Former Major League Baseball star Alex Rodriguez is getting involved in another new business venture. According to Kim Bhasin of Bloomberg, Rodriguez and his business partner, Marc Lore, are supporting a new company called Mojo, which is aiming to create a “stock market” for professional athletes where fans can buy and sell players at specific values based on their on-field performances.
“I’ve always thought the idea of a sports stock market was the holy grail — the vision could transform sports, and fandom as a whole,” Lore told Bloomberg. “For years, I’ve heard people throw around the idea — but nobody has been able to do it. For the concept to truly work, you need underlying principles like intrinsic value and instant liquidity.”
Mojo is set to launch late in 2022 with football being the first investment avenue.
The plans are for Mojo to have an interface like other trading apps, such as Robinhood, that make it easy for users to move money around. Mojo already has raised $75 million in funding, with the majority coming from Joshua Kushner’s firm Thrive Capital. Tiger Global Management also invested in addition to Rodriguez and Lore.
This will mark another business venture involving the former New York Yankees slugger and Lore. The duo bought the Minnesota Timberwolves last April. However, Rodriguez and Lore won’t be involved in the day-to-day operations of Mojo.
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