A Look Into Julius Erving’s Portfolio, Which Includes A Historic $100M Investment In The Coca-Cola Franchise

NBA legend Julius Erving has an impressive business portfolio.

Erving attended the University of Massachusetts Amherst, and in his junior year, he signed a four-year, $500,000 contract with the ABA’s Virginia Squires, per ESPN. A year later — in 1972, and before his contract with the Squires came to an end — the New York native was drafted into the NBA by the Milwaukee Bucks, according to Basketball Reference.

Erving had several nicknames, including “Dr. J,” “The Claw,” and “The Doctor,” per Basketball Reference. He amazed crowds with his high-flying technique and went on to win the first All-Star Game Slam-Dunk Championship, held in January 1976, according to the NBA.

“No one has ever controlled and conquered the air above pro basketball like Julius Erving, the incomparable Dr. J,” wrote Pete Axthelm in Newsweek, per ESPN.

“The Doctor not only leaps and stays aloft longer than most players dream possible, but he uses his air time to transform his sport into graceful ballet, breath-taking drama or science-fiction fantasy depending upon his mood of the moment and the needs of his team,” Axthelm continued.

Erving went on to play in the NBA, representing the New York Nets and then the Philadelphia 76ers. His achievements include being named league MVP in 1981 while with the Philadelphia 76ers. He led the team to a championship in 1983 with the help of Moses Malone, according to the Basketball Report. Over his career, he averaged 24.2 points per game and collected more than 30,000 points, ESPN reports. He retired in 1987 at age 37.

Philadelphia Coca-Cola Bottling Co.

A year before his retirement, Erving returned to the University of Massachusetts Amherst and earned a bachelor’s degree, along with an honorary doctorate of laws, per The New York Times. He believed this would help him “speak with more credibility to young people in general and to my own children in particular,” the outlet reports.

Before his departure from basketball, Erving had already positioned himself for success beyond the court. During his 14th season in the league, he acquired a majority stake in the Philadelphia Coca-Cola Bottling Company, making history as the first Black-owned bottling company franchise in the world, according to Basketball Network. The company was valued at $100 million at the time, the outlet notes.

Portfolio

Per Basketball Network, Erving’s other businesses include The Erving Group (established in 1990), which offers consultations to startups and companies. He also invested in both commercial and residential real estate across the nation, and in cryptocurrency company, MobileCoin, the outlet notes.

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The post A Look Into Julius Erving’s Portfolio, Which Includes A Historic $100M Investment In The Coca-Cola Franchise appeared first on AfroTech.

The post A Look Into Julius Erving’s Portfolio, Which Includes A Historic $100M Investment In The Coca-Cola Franchise appeared first on AfroTech.

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