These top athletes are investing in corn instead of crypto

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Over the past two years, cryptocurrency companies such as FTX, Coinbase COIN, +3.26% and Cash App SQ, -0.45% have signed equity and sponsorship agreements with several athletes while paying them for the shares of the company, or the crypto itself.

It hasn’t worked out very well for some top athletes, including NFL star Tom Brady. And now a large group of professional athletes are investing their money in 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 make part of the professional athletes who recently purchased a 104-acre corn and soybean farm in Iowa for $5. million.

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

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

We made three investments last year after making six the previous year, said founder Mark Patricof. The market has changed. The world has changed. Prices didn’t necessarily fall, but valuations should have, so we held back. It was the right time in the cycle to invest in this asset class.

The band isn’t done with farms either. Patricof Co. intends to purchase 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 have taken crypto as compensation. From now on, it’s a backfire.

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

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