Could Promotion-Relegation work in College Football?
NorthRock Partners, a wealth advisory firm headquartered in Minneapolis, brought on four-time NBA champion Tony Parker as president of its nascent Sports, Artists, and Entertainment division back in summer 2019. Now, with more than 140 clients under that category globally, the company is launching a firm exclusively dedicated to athletes and entertainment — NorthRock X.
The six-time NBA All-Star will remain on as founding partner. Aaron Ryan, former commissioner and president of the Overtime Elite basketball league, a person who Parker says “wants to be exceptional in every capacity,” will join NorthRock X as president. Ryan began his career at the NBA in the mid-1990s and rose through the ranks managing business operations at the league for 22 years.
Tim Duncan, who Parker played with for 16 years when they won all of those championships as San Antonio Spurs, was the victim of a massive fraud scheme at the hands of his former personal advisor Charles Banks. Duncan claimed over $20 million in losses in 2015, alleging that Banks had pressured him into investments without disclosing his own stakes in them. Banks was charged by the SEC in 2016, pleaded guilty to defrauding Duncan in 2017, and was sentenced to four years in federal prison.
Parker told Forbes that stories like Duncan’s make him “very emotional” and are a big part of the reason why he’s committed to an athlete-tailored firm like NorthRock X. “We saw what happened with Timmy and the guy went to jail. So I just wanted to create something that can help athletes. I know me and our team we’re doing it for the right reason and not to take advantage of athletes,” he said.
NorthRock Partners manages over $4 billion in assets and was founded close to 30 years ago. CEO Rob Nelson said that Parker and Ryan will make NorthRock X the “preeminent partner” for athlete investors.
