Retired NBA star Bryant starts $100 million ‘investment fund’
Rubio ready to mentor Dunn
NEW YORK, Aug 23, (Agencies): Retired NBA star Kobe Bryant is moving to Wall Street, announcing the formation of a $100 million venture capital fund to invest in media, technology and data companies.
The fund, known as Bryant Stibel, is being co-managed by investor Jeff Stibel. The two met through mutual friends, Stibel said.
Bryant Stibel has already made investments in 15 companies, including LegalZoom and home juicing company Juicero, according to their website. The firm was founded in 2013, but is going public now with the retirement of Bryant from the Lakers.
Stibel said the firm is focused on companies at all stages of growth.
“We are actively looking for great entrepreneurs, but we are in no hurry to deploy capital,” he said.
Bryant earned roughly $680 million in salary and endorsements during his 18-year NBA career, according to Forbes, and has been in the process of transition from professional athlete to businessman. Bryant created a company in 2014 called Kobe Inc. to help handle his image.
Bryant
When Tom Thibodeau and Scott Layden were hired to take over the Minnesota Timberwolves, the expectation within in the organization and around the NBA was that they were coming in to make significant changes to a franchise with the longest-running playoff drought in the league.
Ricky Rubio heard his name floated in the constant trade rumor mill, never more than after the Wolves selected Providence’s Kris Dunn, another point guard, with the fifth overall pick in the June draft.
Rubio remained quiet throughout the summer, putting all of his focus into grieving the loss of his mother and then joining his national team to prepare for the Olympics. Now that the Rio Games have concluded and Rubio has earned a bronze medal with Spain, he said he is looking forward to returning to Minnesota to work with Dunn and reiterated his desire to remain with the Timberwolves and help turn them into a winner.
“Really it’s a challenge. When a young guy like him who has a lot of potential comes, I think we can really play together,” Rubio told The Associated Press. “But if we don’t (share the floor often), I can really help him.”
Yi Jianlian, who is fresh off an appearance with the Chinese national team at the Rio Olympics, has signed a contract with the Los Angeles Lakers, the NBA team announced on Monday.
Yi, of Guangdong Province, averaged 20.4 points and 6.6 rebounds in five games at the Summer Olympics, which wrapped up on Sunday.
“We’re excited to have a player of his worldwide accomplishments,” said general manager Mitch Kupchak. “We look forward to bringing him to training camp and hopefully having him make an impact on our team.”
Yi, 28, joins a team that has been at or near the bottom of the NBA the past several seasons. To compound their woes, the Lakers lost their top player when future Hall of Famer Kobe Bryant retired at the end of this past season.