Patrick Mahomes hasn’t founded any companies yet but is investing heavily in 7 companies
When Patrick Mahomes signed his historic 10-year contract with the Kansas City Chiefs, his life changed forever. The deal was bigger than many expected a single NFL player to see in a single contract. Mahomes suddenly found himself guaranteed to receive half a billion dollars.
This kind of money is not easy to put to good use. NFL players often find themselves broke despite having earned tens or even hundreds of millions during their playing careers. Overspending is a problem, but bad business ventures drain the money fast. So what does Mahomes plan to do with his landmark piece of change?
Patrick Mahomes is the first NFL quarterback to sign a 10-year contract in many years
At just 24 years old, the star quarterback for the Chiefs signed a contract worth up to $503 million over 10 years, while The New York Times reports. Mahomes will likely earn a bit less, around $450 million – but never say never. The point: The 26-year-old will earn about half a billion of his playing time in the NFL alone.
The catch is the length, which benefits both sides. Other professional sports are no strangers to long-term contracts, like Bryce Harper’s 13-year, $330 million contract with the Philadelphia Phillies. In the NFL, however, longer deals tend to burn team owners.
The long-term offer cuts annual costs and guarantees Mahomes a huge payday when all is said and done. Despite the exorbitant price of a young QB with a Super Bowl victory under his belt, it works for both parties.
Mahomes also enjoys an annual increase in income thanks to his many endorsements
According ODSB-Sports, the face of the Chiefs franchise makes around $40 million a year. That’s a huge jump from Mahomes’ previous earnings before 2020, which were in the $5 million range.
It doesn’t tell the whole story either. As the Faced with the new generation of QBs, endorsement deals are easy to come by. Even before signing his massive deal to stay at KC, Mahomes spent his offseasons securing lucrative endorsement deals to supplement his income.
Mahomes appears in State Farm Insurance advertisements. He works with the Call of Duty video game brand. The Texas Tech alum sells products as diverse as Adidas sportswear, Hunt’s ketchup and Bose headphones. According NFL.comhe’s the youngest QB to receive Super Bowl MVP honors — and he’s also on track to be the richest.
Patrick Mahomes is currently focused on investing in established companies
The file reports that Mahomes is joining a short list of QBs on guaranteed decade-long contracts. It gives him plenty of time to focus on his career on the grill, and that seems to be his focus at the moment. After all, even fully focused retired athletes are known to cope after their transition to business.
Mahomes keeps things simple, for now. Here are some of the QB star’s major investments and partnerships:
- Biosteel reports via his website that Mahomes is a major investor and partner. The sports nutrition company has a brand synergy with the health and fitness focused QB. Details are vague, but he also has a multi-year endorsement deal alongside his investment.
- Buzzer is a sports streaming app with major interest from the athletes themselves. Mahomes joins a group of his peers from various professional sports to pool $20 million in the startup.
- Hyperice reached a fairness agreement with the Chiefs star, according to CNBC. Like its Biosteel offering, Mahomes is both an investor and a brand ambassador. Likely due to the dual role, details are scarce. However, the father-of-one was already using products from the sports recovery technology company before officially getting involved.
- The Kansas City Royals have been honored to top the list of sports organizations their local superstar QB can invest in. When Mahomes got his co-ownership, he became the youngest MLB owner in history.
- Sporting KC is its other major local sports investment. By joining the football team, Mahomes is sending clear signals that his time in Kansas City could outlast his time playing for the Chiefs.
- Whataburger opened its first location in Kansas City thanks to Mahomes, KXAN News reports. There were four other locations in the area, but this marks the first in town. It’s a taste of his origins in Texas, conveniently located in his adopted home.
- Whoop is a fitness and health apparel company that Mahomes has invested in. It seems like he likes to stick with the products he uses or enjoys. In this case, he’s been wearing their heart sensors for years.
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