Wednesday November 29, 2023

Luka Dončić Makes BioSteel His First Equity Investment

  • Luka Dončić became a first-time equity investor through his deal with sports drink company BioSteel.
  • As part of the deal, the Dallas Mavericks star will become the company's Chief Hydration Officer.
Photo: BioSteel/Design: Alex Brooks
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At 22 years old, Luka Dončić has a Rookie of the Year award, a $32.5 million NBA contract, a record-breaking trading card, and now, after partnering with BioSteel, his first equity investment.

BioSteel, which makes sports drinks, protein powders, and other products, announced the multi-year deal on Tuesday.

Dončić got to know the product first as a consumer, because BioSteel sponsors his Dallas Mavericks. Before he got involved with the company, he reached out to a friend who has an equity stake in BioSteel.

“I asked Pat Mahomes,” Dončić told Front Office Sports. “We talk sometimes.” The young stars got to know each other around two years ago after Mahomes came to a Mavericks game. BioSteel also sponsors Ezekiel Elliot, Gleyber Torres, and Brooke Henderson, among others.

After the quarterback vouched for BioSteel, Dončić initiated contact. The result is a deal that makes the MVP candidate a first-time equity investor and BioSteel’s Global Chief Hydration Officer, which Dončić made official on LinkedIn.

“It’s important to us that our partnerships are authentic as we continue to grow our brand,” said BioSteel co-founder and co-CEO Michael Cammalleri. “Our partnerships with top-tier athletes such as Luka Doncic and Patrick Mahomes, along with our NBA team deals and recent partnership with U.S. Soccer allow us to tell our unique story.”

Cammalleri had a 15-year career in the NHL, and started BioSteel to provide a sugar-free alternative for sports drink. BioSteel was acquired by cannabis company Canopy Growth in 2019, and takes advantage of its distribution networks, but does not sell cannabis products.

Dončić is also sponsored by Jordan Brand, after inking a five-year deal in December 2019. Matthew Kay, who represents Dončić, said that he is fielding inquiries on Dončić from companies around the globe.

As for future investments, Dončić plans to stick with people and products that he knows well.

“I’m still new to this, but I have people that I trust,” he said. One of them is the guy who pays his salary.

“I want to learn from Mark,” he said, referring to Dallas Mavericks owner Mark Cuban. “He’s a great investor.”

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