Sports network Overtime is starting a teen basketball league with $100,000 salaries
Teenage hoop stars could earn at least $100,000 in salary for playing in a new basketball league launching this fall from sports brand Overtime.
Overtime Elite (OTE) will begin in September with 30 players between ages 16 and 18, the company announced Thursday. On top of their pay, Overtime Elite players would receive stock in the company, part of the revenue generated if they land outside sponsorships, and even the ability to go after shoe deals. The teen players would also get full health coverage and $100,000 toward college tuition if they decide to further their education.
The company hasn't said who the players are or when they're being selected for the league.
Overtime co-founder Zack Weiner said in a statement that the company is providing these benefits, in part, because teenage players aren't paid when playing in high school and college. Talented players should be compensated regardless of age, he said.
"OTE offers the next generation of basketball talent what they have long deserved: a path that respects their value and honors their potential, as players and as people," Weiner said. "Paying basketball players isn't radical. What's radical is telling people who put in thousands of hours of work that they have to do it for free."
Overtime hasn't announced where games will be played. The company said it has narrowed its choices down to two cities and will announce the venue in coming weeks.
Overtime said its league will be special because players will train at professional athletic facilities. Players will also get one-on-one classes on financial literacy, media training and social justice advocacy. The classes are designed to help teenagers "prepare for the pressures that come with stardom and the opportunities that come with being a role model," Overtime said.
Entrepreneurs Dan Porter and Weiner started Overtime 2016 with the aim of creating a prep-sports media giant with ESPN-like credibility. Most of Overtime's video content lives on social media with a combined 45 million-plus followers.
Overtime's video content reaches 1.7 billion views a month across YouTube, Snapchat, IGTV, Instagram and TikTok, the company said. Many of today's NBA superstars, including Zion Williamson of the New Orleans Pelicans and Trae Young of the Atlanta Hawks, got their first whiff of national exposure on Overtime.
In the past four years, Overtime has grabbed millions of dollars in venture capital, including $9.5 million from Andreessen Horowitz and $23 million from Spark Capital. Overtime also has financial backing from elite NBA players, including Kevin Durant of the Brooklyn Nets and Carmelo Anthony of the Portland Trailblazers.
Anthony said in a statement Thursday that the one-on-one classes are particularly useful for teenagers because "many athletes aren't properly prepared for what it really means to go pro."
"OTE is leading the way on that front by offering players a comprehensive route that fully develops the athlete – not just basketball skills, but also education, economic empowerment and building their own brand," Anthony said. "Having this type of guidance for high school players is critical in setting them up for a successful career both on and off the court."
