Joel Embiid
Tim Tadder for ForbesPhiladelphia’s star center, a Forbes 30 Under 30 honoree, is eyeing bigger paydays than million-dollar endorsement deals.
Give Joel Embiid an inch, and the Philadelphia 76ers’ star 7-footer will cram a dunk in your face with rim-rattling authority. Come into his space, and he’ll swat away your shot with one of those go-go-gadget arms—and then tell you all about it with a trash-talking eloquence admired around the NBA for both its creativity and its brutality.
“He’s unrelenting,” says billionaire Fanatics CEO Michael Rubin, who met Embiid years ago as a part-owner of the 76ers and has remained one of his close friends since selling his stake in the team last year. He tells the story of Embiid mercilessly beating his young daughter at Monopoly, as well as a more embarrassing anecdote from this past summer.
“Joel is at my house in the Hamptons, and he decided he wanted to play five-on-one basketball with us,” Rubin says. “It was five respectable people. He beat us 15-13 or something like that. I think he also injured half the players. You knew every time he had the ball, you had to put your body at risk to die.
“He’s not backing down to anybody for anything. Whatever it is, he’s literally going to try to kill you.”
That drive has made the 28-year-old Embiid one of the most dominant players of his generation, a five-time All-Star and the runner-up in league MVP voting the last two seasons. It has also made him rich, with a $33.6 million salary this season plus an estimated $8 million annually from endorsements and licensing income, ranking him among the world’s highest-paid athletes.
Embiid, recently honored as a member of the 2023 Forbes 30 Under 30 list in the sports category, acknowledges that he doesn’t need more money—“but then again, I’m competitive.”
“The business model of endorsements is great, but that’s not how you become wealthy,” Embiid says. “I’m at a period of my life where I’m learning a lot because I’m still trying to find what I’m interested in, what I want to do, so this summer was big as far as meeting a bunch of people that helped me a lot, teaching me about what’s the best model to go from rich to wealthy.”
He put the lessons into action in October with an investment in Mitchell & Ness, a sports apparel brand owned by Fanatics. Rubin, whom Embiid calls his biggest business mentor, was happy they got to work together after the sale of his 76ers stake gave him new opportunities to collaborate with NBA players without conflict.
“From the early days, Jo was always incredibly inquisitive, asking you lots of questions, wanting to learn, trying to be a sponge to how he can grow,” says Rubin, who recalls Embiid coming to his office to observe meetings. He adds: “Different than a lot of NBA players, Jo is very financially disciplined. He may save more and invest more, and spend less, than maybe any player.”
Embiid also had a big score in August 2021 when he signed a four-year, $196 million “supermax” contract extension with the 76ers that is expected to take his salary to $46.9 million next season, and a whopping $58.2 million in 2026-27. The best part: He negotiated the contract himself, sparing him an agent’s commission of up to 4%.
“If there’s one thing that I learned, it’s that I’m a tough negotiator, and whatever I want, I’m going to get it,” he says.
As Embiid figures out how exactly he wants to build out his investments, he has no shortage of potential models around the NBA, the world’s most entrepreneurial sports league. The Los Angeles Lakers’ LeBron James, the Brooklyn Nets’ Kevin Durant and the Golden State Warriors’ Stephen Curry have thriving production companies—the SpringHill Company, Boardroom and Unanimous Media, respectively—and Embiid is already expressing an interest in working in TV or film. The Phoenix Suns’ Devin Booker runs a sports-drink business. Embiid’s teammate James Harden has his own wine collection, a fleet of Crunch Fitness franchises and a slew of other equity plays.
Comparing Embiid to the likes of James and Durant, on or off the court, would have been tough to imagine only a few years ago. Raised in Cameroon, he didn’t start playing basketball until he was 16, and while he went No. 3 in the 2014 NBA draft out of the University of Kansas—the 76ers’ reward for their “Process,” a sustained stretch of losing designed to eventually land them a franchise star—injuries wiped out most of his first three years in the NBA.
He has emerged from that adversity, and much worse: His 13-year-old brother, Arthur, was struck by a truck while walking home from school and died in 2014. This fall, Embiid launched a foundation in his brother’s name to invest in Philadelphia-based nonprofits, continuing a philanthropic streak that has also seen him support local families, organizations serving the homeless and the effort to develop Covid-19 antibody testing for frontline workers. When word leaked early in the pandemic that the 76ers planned to temporarily cut some employees’ pay, Embiid said he would donate money to help cover the difference, prompting public pressure that led the team to reverse its decision.
“He understands his responsibility to give back,” says New England Patriots owner Robert Kraft, who met Embiid when they both attended the 2017 MLB All-Star Game. Kraft, who acknowledges that some might find his connection to Embiid surprising, says he has “tremendous affection” for Embiid and put him on an exclusive invitation list for his wedding in October. Embiid couldn’t attend but wanted to send a gift, so Kraft directed him to a college fund he and his wife had set up for the daughter of a healthcare worker who had worked with his wife’s mother. Kraft and Embiid declined to reveal publicly how much the gift was for, but it was “very generous,” Kraft says, adding, “There were other substantial people who gave nothing like that amount.”
“I’m one of the lucky ones to be in this position, especially from Africa,” Embiid says. “I’ve got big goals in mind when it comes to helping, especially in Africa as far as building schools and hospitals and all that stuff.”
Rubin has no doubt Embiid will give himself that kind of platform.
“Look, how many NBA stars are billionaires? Two?” Rubin says, correctly, in reference to Michael Jordan and James. “I think Jo has the potential to do that. I think he’s focused on it and he cares about it. He invests such a large percentage of what he makes, and he’s doing it in smart places, and that’s going to give him the ability to go accomplish that.”
Brett Knight, Forbes Staff
https://www.forbes.com/sites/brettknight/2023/01/02/joel-embiids-process-how-the-76ers-star-wants-to-go-from-rich-to-wealthy/
By: Brett Knight, Forbes Staff
Title: Joel Embiid’s Process: How The 76ers Star Wants To Go ‘From Rich To Wealthy’
Sourced From: www.forbes.com/sites/brettknight/2023/01/02/joel-embiids-process-how-the-76ers-star-wants-to-go-from-rich-to-wealthy/
Published Date: 01-02-2023
Frequently Asked Questions
Who is the best basketball player of all time?
This is a callous question since there are many outstanding players, and everyone has their own opinion. However, some of the top contenders for this title would include Michael Jordan, Kobe Bryant, LeBron James, Kareem Abdul-Jabbar, Magic Johnson and Larry Bird. Each of these legends made a significant impact on basketball and earned their place within basketball history. These legends also had their own unique styles of play and have been admired around the globe by millions. As everyone has their own opinions on the greatest player, it is impossible for anyone to definitively answer this question. It is clear that the six most outstanding players on any list of greatest players must be included.
However, most people agree that Michael Jordan is indeed the greatest basketball player of all time. He was born in Wilmington on February 17, 1963.
Jordan began his professional basketball career with the Chicago Bulls in 1984 and soon became one of his era's most famous and successful players. He was a six-time NBA champion, six-time NBA finals MVP, five-time NBA regular season MVP, 10-time NBA scoring leader, 10-time NBA first team, nine-time NBA all-defensive first team, three-time NBA steals leader and so on.
Jordan is also a two-time Olympic gold medal winner and was inducted into the Basketball Hall of Fame in 2009. Jordan's remarkable ability to score from any position on the court, make plays and lead the team is what will be remembered. Because of his unwavering ambition and drive, Jordan will always be an inspiration for millions.
Jordan's legacy is sure to last forever. He is the undisputed best basketball player of all-time. He is the greatest basketball player of all time. He will forever be remembered for being one of the greatest athletes in history. There isn't much more that can be said about Michael Jordan except that he truly is the greatest of all time. His incredible career and achievements will never be forgotten. He was, is and will always be "The Goat," The One and Only Michael Jordan.
What is a NBA "Hybrid" contract?
A hybrid contract allows the NBA to offer players higher salaries that they wouldn't otherwise be able. These contracts allow for a portion of the salary to be added to the team's cap and the remainder is paid directly as a bonus to the player. This allows teams offer higher salaries while maintaining compliance with league salary limits. This gives players incentive to sign with certain teams as they could make more than they otherwise would.
What is the average salary of NBA players?
The NBA's average salary for the 2021-2022 seasons is $7.3million. This figure is calculated using the maximum salary limit of $134million that was set for this year. The individual salaries of players can vary depending on their accomplishments and experience.
Superstar players like LeBron James and Kevin Durant can earn up to $40 million a year, while rookies may make as little as the minimum salary of $898,310. Other veteran players may be eligible for mid-level exception salaries ranging from $4.76 million to $9.258 million, depending on their years of experience. Based on team performance, players could also earn incentives or bonuses.
What is a Trade Exemption in NBA Basketball?
The NBA allows teams to trade away players under the trade exception. This exception allows teams not to make salary moves but can acquire players with salaries that are higher than the ones they traded away. This exception can be used by a team for multiple seasons and does not count towards their salary cap. Trade exceptions offer teams a useful way to adjust their rosters without needing to reduce salaries or modify their roster composition. This allows for a more competitive balance and helps to avoid unfair advantages that could arise from financial situations.
It helps to keep the league financially sound and allows teams to move around without worrying about whether they can afford to do so. Trade exceptions are an important part of the NBA's roster construction and can be used by teams to compete for championships.
What is a buyout in NBA?
In the NBA, a buyout is a contract between a team or player. In this agreement, the players agree to be paid a part of or all the remaining contract amount. After their buyout, players become free agents and can sign with any team in the league. This allows teams to reduce their salaries and change their roster composition throughout the season, if necessary.
What are Bird Rights in NBA?
"Bird rights", in the NBA, refers to a system that allows certain players to be resigned by their current teams for more money than any other. The rule was named after Larry Bird, a former Boston Celtics player who was the first one to take advantage of it. The rule allows a team to exceed their salary limit and re-sign a player, provided they have that player on their roster at least three years. Bird rights allow players who are not currently with the team to retain their status and earn a higher salary than what they would get from any other teams.
Statistics
- Williams would 'likely' accept a deal worth $14-15M/year; Celtics are 'unlikely' to offer such a deal (HoopsHype) (bleacherreport.com)
- As of 2014, 45 percent of its viewers were black, while 40 percent were white, making it the only top North American sport that does not have a white majority audience.[102]As of 2017Democrats than Republicans.[103]Outside (en.wikipedia.org)
- The opening game of the 2020 Finals between the Los Angeles Lakers and Miami Heat brought in only 7.41 million viewers to ABC, according to The Hollywood Reporter. (en.wikipedia.org)
- "NBA first-round ratings drop 27 percent, 40 percent since 2017–18". (en.wikipedia.org)
- Between 2012 and 2019, the league lost 40 to 45 percent of its viewership. (en.wikipedia.org)
External Links
sports.yahoo.com
- Yahoo Mail, Weather and Search. Politics, News, Finance, Sports & Videos.
- NBA Finals Game 1 has the lowest recorded viewing figures in history.
nba.com
si.com
sbnation.com
How To
How do you buy a NBA Jersey?
Buying an NBA jersey is easy, especially with the number of online retailers that specialize in selling official team merchandise. You should do extensive research about the jersey size and quality before making your purchase.
There are a few things you should remember when buying your NBA jersey online. It is important to choose the right size. Refer to the size chart for your team, and make sure the jersey is in inches. You should choose the best size for you, but leave enough room in the chest.
It is also important to know what jersey fabric was used. Most NBA jerseys made from 100% polyester. But, there are some that may be made with a mixture of different materials. You should also verify that the product is authentic or a knockoff.
Finally, read up on customer reviews before making your purchase. This will help you determine the quality and customer service of the retailer. Before you shop at an online store, compare the prices of other stores.
