Chicago Bears quarterback Caleb Williams, the 2024 No. 1 overall pick, will have to wait until the fall to start slinging the pigskin to D.J. Moore and Keenan Allen, but he's already going for two off the field with the formation of a new investment firm, 888 Midas.
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The firm aims to invest in real estate, private equity and venture capital, according to a press release.
Williams' partners and advisers in the firm include Lew Wolff, chairman of Wolff Urban and former co-owner and managing partner of the Oakland Athletics, and Sherif Guirgis, former managing director at Main Street Advisors. The H.wood Group co-founder and co-President John Terzian and Hawkins Way Capital co-founder and Managing Partner Ross Walker are also involved.
Williams said in the release that he had always planned on being an athlete and businessman, adding that he wanted to form the firm to eliminate the potential for distractions on the field.
“This partnership will enable me to focus the entirety of my time and energy on learning the professional football game and bringing the Lombardi Trophy back home to Chicago where it belongs,” Williams said in the release. “I’m beyond excited to have 888 Midas working for me and for its expected growth as an investment and advisory entity in the years to come.”
Williams joins a host of former professional athletes making their on-field earnings go further with investments in real estate.
Former Chicago Bulls All-Star Luol Deng, who played for the team from 2004 to 2014, began investing in real estate almost as soon as he entered the league. As of 2019, the South Sudanese forward had amassed a $125M portfolio that included hotels, resorts, condos and apartment buildings, Forbes reported.
“If you know the market and you are using your leverage and doing the right deals, it is really nonstop with the opportunities,” Deng told Forbes.
Pro Bowl tight end Julius Thomas, who retired in 2018, now owns and operates a growing portfolio of multifamily properties across Broward County, Florida, The Real Deal reported. He also told the outlet he is looking for development opportunities.
“We want to be able to create generational wealth for our children,” Thomas told TRD. “If you don’t bring in income after you retire, you’re going to be all out.”
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