Nets’ Spencer Dinwiddie Looking to Convert Contract into Investment
At this point, it’s common knowledge that when it comes to smarts, Spencer Dinwiddie is right up there with the best NBA players.
He attended a semester of Harvard business school and even wants to build his own Ironman suit. Now, the Brooklyn Nets point guard is looking to convert his current contract into a digital investment and take a lump payment upfront according to sources close to The Athletic. If the Nets accept Dinwiddie’s request, this move will be the first of its kind in league history.
According to the Business Insider, “Dinwiddie will securitize his NBA contract as a digital token … The extension would bring him more than $34 million over a three-year period, but sales of the digital token would allow him to raise a significant portion of that sum upfront. By selling the token, Dinwiddie relinquishes some future income for a smaller payment. As a borrower, the guard could then invest the upfront sum.”
Dinwiddie’s bond would therefore pay investors principal and interest. The NBA has been made aware of Dinwiddie’s ask earlier in the week, but it is unclear how they wish to proceed with the request at this time.
The Nets guard is coming off his best NBA season, in which he averaged 16.8 points and 4.6 assists per game in 68 games.