Let’s face it, a professional athlete’s career only lasts as long as their body will allow. That’s why they depend on endorsements and other business ventures to produce income that will support them and their families for generations.
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While plenty of athletes have figured out how to use their name and image to make millions, a few have made exceptional deals that have turned them into multimillionaires – and billionaires, in the case of a few.
These Black athletes have proven to be just as successful in the boardroom as they are on the field.
LeBron James
The first active NBA player to become a billionaire, LeBron James is savvy businessman as well as the king of the basketball court. Besides being one of the league’s highest paid players, James has earned over $900 million from endorsements and other business investments, according to Forbes.
His portfolio includes various real estate investments and an equity stake in restaurant chain Blaze Pizza. James is also part owner of Fenway Sports Group, a multinational sports holding conglomerate which owns MLB’s Boston Red Sox, NHL’s Pittsburgh Penguins and the English Premier League’s Liverpool Football Club.
Kobe Bryant
NBA star Kobe Bryant’s investment in a healthy alternative to Gatorade turned out to be a sweet deal for his family.
According to The Wall Street Journal, Bryant acquired a 10 percent stake in the sports drink brand BodyArmor in 2013. The Los Angeles Lakers star served on the company’s board and was involved in writing and directing ads for the brand. In 2021, Coca-Cola acquired the drink, a business move that made Bryant’s estate $400 million.
Naomi Osaka
Tennis star/entrepreneur Naomi Osaka has a diverse investment portfolio that keeps her busy when she’s off the court.
In 2022, she launched her media and production company Hana Kuma, whose mission is to amplify local stories with global appeal, including Mink!, a documentary about Patsy Mink, the first woman of color elected to Congress and the author of Title IX, a federal law which protects people from sex-based discrimination in education programs or activities that receive federal financial assistance.
Osaka is also the founder of KINLÒ, a skincare brand with products formulated for people of color and the co-founder of Evolve, the first female-led talent agency.
Serena Williams
In 2014, tennis star Serena Williams founded Serena Ventures, a venture capital firm on a mission to support businesses owned by women and members of other underrepresented communities. According to its website, Serena Ventures’ current profile includes 54 percent women owners, 47 percent Black owners and 11 percent Latino owners.
And the investments have paid off in more ways than one. Williams says 14 of the companies in her portfolio have reached unicorn status, a term used to describe a “privately held startup company with a valuation of $1 billion or more,” according to Fortune.
Lewis Hamilton
With seven World Drivers’ Championship titles to his name, Lewis Hamilton is among the best of the best Formula 1 drivers. However, the British racer, also known for his style off the track, has used his influence to make a name for himself in business.
In addition to securing lucrative endorsement deals with brands like Tommy Hilfiger and Puma, he teamed up with television producer Jason Blum and model Kaia Gerber to purchase fashion magazine W in 2020.
Venus Williams
After an amazing tennis career that includes 23 Grand Slam singles titles and four Olympic gold medals, one look at Venus Williams’ investment portfolio shows that she’s also making her mark on the corporate world in a big way.
With an estimated net worth of $90 million, Williams is focused on using her platform to help support other entrepreneurs. In 2023, she joined private equity firm Topspin Consumer Partners as an Operating Partner. Topspin invests in fast-growing companies that use digital marketing and e-commerce platforms to expand the distribution of products in the health and wellness space.
“What resonated with me most about Topspin was the team’s deep understanding of consumer investing and genuine desire to help entrepreneurs and visionaries reach their full potential,” said Venus in a statement about her partnership.
Stephen Curry
With an estimated net worth of $240 million, NBA player Stephen Curry has found a way to score off the court.
Through his investment company Thirty Ink, Curry looks to align purpose and profit, supporting companies committed to doing good.
His multimedia production company, Unanimous Media, is looking to diversify the media landscape by producing podcasts, children’s books, television shows and more. The company signed a development deal with Comcast NBCUniversal in September 2021.
Kevin Durant
NBA power forward Kevin Durant has used the income he’s earned through his NBA salary and lucrative endorsement deals with companies like Nike and Gatorade to support small businesses across the country.
In 2017, Durant, who has an estimated net worth of $300 million, co-founded Thirty Five Ventures, a venture capital firm, which has invested in over 100 startups, including Postmates, Acorns and Coinbase.
Magic Johnson
After 12 amazing seasons with the Los Angeles Lakers, Magic Johnson could have used his retirement to do well, anything. But since he’s stopped playing basketball, he’s continued to make moves in the business world.
With an estimated net worth of $1.2 billion, Johnson joins Tiger Woods, LeBron James and Michael Jordan as the fourth athlete to become a billionaire, according to Entrepreneur.
In addition to being a minority stakeholder in professional sports teams, including NFL’s Washington Commanders, the WNBA’s Los Angeles Sparks and MLB’s Los Angeles Dodgers, Johnson also owns a 60 percent stake in life insurance company EquiTrust. His investment company Magic Johnson Enterprises continues to provide resources to several underserved communities around the country, including Magic Johnson Theaters and Starbucks cafes.
Shaquille O’Neal
Shaquille O’Neal’s basketball playing days may be over, but the NBA all-star still has an estimated net worth of nearly $500 million.
In addition to his current role as a sports analyst and commentator, Shaq has a pretty diverse financial portfolio, which includes investments in well-known companies, including Google, Lyft, Ring and Vitaminwater. He also owns franchises of several restaurants, including Papa John’s, Auntie Anne’s, and Five Guys.
George Foreman
Former heavyweight boxer George Foreman has made several comebacks in his career, but none was as successful as the deal that made him millions to add his name and likeness to a product designed to cook leaner burgers.
In the mid-1990s, the George Foreman Grill was everywhere. According to Forbes, Foreman made as much as $8 million in royalties from sales of the grill. But in 1999 he got the ultimate payout when Salton, Inc. bought the rights to use Foreman’s name to sell the grills for $137.5 million in cash and stock.
Michael Jordan
NBA All-Star Michael Jordan has continued to have success since he retired from the game for good in 2003. Jordan, who has an estimated net worth of over $3 billion, has grown his wealth with a variety of lucrative business deals, including being a stakeholder in the sports betting company DraftKings and co-owner of tequila brand Cincoro. Jordan is also the co-owner of the NASCAR team, 23XI.
Giannis Antetokounmpo
For NBA star Giannis Antetokounmpo, business is a family affair. In June 2023 he co-founded Ante, Inc. with other members of his family to oversee a global portfolio of businesses including investments in the Nashville SC Major League Soccer team and other endorsement deals.
The Milwaukee Bucks star, who has an estimated net worth of over $111 million, also co-founded production company Improbable Media with ESPN broadcaster Jay Williams to produce documentaries and commercials.
“My family is building a business that we can be proud of,” Antetokounmpo said in a 2023 social media announcement about Ante Inc. “I have had the privilege of learning from professionals who understand what it means to build success off the court, and it’s time me and my family begin to build that.”
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