Billionaire investor Mark Cuban has pledged $1 million BucketGolfa company that sells portable golf courses, despite his well-known distaste for the sport. The offer was made during an episode of ABC’s “Shark Tank.”
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What happened: BucketGolf, a San Francisco-based company run by siblings Tyler And Jenny Simmonssought $1 million for a 10% equity stake.
The company, which sells a game that mimics golf using collapsible buckets for holes, is expected to generate more than $12 million in sales by 2024.
According to the CNBC report, other “Shark Tank” panelists, among others Kevin O’Leary And Daymond Johannesalso offered $1 million, but for larger equity stakes in BucketGolf. However, Cuban responded with an offer of $1 million for 15% of the company, which was less equity than his fellow judges demanded.
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Initially, Simmons’ siblings asked Cuban for 12.5% equity, but he declined. Despite this, Cuban eventually agreed to their terms, following a fellow judge Lori Greiner did the same. The siblings accepted Cuban’s offer, citing his sports background as a key factor in their decision.
At this time it is not clear whether the deal will be finalized after the filming. BucketGolf did not respond to CNBC’s request for comment.
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Why it matters: This investment is notable given Cubans’ public distaste for golf. His decision to invest in BucketGolf, despite his personal preferences, underlines his belief in the company’s potential and the innovative nature of its product.
The Simmons siblings’ decision to accept Cuban’s offer, despite his initial refusal, also underscores the value they place on his experience in the sports industry. This move could potentially increase the company’s profile and growth in the sports entertainment market.
