SAN FRANCISCO (AP) - A new brokerage is offering sports fans a chance to bet on the moneymaking potential of star athletes.
The unorthodox and risky opportunity kicked off Thursday with an IPO filing proposing to sell stock for a stake in the future income of the Houston Texans' Arian Foster, one of the top running backs in the National Football League.
The IPO hinges on a deal requiring Fantex Inc. to pay Foster $10 million in return for a 20 percent share of his remaining contract with the Texans, his endorsement income and any other future money tied to his football career.
Fantex plans to sell 1.06 million shares at $10 apiece to pay Foster and cover other expenses.
The San Francisco company says it is negotiating similar deals with other prominent athletes.