Carmelo Anthony is investing in the future of basketball.
The Trail Blazers forward recently became an investor in the Overtime Elite League, which offers 30 athletes, as young as 16 years old, the opportunity to earn a minimum of $100,000 per year as well as shares in the company business.
The league also provides medical and disability insurance, an education, and a $100,000 scholarship should the player not go on to pursue a career in professional basketball.
The Overtime Elite League will allow players to bypass traditional high school and collegiate levels of the sport while building their brand toward becoming eligible in the NBA. The league will start in September with three dozen players and will begin in one location, which is still to be determined.
The business venture competes with the NCAA’s rules on amateurism, which doesn’t allow college players to receive compensation for their play beyond a scholarship for attendance. Athletes have and can be penalized by way of fine or denied NCAA eligibility based off their amateurism status.
Before Anthony became an 18-year NBA vet, his amateur basketball career began at Oak Hill Academy in Virginia to Syracuse University in upstate New York. At Syracuse, Anthony led the Orange to a national championship as a freshman before being taken No. 3 overall in the NBA Draft by the Denver Nuggets.
After Overtime raised $23 million in 2019, Anthony became a financial backer for the company which produces bite-sized content focused on high school men and women’s basketball, soccer, football and esports. Kevin Durant is also an investor in the digital sports platform.