It hasn’t been a stellar season for Patrick Mahomes, both on the NFL turf and in the commercial side of his life as Joe Pompliano reports a failed business venture obliterated the Kansas City Chiefs’ star’s equity.
The business in question is a firm called BioSteel, a sports hydration company whom he partnered with in 2020, but later walked away from due to massive losses financially to join PRIME alongside Logan Paul and KSI.
BioSteel had captured other star athletes such as Michael Cammalleri, Ja’Marr Chase, Luka Doncic and Jalen Ramsey but the losses reached over $200m. The group then filed for bankruptcy, owing nine million dollars to the National Hockey League.
“Biosteel was burning $10 million a month,” Pomplinao said. “When that company went bankrupt, that essentially made Mahomes’ equity in the business, worth $0.”
Mahomes then linked up with the major YouTube personalities-turned-boxers, who have also collaborated with other athletes such as soccer players and UFC fighters, with Pompliano considering this a far better deal for him.
PRIME rapidly became a rival to established groups in the isotonic game such as Gatorade, Under Amour and Powerade, raking in $500m per annum according to projections and reports after debuting in 2022.
The drink brand also gave $100,000 to Mahomes’ charity and he has had little but else in the way of praise as it expands into the NFL market.
Who do the Chiefs play next?
Mahomes’ side defeated the Los Angeles Chargers 13-12 to win the AFC West and seal their spot in the postseason as the third seed in the American Football Conference via the Wild Card game.
They will need to beat the Miami Dolphins, who finished second in the AFC East despite leading the division for majority of the season. The Dolphins and Tyreek Hill have lost two straight games to the Baltimore Ravens and the Buffalo Bills, the latter being the team who leap-frogged them to win the division.
The AFC Wild Card game will take place on Saturday, January 13, with a 20:00 ET start.
