Shaquille O’Neal sells stake in Kings after deal with WynnBet
Shaquille O’Neal became a partial owner in the Sacramento Kings in 2013. At the time, the Kings were valued at around $534 million. Today, the valuation of the Kings is $1.8 billion.
Shaq will now sell his ownership stake (about 2-4%) with the Kings. Why? Because Shaq is partnering up with WynnBet to become a brand ambassador and part of the requirements involve his ownership stake being sold.
🚨 Introducing WynnBET's newest brand ambassador 🚨
— WynnBET (@WynnBET) August 9, 2021
NEWS: Shaq has been named a brand ambassador for @WynnBET and will be the face of advertising campaigns across TV, digital, and print.
To comply with NBA rules, Shaq will have to sell his minority stake in the Sacramento Kings.
He's up ~250% since he acquired the stake in 2013. pic.twitter.com/vu9t2TLS44
— Joe Pompliano (@JoePompliano) August 9, 2021
Even though he will have to sell his ownership stake with the Kings, Shaq came out on top yet again.
According to a review from bettingusa.com, they say the following about WynnBet:
WynnBET is a licensed mobile sportsbook owned and operated by Wynn Resorts International. Bettors can download the app for iOS and Android devices to place pregame or in-play bets on all major US and college sports plus international leagues.
Shaq’s deal with them to essentially become the face of their outlet through advertising campaigns on TV, digital and print mediums will only help the popularity of WynnBet. For O’Neal, selling his stake in the Kings is probably not something he wanted to do, but his deal with WynnBet will certainly be lucrative.
For those who don’t know about WynnBet, they now likely will learn more about it because Shaq is the face of it. He has that kind of pull, and it’s likely he views it as a great partnership because it’s hard to imagine him just selling off his spot with Kings ownership.