A generation ago, the only financial goal for a superstar African-American athlete at the peak of his career -- beyond a large contract -- was to nab a lucrative endorsement deal with a big sneaker company like Nike or a national brand such as McDonald's. The idea was to earn several million extra dollars before his skills began to wane.
Those short-term goals remain, but today, many in the National Basketball Association or the National Football League want something more substantial -- like a long-term piece of the action.
"In my marketplace, everybody wants to be on television, everybody wants endorsements. To me, that's superficial because it's temporary," said Bill Duffy, president of BDA Sports Management, the firm that represents NBA superstars like Chinese center Yao Ming of the Houston Rockets and Carmelo Anthony of the Denver Nuggets. He cited pro football's dancing wide receiver Icky Woods and bulked-up William "The Refrigerator" Perry as examples of stars that cashed in with a quick payday in the 1980s, and then disappeared from the scene.
"I push for equity and business opportunities, because you're dealing with a finite period of time," Duffy told a seminar on sports and entertainment management at the 34th Annual Whitney Young, Jr., Memorial Conference, sponsored by Wharton's African American MBA Association. "You want to leverage your relationships into something more meaningful than just getting an endorsement."
Duffy, whose leading sports management firm is based in Silicon Valley, spends almost as much time networking his roster of superstars with high-tech billionaires as he does negotiating their contracts. He described a recent odyssey to China with Yao and eight other clients, including two-time NBA Most Valuable Player Steve Nash, for a charity game. The marquee event not only raised $3 million for orphanages, but also led to a relationship with the Bill and Melinda Gates Foundation.
Running throughout the seminar session -- titled "Sports and Entertainment: Starring Beyond the Spotlight" -- was a common thread that the successful athletes and entertainers of the 21st century will be the ones who view themselves not just as great players but as global brands, involved in both business deals and humanitarian activities that extend well beyond the playing field.
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