Broncos' Browning headlines new investment platform for fans to buy stock in their favorite players
A new investment platform that allows sports fans to buy and sell shares in the future on-the-field earnings of college and professional athletes has received federal approval to begin trading on the U.S. stock market
DENVER — A new investment platform that allows fans to buy and sell shares in the future on-the-field earnings of college and professional athletes has received federal approval to begin trading on the U.S. stock market.
Denver Broncos linebacker Baron Browning will headline Vestible Inc.'s initial offering the week of March 18.
Vestible is entitled to 1% of Browning’s on-field income, which will be distributed to shareholders, for the remainder of his NFL playing career.
Vestible announced on Thursday the launch of its app for iPhone and Android after it received clearance from the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Fans who register on the platform can buy stock in athletes beginning with Browning, a rising young edge rusher who is entering a contract year in 2024, when he'll make about $3.1 million with the potential for a substantial pay raise with free agency a year away.
Vestible will make available up to 100,000 shares at $10 apiece in Browning's public offering. Shareholders will receive monthly dividend distributions or they can trade Browning's stock on the platform which operates alongside Templum Markets, Vestible's broker dealer.
Browning, who will receive 80% of the proceeds from his IPO, fits Vestible’s profile as an up-and-coming player with a massive upside potential.
“You see the potential for what his next contract could look like, the potential for what kind of player that he could be in this league,” said Vestible cofounder Yves
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