Shaquille O’Neal is a businessman with a diverse portfolio, as he’s involved with many various ventures. Since 2013, that has included the Sacramento Kings where Shaq is a minority owner.
Due to being involved with a “new business endeavor,” Shaq revealed that he sold his stake in the Kings. While he said back in August that he was going to have to do this, O’Neal posted on social media that he sold his stake in the team and thanked everyone involved with the Kings for the opportunity to work together.
— SHAQ.ETH (@SHAQ) January 13, 2022
Shaq’s new business endeavor is that he will be a brand partner with WynnBet. The sports gambling aspect of it, while becoming increasingly legal throughout the United States, makes sense that someone promoting a sportsbook doesn’t also have an ownership stake in a team that people can bet on.
Though he probably wasn’t thrilled to sell his stake, Shaq stands to make a sizable profit given that the value of the Kings has jumped 2.5 times since he originally purchased his stake.