Patrick Mahomes has made the headlines quite frequently lately. Not only because his team Kansas City Chiefs ended the AFC division seeded 3rd but also because of his attention-grabbing collaboration with KSI and Logan Paul.
The PRIME stars have joined forces with the eminent QB. The trio has been, in fact, actively involved in the promotions of the same. However, there might be more to the deal, per Pompliano.
Back in 2020, the quarterback had partnered with BioSteel. But, eventually had to say goodbye to the sports hydration unit due to a major concern. Recently, Joe Pompliano talked about the business side of Biosteel in detail and enlightened the fans as to why Patrick Mahomes decided to join the Prime’s arsenal of endorsed athletes.
Prime has quickly become the showrunner as far as the beverage business goes. It’s just behind the big names like Gatorade, Under Armour, and Powerade with earnings of more than $500 million a year. In the upcoming year, Prime projected its revenue to be more than $1 billion, which would put them second to Gatorade if they succeed.
Additionally, Prime has amassed quite a customer base and has been involved in collaborations with soccer leagues like Arsenal, FC Barcelona, and even with UFC. One of the recent additions to this star-studded list has been that of Chiefs’ QB Patrick Mahomes, who has also been quite active in promoting the brand. While shedding light on this endorsement deal, Joe Pompliano on show talked about one of the former partnerships of the star.
It concerned the the endorsement deal signed by Mahomes with BioSteel that was started by an NHL player, Michael Cammalleri . For a while, things were good, and the company had collaborations with athletes like Ja’Marr Chase, Luka Doncic, and Jalen Ramsey. However, soon things took a drastic turn, Biosteel wasn’t making as much money as the founder thought they would make.
Per Pomp, “Biosteel was burning $10 million a month” and also lost more than $200 million in investment from a company called Canopy Growth. In September, Biosteel filed for bankruptcy and ended up in $9 million debt to the NHL. Additionally, they owed a couple of million dollars to the LA Lakers and Miami Heat amongst others. This is where Patrick Mahomes comes into the picture. Per Pomp, Mahomes was initially considered as an investor in Biosteel, but as it turned out later, had had an equity in the project.
The podcast host then pointed out how Mahomes was pitched as an investor in the eyes of the public but people weren’t informed that the company was paying him for the endorsement. He then added, “When that company went bankrupt, that essentially made Mahomes’ equity in the business, worth $0.” That might have been enough motivation for the QB to switch from BioSteel as he follows a similar line of collaboration, like Prime.
The Prime collaboration has been in full force, given the social media promotions from KSI, Logan Paul and Patrick Mahomes. The couple of recent promotional videos have witnessed massive fan engagement. While talking about Prime endorsement deal, the host talked about several complaints received by the brand. ‘
Highlighting how many people don’t like the taste of it and how some of the consumers have been mad about the resale value, Pompliano focused how it is usually the individual’s perspective. It is better to check the taste and ingredients and then decide whether one wants to consume the same. However, the emphasis of the podcast host was on the fact that Prime is a “good deal” for Mahomes.
According to Pompliano, attaching himself to Prime can be a good thing because in his opinion the drink is going to sell over the next few years for several billion dollars. Additionally, they have already donated $100,000 to Mahomes charity. The quarterback has been all praises for the energy drink which has, undoubtedly, expanded its fanbase to the NFL arena. What do you think of this deal between Prime and Patrick Mahomes? Do you also agree with Pompliano’s point of view? Let us know in the comments!
