Kansas City Chiefs MVP quarterback Patrick Mahomes is a very rich man. The 26-year-old Super Bowl winning quarterback has a very lucrative contract, several endorsements and investments that could make him the first NFL player to become a billionaire. How close is he to making this happen?
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Michael Jordan became the world’s first billionaire athlete. It’s worth noting the distinction between earnings and net worth. Earnings reflect the money you make. Net worth reflects the value of all the assets and money you already have.
Several athletes have made over $1 billion in career earnings, including: Tiger Woods, LeBron James, Cristiano Ronaldo, and Floyd Mayweather. But none of them have a net worth of $1 billion or more.
Mahomes made news in 2020 when he signed a 10-year contract extension worth up to $503 million. That’s a huge amount of money. But NFL contracts don’t operate in a vacuum and are not guaranteed. $141 million of it is guaranteed and if it isn’t restructured to meet salary cap guidelines, Mahomes will likely see $350 million to $400 million of that money.
But that’s earnings. Cash is like anything else, regardless of how much of it is earned. A portion of that has to go to whatever his living expenses are and whatever expenditures he might have.
Mahomes rakes in around another $22 million annually in endorsements from his sponsors.
Where he has a shot to earn billionaire status is with the investments he’s made at such a young age.
Mahomes purchased a 1% stake in Major League Baseball’s Kansas City Royals franchise. As of 2022, the Royals have a valuation of $1.11 billion. That’s $11,100,000. Franchise values continue to soar. By 2040 that could be worth double or more.
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