These top athletes are investing in corn instead of crypto

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Over the past two years, companies operating in the nascent cryptocurrency space, such as Coinbase COIN, +5.11%, Block (n Square) SQ, -0.21%, and the now bankrupt FTX , have signed sponsorship deals with a number of top athletes. , usually paying them in shares of the company or in crypto itself.

It didn’t work out well for some of those athletes, including future NFL Hall of Famer Tom Brady. Now, a bunch of sports luminaries are pouring their money into something a little less flashy.

Cincinnati Bengals quarterback Joe Burrow, Boston Celtics forward Blake Griffin, Milwaukee Bucks forward Khris Middleton, New York Islanders forward Anders Lee and Toronto Blue Jays pitcher Kevin Gausman make part of the professional athletes who recently purchased a 104-acre corn and soybean in Iowa.

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

The acquisition was made through investment vehicle Patricof Co. The plan is to lease the land to farmers, hoping for a single-digit annual return with 24 athletes in total being part of the purchase, according to FrontOfficeSports.

Patricof Co. did not reveal how much it spent on the farm, but said it would buy more farms as investments for athletes.

The $5 million was the first capital call in what will be a capital pool to acquire multiple farms, according to Peter Drummond of BerlinRosen, a firm that handles public relations and communications for Patricof.

See also: Athletes like Tom Brady and Odell Beckham have taken crypto as compensation. From now on, it’s a backfire.

We made three investments last year after making six the previous year, said Patricof Co. 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.

In addition to being world-class competitors in their primary fields, athletes are increasingly successful in business. MarketWatch chronicled how athletes like Kobe Bryant, LeBron James, and Serena Williams inflated their athletic fortunes through their multimillion-dollar business listings.

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