Plan to sell stock in 49er tight end moves ahead

Plan to sell stock in 49er tight end moves ahead

Credit: Getty Images

LONDON, ENGLAND - OCTOBER 27: #85 Vernon Davis of the San Francisco 49ers is tackled by #26 Josh Evans of the Jacksonville Jaguars during the NFL International Series game between San Francisco 49ers and Jacksonville Jaguars at Wembley Stadium on October 27, 2013 in London, England. (Photo by Charlie Crowhurst/Getty Images)

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Associated Press

Posted on November 21, 2013 at 5:00 PM

Updated Friday, Nov 22 at 9:32 AM

SAN FRANCISCO (AP) — An unusual startup trying to sell stock in star athletes is now hoping San Francisco 49er tight end Vernon Davis will prove the concept is a winner.

Documents filed Thursday by Fantex Inc. proposed selling 421,000 shares at $10 apiece to investors who want a piece of Davis' future earnings.

The IPO funds will be used to pay Davis a $4 million fee in exchange for 10 percent cut of his future income tied to football.

The 29-year-old Davis could be paid up to $16.9 million on the remainder of his current contract with the 49ers.

Fantex, based in San Francisco, filed plans last month to sell stock in the Houston Texans' running back Arian Foster. That deal was called off last week after Foster suffered a season-ending injury.

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