Crypto sponsorship deals didn’t work out very well for some high-profile athletes. Here’s their new venture.
Over the past two years, companies operating in the nascent cryptocurrency space, such as Coinbase COIN, +5.11%, Block SQ, -0.21% and the now-bankrupt FTX, have inked sponsorship deals with a number of top athletes, typically paying them in company shares, or in crypto itself.
Cincinnati Bengals quarterback Joe Burrow, Boston Celtics forward Blake Griffin, Milwaukee Bucks forward Khris Middleton, New York Islanders forward Anders Lee and Toronto Blue Jays pitcher Kevin Gausman are among the pro athletes who recently purchased a 104-acre corn and soy in Iowa.The acquisition was made through investment vehicle Patricof Co.
“The $5 million was the first capital call in what will be a pool of capital to acquire multiple farms,” according to Peter Drummond, of BerlinRosen, a firm that handles PR and communications for Patricof.
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