Players will now be able to invest in NBA and WNBA teams, as well as promote and/or invest in sports betting and cannabis companies.
The league’s new collective bargaining agreement (CBA) will give players the ability to invest in NBA and WNBA teams, as well as promote and/or invest in sports betting and cannabis companies, according to Shams Charania of The Athletic.
Sports betting and cannabis companies are two industries that have been growing rapidly in recent years. Meanwhile, the NBA and WNBA are expecting that this new policy will encourage players to become more engaged in the business side of the league and help them build long-term financial security beyond their playing careers.
It remains to be seen how many players will take advantage of these investment opportunities, and what impact it will have on the league’s finances and image.
NBA has updated its policy regarding marijuana use by players, removing it from the anti-drug testing program. This aligns with the trend toward the decriminalization and legalization of marijuana in many parts of the world.
The new CBA will run through 2029-30 unless either side opts out after the 2028-29 season. The agreement also includes the introduction of an in-season tournament, a new luxury-tax level, and renewed individual awards’ standards.
H/T: basketnews.com
