Shaquille O’Neal is being forced to sell his stake in the Sacramento Kings, but his investment is still a success. The NBA Hall of Famer has been a minority owner of the Sacramento Kings since 2013, when he bought 2 to 4 percent stake in the franchise, according to Forbes. The shrewd businessman invested $5 million in the team, which was worth around $530 million at the time. The Kings are now worth $1.8 billion and the former Los Angeles Laker could now sell his portion for at least $11 million.
O’Neal is always making power plays in the business arena and his latest endorsement deal with WynnBet clashes with the NBA’s policy of not allowing owners and players to have any stake in gambling websites. O’Neal will be a brand ambassador for WynnBet and in his new position, he’ll be giving strategic advice while also promoting the gambling website’s services. O’Neal is on the ground floor of the latest business betting wave and is expected to make even more money over time with his deal, and the sale of the team will add even more capital to his investment portfolio.
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