documented. From John Daly, to Allen Iverson to Mike Tyson and hundreds in between, their lucrative contracts at the peak of their career were poorly managed leaving them in hard to believe situations.
But as TheStreet has pointed out in our Sport of Money Series, the athletes that plan ahead, start businesses or invest in stocks or real estate, while they are still actively playing professional sports, seem to generate even more money after they retire compared to their “glory days” in the NBA, NFL, MLB.
Lately, there seems to be a growing trend for professional athletes and how they approach their endorsement and sponsorship deals. The latest example comes via Panthers running Christian McCaffrey who just became the latest pro-player to join BODYARMOR’s impressive team of bankable athletes.
As the All-Pro rusher told Sports Illustrated and TheStreet, the deal isn’t just for the upfront endorsement money, he actually now owns shares of the beverage company. McCaffrey joins some of the biggest names in pro-sports, James Harden, Mike Trout, and Ronald Acuna Jr. to sign on and take ownership in BODYARMOR. Even some of the the biggest brands in the world have invested in the rapidly popular sports drink, including Coca-Cola (KO) - Get Report. Coke’s interest in BODYARMOR helps the beverage company compete with Pepsi’s Gatorade.
TheStreet asked the Carolina running back, what he looks for when signing on with a sponsor. Big factors for him when partnering with a company are doing deals with companies that he’s passionate about, actually uses and believes in. Regarding his sponsorship deals, McCaffrey jokingly noted “if I’m passionate about it and I can make money off it, obviously it’s a benefit.”