Morehouse Alum Says No More Financial Fouls For Black Athletes, Launches Firm To Help Secure Long-Term Wealth
A Morehouse graduate is working to change the culture around professional athletes and wealth management.
Rashaun Williams created Antimatter Business Partners (ABP) firm to help Black athletes manage and grow their money. Williams’ primary strategies include venture capital and private equity investing and exposure to ownership opportunities, Sportico reported.
The firm provides opportunities for athletes to invest and increase financial literacy, among other services. The chairman and CEO of ABP told Sportico, “We’re trying to help the modern athlete invest like the owners.” Williams noted that financial advisors could contribute to poor money management for athletes — whether intended or not. He said to Sportico, “The vast majority of financial advisors are not bad people, but many of them are misdiagnosing athletes and entertainers.” The founder of ABP added, “They are giving athletes the same strategy as they give someone that works until they are 65 and spend $50K a year.”
Over 100 professional athletes, current and retired, have already joined the firm, AfroTech reported. Some athletes include NFL safety, Minkah Fitzpatrick, NBA forward Wendell Carter Jr., and NBA guard Terance Mann, Sportico reported.
In 2012, ESPN’s documentary 30 For 30: Broke revealed that nearly 78% of professional football players and 60% of professional basketball players went broke within five years of retiring. NPR reported a lack of financial literacy, extravagant purchases, and poor or non-existent financial planning for the off-season as some of the common reasons athletes go broke. According to NPR, ESPN’s documentary cited child support as another reason athletes can quickly lose money. The outlet reported that Evander Holyfield, a former professional boxer, has 11 children to pay child support. Injury is another hidden reason athletes who mismanage their money while playing might lose their fortune. According to NPR, injuries sustained over time can hinder an athlete from working specific jobs after retiring from the game.