They have put that plan into practice as co-owners of coconut-water sports drink COCO5, with Booker making a seven-figure commitment as one of the lead investors in a deal that closed over the summer. He’ll sit on the board of directors, if not be chairman of the board of directors.” He will fully be integrated into the finance and operations and leadership of that company. Reynolds lays out the template going forward: “Every company that he buys he will have a significant stake in. Johnson says Booker was a “sponge.” And he is starting to act on the advice, with a particular interest in playing a hands-on role in his investments. That underscored an early lesson from Reynolds: The money from your playing contract is nice, and the millions you make in endorsements will help, but “if you’re going to have real wealth, you have to own equity.” He picked a cash deal from Converse, passing on an offer for shares in an upstart-Nike. When Johnson left college for the Los Angeles Lakers, he told Booker, all of the major shoe companies wanted to sign him as a spokesman. Booker ended up meeting Johnson for dinner twice to pick his brain, and went home with a story that helped reshape his philosophy.
Reynolds, who has worked with a number of athletes, then helped put him in touch with Magic Johnson, an NBA legend who himself has had tremendous business success since retiring from basketball in the 1990s. He sought out Reynolds, the CEO and chairman of Chicago-based investment banking firm Loop Capital and the father of a former teammate from Booker’s AAU days. Almost from the moment he turned pro, he has asked his older teammates for business advice. Starting with virtually zero financial knowledge, Booker knew that he would have to work just as hard off the court. Phoenix captured its first conference title in 28 years in 2021 and is off to a 27-8 start this season, after an 18-game winning streak and an undefeated November. That, along with the Suns’ 2020 trade for Chris Paul, has helped produce the kind of team success that eluded him early in his career. What truly impresses NBA insiders, though, is the 6-foot-5 Booker’s evolution as a playmaker, able to create shots for both himself and his teammates.
On Wednesday, he became the seventh-youngest player in NBA history to have scored 10,000 points.ĭevin Booker, a two-time NBA All-Star, is starting to roll up his sleeves as a co-owner of coconut-water sports drink COCO5. He proved himself an elite shooter almost immediately, posting a 70-point game in his second season-only the sixth player ever to reach that total.
Melvin booker professional#
He was the youngest player in the 2015 NBA draft class, selected 13th overall after a season at the University of Kentucky, and he made his professional debut before turning 19. The shooting guard, named to Forbes’ 2022 30 Under 30 list in the sports category, has already shown he can be a quick study.
Most recently, Booker, who is making $31.7 million in salary this season and another $8 million annually from endorsement deals with brands like Nike and video game Call of Duty, participated in a funding round for luxury watch marketplace WatchBox, announced in November. The 25-year-old has picked up stakes in seven startups since signing a five-year, $158 million contract extension with the Phoenix Suns in 2018, including deals last year with sports video companies Overtime and Buzzer and convenience store delivery app GoPuff.
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