6 Retired Black Athletes Making It Big As Entrepreneurs

Athletes in sports are among the highest-paid persons in the world. In modern times, they are among the wealthiest people on the planet. However, due to their expensive lifestyle, some of them easily get into financial difficulties after retirement. The bad anecdotes about black athletes after retirement significantly outnumber the positives.

We showcase the commercial ventures of some black players who have enterprises and are succeeding in retirement in this article.

1. Michael Jordan

Michael Jordan was a basketball player with the Chicago Bulls and the Washington Wizards. He earned more than $90 million in total as a player salary. Michael Jordan became the first athlete to become a billionaire in 2014, thanks in large part to his contract with Nike, which gave birth to Air Jordan.

After leaving the NBA, he established a number of businesses as an entrepreneur. Aside from being the face of Nike’s Air Jordan, he owns stock in the Charlotte Bobcats (which he paid $175 million for). Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Rayovac, and Hanes are among his other sponsors. He is a co-owner of the NASCAR team 23XI, a shareholder in the sports betting startup DraftKings, and the proprietor of a restaurant and a tequila brand.

2. George Foreman

George Foreman is without a doubt one of the world’s top boxers. Foreman won 76 of 81 contests throughout his professional boxing career. Unlike modern boxers who are financially successful, Foreman only managed to amass a net worth of $5 million in the 1980s.

However, owing to George Foreman Grills, the two-time World Heavyweight Boxing Champion and Olympic Gold Medalist enjoyed a happy retirement. He allegedly sold over 100 million grills around the world, earning him millions of dollars. Furthermore, he allegedly earned more money from the grills than he did from his fighting career.

He subsequently sold the grills’ marketing rights for $137 million in 1999 and went on to create his own apparel line.

3. Dave Bing

David Bing, born November 24, 1943, is an American businessman, politician, and former professional basketball player who served as the 74th mayor of Detroit, Michigan, from 2009 to 2014.

The seven-time all-star has been selected one of the NBA’s top 50 players. He began his career with the Detroit Pistons, spent two seasons with the Washington Bullets, and finished his career with the Boston Celtics.

He founded Big Steel in Detroit after leaving from the NBA. Within a decade, his steel company generated $61 million in yearly sales. As a result, the company grew to become the nation’s tenth largest African-American-owned industrial company. He also started Superb Manufacturing, a metal stamping company worth $28 million per year.

4. Vinnie Johnson

Because of his ability to heat up off the bench, Vinnie Johnson was dubbed the “Microwave” during his playing days. He was drafted by the Seattle SuperSonics in 1979 and eventually transferred to the Detroit Pistons. He was the Pistons’ long-time sixth option and won two championships with them. Despite his on-court success, Johnson earned barely $5 million over his 13-year career. According to Basketball Network, many people are unaware that he was an active investor.

After retiring from the NBA, he launched Piston Automotive under the Piston Group, and he has expanded the company to become one of the major car parts suppliers in the United States. According to Basketball Network, the company supplies all three of Detroit’s major three as well as well-known companies such as Toyota, Honda, and Nissan.

General Motors has awarded the firm a contract to manufacture cooling modules, front struts, center consoles, rear suspensions, headliners, and brake corners for the automaker’s Canyon and Colorado pickups.

Piston Automotive, which has operations across the United States, earns approximately $3 billion every year and employs over 200 people, according to Basketball Network. According to the platform, the NBA icon has a net worth of $400 million as a result of the success of his company and subsidiaries.

Johnson announced a $10 million initiative in November 2022 to establish operations at a new facility in Wentzville, Missouri, which is estimated to create 204 employees.

5. Chris Webber

Webber is a former professional basketball player who produced two tracks for Nas and released the rap album 2 Much Drama. He is a five-time NBA All-Star, five-time All-NBA Team member, former NBA Rookie of the Year, and former first-round pick in the NBA.

After retiring, Webber continues to represent basketball and football athletes in investing firms, real estate, and film projects. He owns the real estate firm Maktub LLC, which largely focuses on Chicago rehabilitation activities.

He also created his own restaurant, Center Court with C-Webb, in Sacramento, California. He’s also a music producer and has appeared on a number of hip-hop recordings.

He also had collaborations with Coca-Cola, EA Sports, Sony Playstation, ESPN the Magazine, Fila, Nike, Pepsi, Carl’s Jr., THQ Wireless, and New Era.

Webber Wellness Compound, the parent company of his cannabis business, was founded in 2015 by the former NBA star. He announced the opening of a $175 million cannabis “compound” in his hometown of Detroit in 2021. According to USA TODAY, Webber Wellness Compound will comprise marijuana operations and a training center, as well as a production facility, a dispensary, and a cannabis consumption lounge.