A consortium of professional athletes is investing in farmland in Iowa.
Cincinnati Bengals quarterback Joe Burrow, Boston Celtics forward Blake Griffin and Toronto Blue Jays pitcher Kevin Gausman are among the investors, according to sources KCCI.
After FrontOfficeSportsthe consortium, which includes about 20 other professional athletes, has created a pool of about $5 million that will be used to invest in agricultural projects.
Joe Burrow, Blake Griffin and about 20 other athletes buy a 104-acre farm in Iowa for about $5 million.
The group will eventually purchase 4 more properties – lease the land to farmers and aim for a single digit percentage annual return on the total investment.
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The 104-acre property in northern Iowa will be leased to farmers who will actually work the land.
The athletes investing in the project are targeting “an annual return in the single-digit percentage range on total investment,” according to the Front Office Sports report.
Front Office Sports reported that more farms will be purchased in the coming years.
The projects could include more farmland in Iowa as well as watermelon farms in Oregon.
Will these athletes make the profits they expect from farming?
Yes: 50% (1 votes)
No: 50% (1 votes)
The current deal was carried out by patrick colooking for investment opportunities for athletes.
Founder Mark Patricof said economic factors limited farm investment in 2022.
“We made three investments last year after making six the previous year. The market has changed. The world has changed. Prices didn’t necessarily go down, but reviews should have, so we held back. It was the right time in the cycle to put money into this asset class,” he said.
According to Des Moines RegisterPatricof said the investment was the “first capital call in a capital pool to acquire multiple farms.”
New York Islanders left wing Anders Lee, Dallas Mavericks guard Kemba Walker, Milwaukee Bucks forward Khris Middleton, Arizona Cardinals tight end Zach Ertz and Bengals defensive end Sam Hubbard to the other athletes who have invested in the project.
The average value of farmland in Iowa increased 17 percent in 2022, reaching $11,400 per acre, according to an annual survey by Iowa State University.
KCCI reported that corn and soybeans are grown on the land.
According to the register, Iowa is the nation’s leader in corn production and second in soybean production.
According to the register, Burrow has a connection to Iowa. He was born in Ames, Iowa and lived there until he was 4 years old. His father trained at Iowa State University.
https://www.westernjournal.com/star-athletes-join-together-buy-iowa-farm-4-works/ Star athletes join forces to buy Iowa Farm