Former NBA Star To Launch $1 Billion Investment Fund
Metta Sandiford-Artest, the retired NBA player who was once called Metta World Peace, is reportedly planning to start a new investment fund for his Artest Management Group, and he is targeting US$1 billion.
The news was first reported by Bloomberg, and they referred to its source as a person familiar with the matter who asked not to be identified. According to the unidentified source, Artest’s advisers could include Jim Zukin, founder of Houlihan Lokey Inc, and Stephen Stokols, CEO of Boost Mobile. Also advising the former professional basketball player are two figures from the hedge fund Cyrus Capital Partners, co-founder Jerry Bias, and former partner Stephon Barnes.
The fund intends to primarily invest in sports real estate and professional teams in the US and Asia. It would also fund in startups focusing on health, sports, blockchain technology, and real estate. It could also be used to fund a professional basketball arena in Las Vegas. The source also said that Artest has not yet begun raising funds and his target size of US$ 1 billion could still change.
Artest played in the NBA for almost 20 years. He was drafted by the Chicago Bulls at the 1999 NBA Draft. He played in different teams, including the Los Angeles Lakers when the team won the league championship in 2010. He retired in 2017.
He incorporated Artest Management Group in 2015 in Beverly Hills, California. According to its site, the company “provides growth strategy, strategic advisory and consulting to technology companies, talent, and content creators.” The company’s technology division’s current shareholders include Yintai Investment Co. and The Los Angeles Times.
The former basketball player was originally known as Ron Artest before he legally changed his name to Metta World Peace in 2011, “to inspire and bring youth together all around the world.” His first name Metta is a traditional Buddhist word that means loving kindness and friendliness towards all. In 2020, he changed his name again to Metta Sandiford-Artest, which combines his original last name and his wife’s, Maya Sandiford.
Information for this briefing was found via Twitter, Bloomberg, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.