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- Washington aims to raise US$1.07m
- NBA star teams up with SportBLX to bring company to market
- Pair aiming to sell 10,700 shares of preferred stock at US$100 apiece
National Basketball Association (NBA) rookie PJ Washington Jr is selling stock in a company he has formed to make investments, according to documents filed with the Securities and Exchange Commission and first seen by Sportico.
The sports business outlet said the filing by the Charlotte Hornets player marks the first time an athlete is directly marketing investment in their future cash flows to individual investors.
According to the offering statement, Washington is hoping to raise US$1.07 million for PJW Ltd, which will focus on generating profits from non-exclusive services in brand management, wealth management, strategic investments, data analytics, consulting and other business operations.
The 22-year-old has enlisted SportBLX, an alternate asset investment company majority-owned by GlassBridge Enterprises, to bring the company to market.
Washington and SportBLX are aiming to sell 10,700 shares at US$100 apiece, the filing said. Preferred shares would collect a five per cent annual dividend, though there is no guarantee dividends will be issued.
Those who buy stock will be banking on the power forward generating profits from non-basketball work he directs into PJW Ltd, as well as through investments and deals arranged via the company. PJW Ltd also expects to make money from finder’s fees when other athletes go down a similar route with SportBLX, Sportico added.
According to PJW Ltd’s WeFunder page, the type of investment opportunity on offer is ‘traditionally reserved only for institutions’, giving sports fans ‘a unique opportunity to participate in the ownership and growth’ of Washington’s career. The player was the Hornets’ first-round draft pick in 2019 and set the record for the most three-pointers in an NBA debut.
The WeFunder page added that the move will give fans the chance to ‘increase their financial well-being’ by investing in one of their favourite athletes, while other investor perks include exclusive content, giveaways and online events.
The partnership with Washington also marks the first deal with an athlete for SportsBLX, which previously sold partial ownership of racehorses in 2019.
‘We would like the corporation to revolutionise both the sports and investment industries,’ Washington’s company said on its WeFunder page. ‘PJ Washington Inc will be the first of its kind: a corporation that allows fans to have a financial connection with a professional athlete.
‘We believe that through SportBLX, the securitisation of unique sports assets will be part of the mainstream investment industry. This will also serve as entrance to investing for many sports fans, as we desire to increase the financial literacy of the general public.’
At the time of writing, the WeFunder page, which has not been widely publicised, has raised US$2,100 from three backers. Its minimum goal is US$100,000. If Washington fails to reach that amount, the money will be returned. Should demand exceed US$1.07 million, more shares will likely be issued, according to the offering documents.
National Basketball Association (NBA) rookie PJ Washington Jr is selling stock in a company he has formed to make investments, according to documents filed with the Securities and Exchange Commission and first seen by Sportico.
The sports business outlet said the filing by the Charlotte Hornets player marks the first time an athlete is directly marketing investment in their future cash flows to individual investors.
According to the offering statement, Washington is hoping to raise US$1.07 million for PJW Ltd, which will focus on generating profits from non-exclusive services in brand management, wealth management, strategic investments, data analytics, consulting and other business operations.
The 22-year-old has enlisted SportBLX, an alternate asset investment company majority-owned by GlassBridge Enterprises, to bring the company to market.
Washington and SportBLX are aiming to sell 10,700 shares at US$100 apiece, the filing said. Preferred shares would collect a five per cent annual dividend, though there is no guarantee dividends will be issued.
Those who buy stock will be banking on the power forward generating profits from non-basketball work he directs into PJW Ltd, as well as through investments and deals arranged via the company. PJW Ltd also expects to make money from finder’s fees when other athletes go down a similar route with SportBLX, Sportico added.
According to PJW Ltd’s WeFunder page, the type of investment opportunity on offer is ‘traditionally reserved only for institutions’, giving sports fans ‘a unique opportunity to participate in the ownership and growth’ of Washington’s career. The player was the Hornets’ first-round draft pick in 2019 and set the record for the most three-pointers in an NBA debut.
The WeFunder page added that the move will give fans the chance to ‘increase their financial well-being’ by investing in one of their favourite athletes, while other investor perks include exclusive content, giveaways and online events.
The partnership with Washington also marks the first deal with an athlete for SportsBLX, which previously sold partial ownership of racehorses in 2019.
‘We would like the corporation to revolutionise both the sports and investment industries,’ Washington’s company said on its WeFunder page. ‘PJ Washington Inc will be the first of its kind: a corporation that allows fans to have a financial connection with a professional athlete.
‘We believe that through SportBLX, the securitisation of unique sports assets will be part of the mainstream investment industry. This will also serve as entrance to investing for many sports fans, as we desire to increase the financial literacy of the general public.’
At the time of writing, the WeFunder page, which has not been widely publicised, has raised US$2,100 from three backers. Its minimum goal is US$100,000. If Washington fails to reach that amount, the money will be returned. Should demand exceed US$1.07 million, more shares will likely be issued, according to the offering documents.
