A firm looking to offer the world's first-ever IPO of a profes sional athlete is now disclosing key details, including the name, rank and securities number.
San Francisco 49ers tight end Vernon Davis is the name, and Fantex Inc., which has yet to win regulatory approval, will pay him $4 million in exchange for 10 per cent of his future earnings. That includes some of his off-field income.
Fantex will in turn sell 421,100 shares of stock, offered at $10 a pop.
Fantex is hoping Davis will earn most of the projected $30 million after his current contract with San Francisco ends next year.
Advisors south of the border are already fielding interest from some sports enthusiasts, but others are offering a cautionary note.
WealthProfessional.ca first reported on the IPO plans last fall. Then Fantex was hoping to sign up Houston Texans running back Arian Foster.
At the time Fantex suggested it was considering exchange-listed plans to sell stock in other football players, singers and, even, celebrity actors.