October 21st 2023.
Rich Paul is one of the world's leading sports agents and knows exactly what he wants. On October 14th, he revealed his next move at the UNLOQ404 Creators Summit in Atlanta. Paul revealed that he is not yet ready to become the principal owner of a major American sports team, such as the NFL or NBA.
As People Magazine reported, Paul's decision is partially due to his current financial situation. Although he has an estimated net worth of $120 million, according to Parade, it is not enough to become a principal owner of a sports team. Additionally, he enjoys his current situation, being able to sit on the basketball court floor and park near the players. Paul even suggested that a salary cap of some kind should be implemented should he join a team franchise in the NBA or NFL.
When asked about his stake in the team at the event, Paul coyly responded, “So, we will see what happens with that.”
The Phoenix Suns were in the position of shopping their ownership in 2022, due to Robert Sarver's highly publicized mistreatment of employees, use of racially insensitive language, and language involving sexual harassment of female employees. As NBC Sports reported, the cost of owning an NBA team has increased drastically in the last half-decade. Eventually, the Suns sold for $4 billion to Mat Ishiba, a mortgage lender executive and former NCAA basketball champion. The Phoenix Mercury, owned by Sarver, is not valued nearly as highly as the Suns franchise.
Rich Paul's decision to not invest in the major leagues of American sports has led him to invest in a different sport instead: Pickleball. Paul has joined a ownership group of the Miami Pickleball Club, alongside sports stars Patrick Mahomes II, Naomi Osaka, and Nick Kyrgios, as well as musician Kygo. According to Front Office Sports, teams in Major League Pickleball are valued up to $10 million, and have grown in value 100 fold from their initial worth in the past two years.
Tom Brady, LeBron James, Kevin Durant, and others have contributed to the rapid increase in value and profile of the fast-growing league. Julio DePietro, CEO of Major League Pickleball, told CNBC that team values have increased from the $100,000 they were valued at when the league started in 2021. DePietro believes there is a massive opportunity to leverage the installed base, the excitement surrounding the sport, its fans, and players, as well as sponsorship and marketing opportunities. Paul's investment in pickleball could be quite lucrative, especially for someone who is dating Grammy-winning recording artist Adele.
Paul's debut memoir, “Lucky Me: A Memoir of Changing the Odds” was released on October 10th and has received rave reviews from readers on the popular book rating site Goodreads. USA Today has the book listed at number 9 on its Best-Selling Booklist. Paul reflected a bit on the process of writing the book and his hope that readers take away the message of overcoming the odds and not investing in the pitfalls of life.
Rich Paul's latest move signals an exciting change in the sports world and in his own career. We can't wait to see what else he has in store.
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