This firm is working to ensure that professional athletes aren’t just another statistic.
According to Fox Business, following three years of retirement, 78% of professional athletes go broke.
In response, Morehouse College alumnus Rashaun Williams has officially launched Antimatter Business Partners (ABP) to help pro athletes not only preserve their wealth but also expand it, Sportico reports.
“We want to promote the athletes as being the general managers of their own finances,” said Williams to Sportico. “We’re trying to help the modern athlete invest like the owners.”
A venture capitalist expert, Williams is the founder of Value Investment Group and a general partner of the MVP All-Star Funds.
Among the list of people that Williams has decided to partner with is Brunswick Sports, a boutique sports marketing agency led by co-founders Julian Aiken and Romello Crowell, which represents athletes like Terance Mann, Precious Achiuwa, and 11 other NBA players.
With light being shed on the mismanagement of players’ finances, Williams believes now is the time for athletes to reclaim their power by taking the necessary actions to ensure that their life is set far beyond what they do on the field or court.
He says that financial literacy is key for professional athletes who have access to a bag early on in their careers. Additionally, he also spoke on the role financial advisors play in their financial fate.
“The vast majority of financial advisors are not bad people, but many of them are misdiagnosing athletes and entertainers,” Williams explained to Sportico. “They are giving athletes the same strategy as they give someone that works until they are 65 and spend $50K a year.”
At this time, over 100 athletes, both current and former, have joined the sports and entertainment firm based in Atlanta, GA. Those professionals include Pittsburgh Steelers’ Minkah Fitzpatrick, Orlando Magic’s Wendell Carter, Jr., and Mann of the Los Angeles Clippers.
“I want to empower the culture,” said Williams to the outlet. “And that’s what we’re doing.”