Blog Post: Stephen Wicks -
Sean "Diddy" Combs wants to get in on the opportunity to be the first Black business man to be a principal owner of an NFL franchise team. The Carolina Panthers' owner, Jerry Richardson, has said that he is ready to sell the team and Diddy has been working with other investors to put a deal on the table. Professional athletes, Steph Curry and controversial ex-quarterback Colin Kaepernick have said that they are willing to join the effort. It has been reported that the NFL wants a new owner by April of 2018.
The NFL has produced many millionaires by current and former players being able to invest their earnings from salaries and endorsement deals, but clearly, the lion's share of the profits come from actually owning a team and not just playing on the field. According to an article on NewYorkDailyNews.com, the average value of a NFL team is $2.4 billion dollars. That's a whole lot of profit. It's a fact that the majority of the starting line-ups of NFL teams are now Black, yet there is not one Black principal owner of any NFL team. That's a serious wealth disparity. Diddy and others are trying to change that dynamic.
If Black people in America are going to break the cycle of poverty we must begin to understand the power of ownership. We applaud the efforts of Diddy and the other investors. We need to promote and support these efforts whenever and however we can.
Sean Comb became a very successful entertainer and business owner after forming Bad Boy Entertainment in the 1993. Forbes Magazine estimated Diddy's net worth at $820 million dollars. He is very close to being the first hip hop billionaire.
Let's hope that he is successful and better yet, that his attempt inspires others to make the move towards business ownership. We'll keep you posted.
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