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Joe Burrow, Blake Griffin, Others Purchase First of Five Farms


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Joe Burrow, Blake Griffin, Others Purchase First of Five Farms
Patricof Co. is coordinating a farm purchase by a group of roughly 25 athletes for $5 million.
The group will eventually buy four more farms.
BY OWEN POINDEXTER
JANUARY 09, 2023  |  05:31 PM

 


David Butler II/Katie Stratman-USA TODAY Sports


Top athletes across North America’s “big four” sports are trying something new: farming.

 

Joe Burrow, Blake Griffin, Kevin Gausman, Anders Lee, and around 20 other athletes are purchasing a farm in Iowa for roughly $5 million.

The group is purchasing a 104-acre, corn- and soy-focused farm in northern Iowa through a special-purpose vehicle arranged by Patricof Co.


Kemba Walker, Khris Middleton, Zach Ertz, and Sam Hubbard are also buying in.


The group will lease the land to farmers and seek a single-digit-percentage annual return on the total investment.
The group — which will purchase four additional farms within the next few years, seeking a diverse set of agricultural assets — have looked into watermelon farms in Oregon, which tend to be smaller and offer higher per-acre rent.

MEDIA

Patricof Co. sources investment opportunities for athletes while also incorporating institutional investors such as JPMorgan.

Founder Mark Patricof told Front Office Sports on Monday that agriculture investments had been of interest for years but were foregrounded in 2022, when he felt the market was running too hot.

 

“We did three investments last year after doing six the year before,” said Patricof. “The market changed. The world changed. Prices didn’t necessarily go down, but valuations should have, so we held back. It was the right time in the cycle to put money into this asset class.”

By mid-November, the market turned more favorable, and the firm is preparing to announce its biggest deal ever, which will be with a “known brand in the alcohol space.”

 

 

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26 minutes ago, Montana Bengal said:

What a great idea .

Cant say enough about the 

efforts JB and Hubbs put into 

helping others plight (food)

Inspiring ..

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1 hour ago, High School Harry said:

Makes perfect sense since both Farmer Joe and Alfalfa Sam

are outstanding in their fields.

Question..

They bought 115 acres for 5mil..

That's roughly 45k an acre .

Iowa farmland is selling for around 13k an acre..

What else came with the acreage for so high amount?

 

 

 

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4 minutes ago, claptonrocks said:

Question..

They bought 115 acres for 5mil..

That's roughly 45k an acre .

Iowa farmland is selling for around 13k an acre..

What else came with the acreage for so high amount?

 

 

 

I believe they bought the whole operation, not just farmland. All the equipment and structures too.

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12 minutes ago, BengalBuck said:

I believe they bought the whole operation, not just farmland. All the equipment and structures too.

Makes more sense.

Farm equipment is sky high to buy.

5mil still seems alot but im sure 

they were aware of costs to purchase.

 

 

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My default sense—when reading of mass acquisition (land/business/etc) is to look at the money power roots behind the action. 
 

Although a career venture capitalist, the elder  Patricof has a good rep. Likely, son is following suit 

 

https://www.cnbc.com/2020/07/29/vc-alan-patricof-targets-aging-americans-with-primetime-partners.html

 

 

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16 hours ago, claptonrocks said:

Question..

They bought 115 acres for 5mil..

That's roughly 45k an acre .

Iowa farmland is selling for around 13k an acre..

What else came with the acreage for so high amount?

 

 

 

They bought it from the Chinese and it comes complete with a Fentanyl factory staffed with political prisoners.  

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I’m as big of a Burrow fan as any other, but this isn’t some charity case.  Single digit margins for farming is nothing unusual.  Farming is a low margin business.  I doubt this VC guy is in this as a high risk venture.  Ask the farmers that lease the land if this is charity. 
 

I love Burrow, but comparing him to Jesus is a bit much.  

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4 minutes ago, UncleEarl said:

I’m as big of a Burrow fan as any other, but this isn’t some charity case.  Single digit margins for farming is nothing unusual.  Farming is a low margin business.  I doubt this VC guy is in this as a high risk venture.  Ask the farmers that lease the land if this is charity. 
 

I love Burrow, but comparing him to Jesus is a bit much.  

The Patricof Group is a high-end acquisition organization. Nothing speaks of “charity”.
 

And neither Burrow, Blake Griffen, or any of the other athletes are described as philanthropists. Absolutely nothing screams of buying farms to help out supposed downtrodden farmers. This isn’t Farm Aid-era stuff.
 

This also isn’t Gordon Gekko either. Looks mostly just investment oriented.  

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used to be athletes bought car dealerships and restaurants.  They're getting investment advice or just following Bill Gates.  Damned if I know, but buying agra seems to chic at the moment. If researched a bit, bet I'd find all kinds of government offsets.

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Pretty neat.  I wonder how much control of said farm land they will actually have. Will they be able to say that they only want to lease for non gmo crops? Or are they just share holders of a corporation with suits calling all the shots? 

 

Right now is the time to be buying land. And if you can't buy any land work with what ya got and get some foods growing.  Even if you're in an apartment. Get some pots and grow some taters and maters out on your balcony or in your windows. 

 

Im telling you MFers right now. The next bitcoin is seeds. Shit aint no joke.

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