Shaq to sell minority ownership share of Sacramento Kings
Shaquille O’Neal will have to sell his minority ownership share of the Sacramento Kings, according to a report.
Shaq is a brand ambassador for Wynn Bet, which is a gambling company. Due to his relationship with Wynn, he cannot have an ownership stake in an NBA team and will have to sell his position in the Kings.
NEWS: Shaq has been named a brand ambassador for @WynnBET and will be the face of advertising campaigns across TV, digital, and print.
To comply with NBA rules, Shaq will have to sell his minority stake in the Sacramento Kings.
He's up ~250% since he acquired the stake in 2013. pic.twitter.com/vu9t2TLS44
— Joe Pompliano (@JoePompliano) August 9, 2021
It’s unclear whether Shaq has initiated a sale or sold his stake in the team. The 49-year-old former center became a minority owner of the Kings in 2013. The Hall of Famer concluded his playing career in 2011.
According to one report, Shaq purchased a 1 percent stake in the Kings in 2013. He reportedly netted $6 million through his investment in the team.
Current majority owner Vivek Ranadive purchased a 65 percent share of the team in 2013 for $348 million. That means Shaq’s initial investment was around $5.35 million. His investment must have risen to over $11 million in value over his eight-year ownership term.
O’Neal is known for his endorsement deals and businesses away from the court. He has remained a popular figure since retiring and continues to work as an analyst for TNT. Maybe he keeps working so hard because he wants to keep up with current NBA salaries.