Shaquille O’Neal could sell, or may have even already sold, his minority possession portion of the Sacramento Kings. Shaq was just named a brand ambassador for Wynn Bet, Wynn Resorts’ sports betting operator, and, because of his relationship with the company, he can’t have an ownership stake in an NBA team. This will require him to step away from the Kings, at least as an owner.
Shaq To Distance Himself from the Kings
It’s not clear whether Shaq has started a deal or has already sold his stake in the team. The 49-year-old former NBA center turned into a minority owner of the Kings in 2013 after retiring in 2011. As indicated by a report, the Hall of Famer Shaq bought a 1% stake in the Kings in 2013, which has resulted in a $6 million profit through his interest in the team.
Current majority owner Vivek Ranadive bought a 65% stake of the group that same year for $348 million. That implies Shaq’s underlying investment was around $5.35 million, but it more likely than not increased to more than $11 million in value over his eight-year ownership term.
O’Neal is known almost as much for his endorsement deals and his entrepreneurial endeavors off the court as his basketball prowess. The 15-time NBA All-Star has stayed a popular icon since retiring and keeps on filling in as an analyst for TNT. Of his new position with WynnBET, which Wynn Resorts hopes will attract new NBA betting, he stated, “I love working with my friends at Wynn Resorts and I am so excited to take WynnBET to new heights. Mobile sports betting is having a major moment, and I believe that WynnBET will be a powerful force in the industry.”
Shaq Gets a New Gig with WynnBET
WynnBET just announced yesterday that it had tapped Shaq as its newest ambassador. He is expected to appear in the sports betting operator’s advertising campaigns across TV, digital and print. In addition, O’Neal will attend fan-facing events, create original content with WynnBET and interact as a guest with media partners, including Blue Wire Podcasts, Cumulus Media and Minute Media. O’Neal will also be launching ‘ShaqPot,’ a Free To Play (FTP) game inside the WynnBET app.
Wynn Interactive CEO Craig Billings said of the new appointment, “Shaquille O’Neal has been a great friend of Wynn Las Vegas for many years, and we are thrilled to expand our relationship with him through a partnership with WynnBET. A successful businessman, NBA legend and one of the most well-known personalities in sports media, we believe our players will enjoy interacting with him through the WynnBET app and are excited to feature Shaq in our advertising campaign set to debut later this summer.”
O’Neal Remained in the Background with the Kings
O’Neal hasn’t been a visible member of the Kings ownership in a while. There exists a possibility that he is part of the group of investors that are currently shopping their 5% stake in the Kings to Dyal Capital. Because that business transaction is still ongoing, no one is revealing any of the details, but any sale will be beneficial to Shaq and the rest of the group. The team was valued at around $534 million in 2013, but is now said to be worth $1.9 billion.