49er Vernon Davis Becomes 1st Athlete To Sell Shares In Future Earnings
SAN FRANCISCO (CBS/AP) - At least a few investors believe San Francisco 49er tight end Vernon Davis will have a lucrative career.
An unusual stock tied to Davis' earning potential gained $1, hitting $11 in its trading debut Monday. Only 101 shares had traded as of Monday afternoon.
The 10 percent gain represents a vote of confidence in Davis, an eight-year veteran of the National Football League.
This marks the first time a stock has been linked to the career of a professional athlete.
The value of the tracking stock offered by Fantex Inc. will depend on Davis' ability to sign a big contract after his current deal with the 49ers expires in 2015.
Fantex paid the 30-year-old Davis $4 million in exchange for 10 percent of his income from football and endorsements.
The company website has more information on how to buy shares.
TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.