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Athletes from all the key American sports activities are stepping into the farming enterprise.
Bengals quarterback Joe Burrow, Celtics ahead Blake Griffin, Islanders ahead Anders Lee, Blue Jays pitcher Kevin Gausman, and 20 different athletes have bought a 104-acre Iowa farm for round $5 million, per a report from Entrance Workplace Sports activities. The farm produces corn and soy, and the well-known buyers will lease the land to farmers whereas asking for a single-digit annual return
Patricof Co. organized the group, which additionally included Kemba Walker, Khris Middleton, Zach Ertz, and Sam Hubbard, that purchased the farm. Mark Patricof, the founding father of the corporate, informed Entrance Workplace Sports activities that the market was proper for the athletes to spend money on farming.
“We did three investments final yr after doing six the yr earlier than,” stated Patricof. “The market modified. The world modified. Costs did not essentially go down, however valuations ought to have, so we held again. It was the fitting time within the cycle to place cash into this asset class.”
The acquisition of this Iowa farm won’t be the final one for this group of athletes. 4 extra farm purchases are on the horizon, and a watermelon farm in Oregon could be subsequent on the listing, per the report.
These days, it isn’t unusual to see athletes search for non-traditional investments. As an illustration, Kevin Durant, LeBron James, and Tom Brady have all invested within the Main Pickleball League.