Does Gary Vee Own the Jets : From E-Commerce Magnate to the NFL
From E-Commerce Expert to NFL Owner: How Gary Vee is Positioning Himself to Buy the New York Jets
But he has a goal of buying the New York Jets that exceeds all his other accomplishments because it’s been a lifelong dream since age five. So, does Gary Vee own the jets?
Gary Vee’s Portfolio
Part of answering the ‘Does Gary Vee own the jets?’ question is looking through his other business and companies. The Vaynerchuk family owned a wine library and had a small wine store in New Jersey. Sasha, the father of Gary Vaynerchuk, took over after his son’s death and passed it on to him. However, he didn’t want to run the business as just another brick-and-mortar operation, so Sasha began selling through an online website WineLibrary.com with two developers by 2000.
The Wine Library TV was created in 2006, and by 2008, Vaynerchuk had accumulated more than 3 million subscribers. His aggressive marketing and pricing methods made him stand out among his competitors.
Today, Vaynerchuk’s net worth is estimated to be around $60 million. He has signed on for ten books with HarperStudio, which will pay him 1 Million per book, and his marketing agency brought in 40 million last year. His company Wine Library brings in about $60 million a year, and he also makes an additional annual income between 3-5 Million from speaking engagements.
Vaynerchuk is the managing partner of a $25 million seed fund, where he invests in other companies. He looks for both jockeys and horses- meaning that he needs to believe in both the product and the team behind it before investing.
What does this all add up to? As of 2014, his net worth is estimated at $10 million. This might not seem like a lot considering that NFL teams are valued around the same amount he paid for them; however, buying an NFL team requires more than just writing a check.
Buying an NFL Team
Once upon a time, NFL teams could be bought for $100. But now you have to pay over 200 million dollars just like the Seattle Seahawks owner Paul Allen did in 1997.
Today, you need a lot more money than just the cost of your franchise. In most cases, it’s going to take at least $1 billion for an individual or group to become majority owners and buy into ownership with their team.
The Jets team is worth $1.23 billion, and Vaynerchuk would not have to pay the total amount at once if he were to purchase it. Jimmy Haslam bought the Cleveland Browns in 2011 for a price of $977 million; however, his upfront payment was only valued at $700 million.
The exciting thing about this case is that Pilot Flying J truck stop, which was $4 billion in debt as of 2014, lent Haslam the money for his down payment. As it turns out, he didn’t use any personal funds but instead borrowed from his company. Therefore when they purchased Cleveland Browns last year, it contributed to their already significant debts.
If Vaynerchuk were interested in purchasing the Jets this way, he would need to take a large amount of money from his companies – risking massive debts and potential layoffs. Given that he doesn’t like taking loans or raising capital for investments, it’s unlikely that this is an option.
The process of buying an NFL team is a difficult one. There are many obstacles to overcome, and the last hurdle in this lengthy process is getting 24 out of 32 owners to vote yes on your purchase.
Does Gary Vee own the Jets?
Mr. Johnson, who has a net worth of $10 million, is currently about 1 billion dollars away from buying the Jets franchise outright because he needs more money in his portfolio.
Vaynerchuk knew that the Wine Library TV show was not making enough money to allow him to buy a football team. He now spends most of his time running VaynerMedia and investing in startups with high potential.
He never had to be at odds with anyone, unlike Blank, who ran Home Depot.
Except for his $1 million book deal, Gary Vaynerchuk has successfully grown a web-based enterprise. He is incredibly savvy when it comes to e-commerce and building brands online. In addition, he’s smart about investing wisely so that he can have enough money for larger purchases such as sports teams.
I’ve been a big fan of Gary Vaynerchuk’s for now. He is one of the top e-commerce thought leaders, and his books are fantastic too! Jab, Jab Right Hook: How to Tell Your Story in a Noisy Social World was an eye-opening read about how sellers can use social media more effectively on all platforms. If you’re looking to get your marketing game up, I highly recommend this book!