Early on, Grant Hill had up-close experiences with known players making big bucks during their heydays but became paupers through retirement. He wanted to go a different way, so he founded Hill Ventures, Inc. to manage his business and marketing activities in his rookie year in 1994.
Everything went well with Grant Hill business ventures; his net worth increased yearly and is expected to reach $260 million in 2023. Hill is considered the third-richest player in NBA history.
Know more about Grant Hill’s journey from being a good basketball player to a great investor.
How Grant Hill Built His Business Empire?
Grant Hill is among the wealthiest NBA players in 2022, with an estimated net worth of $250 million.
Hill was the third overall pick in the first round by the Detroit Pistons in 1994. He played for three other teams: Orlando Magic, Phoenix Suns, and the L.A. Clippers before he hung up his jersey at age 40 at the end of NBA season 2012-13.
Look at how Hill handled his finances while playing and built his business wealth after retiring.
Takes Control of His Career
Hill did not hire a sports agent to represent him and negotiate deals. A sports agent cuts up to 4% of a player’s contract with more monies from endorsement deals. They work with lawyers in vetting deals and add up to the cost.
Hill circumvented the usual route and directly hired a lawyer. Lon Babby was an experienced lawyer as a counsel for the Baltimore Orioles and came to be the president of the Phoenix Suns.
Babby charged an hourly rate and was instrumental in Hill’s first contract worth $45 million, good for eight years. In 2000, Babby helped ink a $93 million deal with the Orlando Magic franchise. He secured more contracts with McDonald’s, Sprite, and Fila, which offered Hill a lifetime deal in 2018.
Hill assumed responsibility for the business side of his career. He learned the ropes by meeting with senior-level executives, getting involved in marketing campaigns, and discussing strategies with advertising agencies. Hill goes over business materials to learn about money matters.
Hill keeps his lifestyle simple, avoiding splurging on any excessive spending. He had up-close experiences with professional athletes who burnt their money during their heydays and left with nothing through retirement made him fearful of losing money.
After his successful 19-year NBA stint, Hill was employed by Turner Sports as a co-anchor of NBA Inside Stuff. He didn’t buy a car; General Motors gave him a couple.
A Peek at Hill’s Wallet
Hill’s parents got him interested in investing in real estate. He ventured into the industry in 2000 while playing for the Magic via his marketing and management company, Hill Ventures. His latest undertaking is a tie-up with CIM Group to develop a $5 billion mixed-use downtown project like L.A. Live.
During his rookie year, Grant Hill 1 Fila shoes raised the company’s spot from seventh to third place in the footwear marketplace in 1994. In 1997, Fila renewed Hill’s contract for a seven-year deal worth $80 million. From 2018 onwards, Hill receives $10 million from Fila as a lifetime endorser.
After the contract with Fila expired, Hill switched to Nike while playing for the Phoenix Suns and got a bonus when he averaged 12 points per game.
McDonald’s signed Grant Hill and Shawn Kemp to promote the 1996 NBA All-Star balloting.
In 1997, he endorsed Sprite’s longest-running marketing promotion, “Grant Hill Drinks Sprite.”
Grant Hill was the face of Tag Heuer’s magazine advertisement in 1999.
Adidas created shoes for Grant Hill while donning the jersey of the Orlando Magic in 2006.
Hill did an AT&T commercial in 2014 with the tagline “Rethink Possible.”
Hill demonstrates how to order pizza from Pizza Hut in 2017.
In January 2021, Hill was designated a director of Campbell Soup Company.
In September 2021, Hill officially took over as the managing director of USA basketball.
Philips partnered with Hill in March 2022 to launch Philips Norelco One Blade First Shave.
What Team Does Grant Hill Own?
Former controlling owner of the L.A. Clippers, Donald Sterling, recorded racist remarks went public. The controversy resulted in a $2.5 million fine by the NBA organization and a lifetime ban. The NBA’s move forced Sterling to sell the franchise.
There were several bids for the franchise from Guggenheim Partners CEO Mark Walter, President Todd Boehly, Grant Hill’s group, and former Microsoft CEO Steve Ballmer. Balmer one-upped the rest of the entrants with a $2 billion tender in 2014, and the third most pricey team buys in the history of the NBA.
However, this did not stop Grant Hill et al. from owning an NBA franchise. He and billionaire Tony Resler, a finalist in the L.A. Clippers sale last year, were aggressive in pursuing ownership of the Atlanta Hawks. The agreement reached about $850 million, including debts on Philips Arena, which was consummated in 2015.
Hill is a minority owner of the Atlanta Hawks but is treated by Resler as a partner than an investor. Resler is the Chair of the Board of Directors, while Hill is the Vice Chair of the franchise. The investment is doing well, appreciating to about $1.6 billion today.
3 Other Businesses Grant Hill Own
After inking a deal with the Detroit Piston in 1994, Hill Ventures, Inc. was set up to oversee Grant Hill business ventures and marketing activities. The company took care of Grant’s:
- Marketing and promotional pursuits
- Community ventures
- Foundation projects
- Website upkeep
- Real estate holdings
- Art collection
- Other activities
Grant Hill pursued other business endeavors with Hill Investment, managing the business and marketing side of things.
Penta Mezzanine Fund
Hill’s stake in Penta Mezzanine Fund is between 10% to 25%, and he has been a manager since 2011.
Penta’s goal is to help businesses to grow by providing funds and sharing experiences and contacts with business owners. The firm invested in businesses that deal with Fortune 1000 companies and government agencies.
Point Road Productions
Billy Raftery and Grant Hill founded Point Road Productions in 2018. The company’s goal was to produce character-driven docudramas about social issues in-and-out of basketball to create consciousness and change.
The duo’s first co-producing venture was “With a Kiss” on former basketball coach and legendary basketball analyst Bill Raftery.
There were two other documentary films co-produced by Hill. “Starting at the Finish Line” is about the life of professor Al Buehler, the coach of the track team of Duke. “Duke 91 and 92: Back-to-Back” chronicles the two-peat NCAA championships won by Duke University in 1991 and 1992.
Something All Own: The Grant Hill Collection of African American Art
Grant and his wife Tamia are certified art lovers who collected over 45 artworks by renowned African American artists. The couple shares their impressive collection by exhibiting in museums and venues across the country.
His parents influenced Grant’s love for art, and he has been a collector since 1995. His collection includes sculptures by Elizabeth Catlett and Romare Bearden’s collages, paintings, and mixed media.
How Much Does Grant Hill Make a Year?
During his 19 years (1994-2013) in the NBA, Grant Hill earned about $143 million in salary playing for four franchises: Detroit Pistons, Orlando Magic, Phoenix Suns, and the Los Angeles Clippers. Hill was one of those players who prepared for retirement by setting up Hill Ventures to manage his investments once he stepped onto the NBA court.
Hill’s earnings as a player were invested wisely, setting him and his family up for a rosy life after he hung his jersey. Hill’s net worth has been increasing year-on-year from $162 million in 2018 to about $260 million in 2023, making him the third richest NBA player.
Hill’s charisma made him a great brand ambassador, a slick sports commentator, and a trustworthy business partner. Earnings from his businesses and marketing deals are over $22 million annually.
Wrapping Things Up: How Many Businesses Does Grant Hill Own?
Grant Hill was among the most prolific NBA players, earning him numerous accolades in a 19-year stint on the hard court. He was awarded Co-Rookie of the Year in 1995; an NBA All-Star seven times (1995-98,2000-01,2005), a five-time member of the All-NBA selection (1996-2000), a three-time recipient of the NBA Sportsmanship Award (2005, 2008,2010) and inducted into the NBA Hall of Fame in 2018. Hill hung his jersey on July 1, 2013.
He set up Hill Investments in his rookie year to manage his business endeavors and to provide a comfortable life for himself and his family through retirement. Does Grant Hill own an NBA team?
Grant Hill, along with Tony Ressler’s group, acquired the Atlanta Hawks for about $850 million in 2015. Hill is a co-owner and Vice-Chair of the Board, while Tony Ressler is the Chair of the franchise’s Board of Directors.
If you’re interested in learning Grant Hill‘s story, check out this basketball biography book.
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