Shaquille O’Neal will have to sell his minority ownership share of the Sacramento Kings, according to a report.
O’Neal recently became a brand ambassador for Wynn Bet, which is a gambling company. Due to his relationship with Wynn, he cannot have an ownership stake in an NBA team and will have to sell his position in the Kings.
“I love working with my friends at Wynn Resorts and I am so excited to take WynnBET to new heights,” said O’Neal. “Mobile sports betting is having a major moment, and I believe that WynnBET will be a powerful force in the industry.”
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Through the long-term partnership, O’Neal will be featured prominently in WynnBET’s advertising campaigns across TV, digital, and print. Additionally, O’Neal will attend in-person fan-facing events, create original content with WynnBET and interact as a guest with company media partners such as Blue Wire Podcasts, Cumulus Media, and Minute Media. O’Neal will also be launching ‘ShaqPot,’ a Free To Play (FTP) game housed inside the WynnBET app.
O’Neal purchased a 1 percent stake in the Kings in 2013. He reportedly netted $6 million through his investment in the team. O’Neal has found great financial success since leaving the NBA in 2011. O’Neal is a businessman, so selling off is 1 percent of the Kings aren’t going to hurt him. It will actually make him anywhere from 10-11 million.