Fantex to Buy 10 Percent of Future Earnings of 49ers’ Davis
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Fantex Inc. has agreed to buy 10 percent of the future earnings of San Francisco 49ers tight end Vernon Davis for $4 million in advance of selling shares to the public.
Two weeks ago, Fantex announced the first public offering for an athlete when it filed to raise $10.6 million priced at $10 a share, according to a filing with the Securities and Exchange Commission. Fantex’s main source of income was listed as Arian Foster, a running back for the Houston Texans who has pledged 20 percent of the money he earns both inside and outside the National Football League to the company in exchange for most of the proceeds of the IPO.