: These top athletes are investing in corn instead of crypto


Over the past two years, cryptocurrency companies like FTX, Coinbase

and Cash App

inked equity and sponsorship deals with several athletes while paying them the company’s shares, or crypto itself.

That didn’t work out very well for some high-profile athletes, including NFL star Tom Brady. And now a large group of professional athletes is putting their money into something less flashy.

Cincinnati Bengals quarterback Joe Burrow, Boston Celtics forward Blake Griffin, New York Islanders forward Anders Lee, Toronto Blue Jays pitcher Kevin Gausman and Milwaukee Bucks forward Khris Middleton are among the pro athletes who recently purchased a 104-acre corn and soy Iowa farm for $5 million.

See also: Usain Bolt is missing millions from his investment portfolio, his manager says

The financial acquisition was made through investment vehicle Patricof Co. The plan is to lease the land to farmers, in hopes of a single-digit-percentage annual return — 24 athletes in total are part of the purchase, according to FrontOfficeSports.

“We did three investments last year after doing six the year before,” said founder Mark Patricof. “The market changed. The world changed. Prices didn’t necessarily go down, but valuations should have, so we held back. It was the right time in the cycle to put money into this asset class.”

The group isn’t done with farms either. Patricof Co. intends to buy four more farms in the coming years, including a watermelon farm in Oregon, the report continues.

See also: Athletes like Tom Brady and Odell Beckham took crypto as compensation. As of now, that’s backfiring.

In addition to being world class competitors, many athletes are successful businesspeople. MarketWatch has chronicled how athletes like Kobe Bryant, LeBron James and Serena Williams have ballooned their already impressive fortunes they made through sports into multi-million business ventures

Washington Watch: Yellen says U.S. will hit debt ceiling Thursday. Analysts warn of ‘significant market pain’ while Congress deals with limit.

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