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Howard University basketball coach seeks $100M investment

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Howard University head basketball coach Kenny Blakeney is reportedly searching for a buyer or group of buyers to accumulate one-third of the Howard University basketball program for as much as $100 million.

According to Blakeney it’s in search of a solution to give HBCUs any possible advantage in the brand new university labor market after the introduction of NIL.

As he told the outlet, “College sports is a legitimate business now. The whole idea is to not get left behind. It’s, ‘How do we get ourselves involved?’ I don’t want to have a two-tiered system where we can’t compete for the NCAA tournament or the national championship.”

Blakeney continued, “And from what I’m hearing now, it’s a real possibility that there’s going to be an NCAA tournament where it’s not everybody else, just these Power Four universities and maybe the Big East. That’s not what I signed up for.”

For this purpose Blakeney has I spent a lot of the summer throwing potential investors. But Ricky Volante, an attorney and former CEO of the Professional Collegiate League, says such a deal can be an issue unless the coach proves he can provide investors with a return on their investment.

“As far as the revenue part goes, it’s a chicken and egg thing,” Volante said. “The coach is going to have to show that someone sees this as a real investment, not something that’s altruistically driven. They’re going to have to show how that person is getting a return, and in college sports, ultimately it’s driven by media revenue. Outside of Notre Dame and Texas, everyone else’s media revenue is driven by the conference.”

Volante added that how the NCAA settlement is resolved may have a significant impact on how Blakeney’s plan is implemented, if not whether it’s implemented in any respect.

“The potential unknown here is how the House case and the settlement could affect all of this. If this settlement is indeed approved and enforced by a court as part of the federal legislation, would the NCAA have the authority to look at this and say, ‘Absolutely not?'” Volante said.

According to , Blakeney has not discussed the matter together with his bosses at Howard, and is waiting to see if he can persuade potential investors. Blakeney told the newspaper that he desires to get ahead of the chance before it’s too late and sees it as crucial for the Howard University basketball program.

“We’re just at the beginning,” Blakeney said. “But I feel like there’s a short window of opportunity because NIL is moving at such speed, the transfer portal is moving, the professionalism of our company is changing. This sh— has to happen quickly. There have to be some conversations.”

Blakeney continued: “I don’t care (what other people think). This is what we’re dealing with. And if we don’t pay attention to what’s hitting us in the face, then we’re not looking at it the right way.”


This article was originally published on : www.blackenterprise.com
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Business and Finance

Mary’s Pizza Shack Files for Bankruptcy Protection

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A California pizza chain has filed for bankruptcy protection, nevertheless it’s not closing its doors. Mary’s Pizza Shack has been operating for 65 years, but notified its customers that the corporate had filed for bankruptcy.

The company assures customers that each one restaurants will remain open and won’t close within the near future.


This article was originally published on : www.blackenterprise.com
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Boston’s Liquor License Law Will Benefit Black-Owned Restaurants

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The City of Boston is on a mission to pass laws that Change the landscape of Black-owned restaurants in Black and Brown communities with a brand new liquor licensing law.

The bill, first introduced in April 2023, officially passed each chambers of the state House in late July. But since the bill has two different versions, its fate remains to be uncertain. Royal Smith, a member of the Boston Black Hospitality Coalition who’s pushing for the bill to turn into law, also operates District 7 Tavern in town’s Roxbury neighborhood. The Baystate Banner reports that he’s optimistic that lawmakers will do the proper thing by officially allowing restaurants to obtain a license to sell alcohol.

“I’m excited to see what form this takes,” he said. “It’s really, really going to grow the city. It’s going to provide neighborhoods that people want to walk to.”

Still, Smith is waiting for official approval from Gov. Maura Healey. If the Massachusetts governor signs the liquor license bill, “five restaurateurs in each of 13 predominantly Black and Brown ZIP codes each year for three years” in town could be eligible to get latest liquor licenses for his or her businesses. If the bill passes, about 200 latest liquor licenses could be available for establishments in those parts of town.

The following ZIP codes are affected: Charlestown, Dorchester, East Boston, Hyde Park, Jamaica Plain, Mattapan, Roslindale, Roxbury, South End and West Roxbury.

“No matter where you live in the city, you should be able to go downstairs or up the block and have a good meal and a drink if you want to,” said state Sen. Liz Miranda, the bill’s sponsor within the Senate. She also represents Suffolk’s 2nd District, which incorporates parts of nine ZIP codes that will be affected by the laws.

“It’s about dreams becoming reality and about economic equality, racial equality, geographic equality,” she continued. “I think sometimes people get stuck on the word alcohol, and if you don’t like alcohol, you think that’s going to cause a lot of problems in our community, but it doesn’t.”

The neighborhoods in query have seen a decline in access to sit-down restaurants. Business owners are finding it difficult to remain in business without the advantage of alcohol sales.

They are unable to take care of transferable alcohol licenses, which cost roughly $600,000 on the secondary market.

For Smith, crucial thing is bringing more opportunities to Black and Brown neighborhoods across Boston, which is home to 2.1 times more white residents than every other race or ethnicity, in accordance with the 2022 Census report.

“There will be more options in Boston beyond Irish bars,” Smith said. “We want to make sure that for everyone who is affected by this bill, we’re not just opening up and then closing down. We want sustainability.”

He added: “If we do this right, it will ultimately change the Boston skyline.”


This article was originally published on : www.blackenterprise.com
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Bevel Announces $25K Business Grant to Double Dutch Aerobics Classes

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Bevel, a Black-owned Atlanta-based personal care brand, has announced that he has presented Double Dutch Aerobics with $25,000 Business Grant.

Bevel was the official skincare partner of the 4th annual Invest Fest, held August 23-25 ​​in Atlanta on the Georgia World Conference Center. The company’s CEO, Damon Frost, announced grant in a recent episode of the Market Monday podcast. Double Dutch Aerobicsalso based in Atlanta, was amongst greater than 300 vendors to take part in the annual festival and was chosen to receive a grant from Bevel.

The company was founded by Michelle Clark, Double Dutch World Champion, and Sean Clark, a Master Double Dutch aerobics instructor.

“At Bevel, we are committed to serving our customers with product solutions that meet their unique care needs, as well as charitable initiatives that we believe make a real difference in the community,” said Breann Davis, Bevel’s marketing leader, in a written statement. “We are grateful to Rashad, Troy and the entire Invest team for giving us the opportunity to partner with incredible companies like Double Dutch Aerobics and support the next generation of entrepreneurs who share our commitment to giving back to the community.”

The Clarks, originally from Brooklyn, New York, are a husband and wife team that owns the world’s first Double Dutch aerobics studio. They offer classes for each adults and kids. Certified DDA instructors have traveled the country, taking Double Dutch Aerobics to over 30 cities. During his travels, have successfully taught over 100,000 children and adults how to jump Double Dutch method.

Bevel was founded in 2013 by Tristan Walker and the corporate has revolutionized the standards expected within the grooming industry. Their products are created with the needs of Black and Brown men in mind, with products spanning the spectrum of hair, beard, shaving, skin and body care.


This article was originally published on : www.blackenterprise.com
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