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A new investment platform that allows sports fans to buy and sell stocks to bet on the future on-field earnings of college and professional athletes has received federal approval to begin trading on the U.S. stock market.
DENVER — A new investment platform that lets fans buy and sell stocks to bet on the future on-field earnings of college and professional athletes has received federal approval to begin trading on the U.S. stock market.
Denver Broncos linebacker Baron Browning will headline Vestible Inc.’s first offer the week of March 18th.
Vestible is entitled to 1% of Browning’s on-field earnings for the remainder of his NFL career, which will be distributed to shareholders.
Vestible on Thursday announced the release of its iPhone and Android apps after receiving clearance from the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Fans who register on the platform will be able to buy stock in athletes including Browning, an up-and-coming young edge rusher who will enter his contract year in 2024. The player will earn approximately $3.1 million annually in free agency and has the potential for a significant raise. Away.
Vestibull plans to offer up to 100,000 shares in Browning’s initial public offering at a price of $10 per share. A shareholder can receive monthly dividends or trade his Browning shares on a platform that operates in parallel with Vestible’s broker-dealer, Templum Markets.
Mr. Browning, who will receive 80% of the proceeds from the IPO, fits Mr. Vestible’s profile as an up-and-coming player with significant upside potential.
Browning successfully transitioned from inside linebacker to edge rusher in 2022, but suffered a partial tear of his right meniscus that season, causing him to miss training camp last summer and the first six games of 2023. After his return, he played an important role. A comeback due to Denver’s defense.
“It’s great to want to own my own stock,” Browning recently told The Associated Press, adding that the new investment platform “will be transformational, not just for me, but for athletes all over the world.”
They say they saw a way to combine their skills when they co-founded Vestible three years ago to help athletes sell stakes in their professional careers to fans who invest through an IPO. I discovered.
Other platforms have also attempted to connect the worlds of sports and investing, but those ventures have used tracking stocks whose value is tied to an athlete’s on-field performance. Vestible’s securities are based solely on market demand.
“Barron is an athlete waiting for his next contract. It’s kind of a prove-it season for him in a way,” Graham said. “So he’s now locked out of a lot of future (income) possibilities. So part of what we’re doing is creating the brand value that he has today. It’s about helping people access funding that will help them.
“And a lot of athletes are experiencing the exact same problem. So many of them are outperforming the contracts they currently have, even though they haven’t yet signed a big second contract.” , would resemble such a person.”
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AP NFL: https://apnews.com/hub/NFL
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