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Two-time Super Bowl champion, Patrick Mahomes is the face of many popular brands and has found success off the field in his investment portfolio. However, there is one investment that may not be as profitable any longer.
Sports hydration company BioSteel, which partnered with the Kansas City Chiefs quarterback in 2020, is in financial trouble. BioSteel's parent company Canopy Growth filed for bankruptcy protection last week.
Canopy Growth has more interest in growing the cannabis business and not sports hydration. They stopped funding BioSteel and will now try to sell the company.
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The sugar-free hydration company is the official sports drink of the NHL and endorsed many professional athletes from various sports. NFL fans who heard about BioSteel's fate weren't surprised.
The conversation on Reddit surrounded the lack of taste that BioSteel had, with some saying that it was their least favorite sports drink. Others said it was too expensive compared to other brands.
As of now, his endorsement with the brand is in flux as Canopy Growth is hopeful the BioSteel brand can be sold.
As per Joe Pompliano, the company was burning over $11 million a month and had unsecured debts of $45 million.
How much does Patrick Mahomes make in endorsements?
In 2020, Patrick Mahomes signed a ten-year contract worth a whopping $500 million. Although he is one of the highest-paid NFL players, he also makes a lucrative amount in endorsement deals away from the game.
Mahomes is the face of many brands including State Farm, Subway and Head & Shoulders, to name a few. While NFL fans aren't watching him on the gridiron, he can be seen featured in commercials. Each year, the Chiefs quarterback is said to make around $7 million in endorsement deals.
Besides the brands listed above, the 28-year-old is also an Adidas brand athlete. Creating his own line with the sports apparel brand. His love of ketchup also secured him an endorsement deal with Hunt's.
What is Patrick Mahomes' net worth?
Patrick Mahomes has led the Kansas City Chiefs to three Super Bowl appearances in four seasons. The Chiefs won two of those three big games with the help of their franchise quarterback.
Mahomes' annual salary is approximately $40 million, however, with incentives and bonuses, it can increase even more. According to Forbes, the Kansas City Chiefs quarterback's net worth is $59.3 million, which ranks him at #24 in the world's highest-paid athletes.
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