Kobe Bryant’s Estate Reportedly Gains $400 Million In BodyArmor Sale
Coca-Cola has paid $5.6 billion to acquire 85% of the BodyArmor stake, which positions basketball legend Kobe Bryant‘s estate to gain $400 million.
The BodyArmor move marks the largest single amount Coke has ever paid for a beverage brand.
Company officials are now working “on the next stage of growth” for BodyArmor, Coca-Cola North America President Alfredo Rivera said in a statement. Coke said it expects BodyArmor to generate roughly $1.4 billion in sales this year.
BodyArmor is the No. 2 sports drink brand, Coke said, rivaled only by Gatorade, which is owned by PepsiCo. Powerade, which Coke also owns, is the No. 3 sports drink.
Coke originally bought a 15% stake in the line of beverages in 2018. Coke announced its purchase Monday at exactly 8:24 a.m. to commemorate the two jersey numbers Bryant wore during his NBA tenure.
Bryant first invested in BodyArmor in March 2014 for 10% of the company, about $6 million, ESPN reported. At the time, Bryant was the third largest investor in the brand.
BodyArmor will be overseen in New York by co-founder Mike Repole. Repole said he started the drink a decade ago and now it has grown to 400 employees.
“If it wasn’t for Kobe Bryant’s vision and belief, BodyArmor would not have been able to achieve the success we had,” Repole, who also developed Fuze Beverage and Smartwater, said in a statement.
Other big name athletes like NBA’s James Harden, MLB’s Mike Trout, the NFL’s Rob Gronkowski and WNBA’s Skylar Diggins-Smith also became investors.
The Lakers star retired from the NBA in 2016 after a 20-year career. According to Forbes, he earned over $680 million in his career.
Soon after retirement, Bryant launched several businesses including a film production studio, a sports academy, and a venture capital firm.
Bryant and his 13-year-old daughter, Gianna, were among nine people killed in a helicopter crash in Southern California in January 2020.
