Dallas Mavericks star Luka Doncic takes equity stake in sports drink company BioSteel

Key Points
  • The Dallas Mavericks star Luka Doncic will also take an executive role with the sports nutrition company, joining NFL star Patrick Mahomes on BioSteel's athlete roster.
  • The agreement with BioSteel is Doncic's first equity stake deal with a company.
Luka Doncic #77 of the Dallas Mavericks drives to the basket against Dwayne Bacon #8 of the Orlando Magic during the second half at Amway Center on March 1, 2021 in Orlando, Florida.
Alex Menendez | Getty Images

National Basketball Association star Luka Doncic gave himself a birthday gift – an equity stake in sports nutrition maker BioSteel.

The Dallas Mavericks star joined the growing list of pro athletes with an ownership stake in the company as part of a multi-year endorsement deal. Terms of Doncic's equity stake in BioSteel were not provided.

BioSteel co-founder and ex-hockey player Michael Cammalleri said Doncic's addition would help the company expand internationally.

"As an athlete and businessperson, I've been exposed to both sides of these deals. Luka is a fierce competitor, and we couldn't be happier to welcome him to Team BioSteel," said Cammalleri, who played 15 seasons in the National Hockey League. "As we continue to expand into the U.S. market at a rapid pace, we're excited to announce and partner with someone like Luka who is passionate about clean, healthy, hydration, to amplify our story and accelerate our growth."

BioSteel was founded in 2009 and specialized in sports nutrition products, including drinks and protein powders. The company added National Football League stars Patrick Mahomes and DeAndre Hopkins to its equity roster in 2020.

In 2019, cannabis firm Canopy Growth purchased a majority stake in BioSteel. The firm wants to continue its growth in the U.S. market and get more retail shelf space in grocery stores, gas stations and convenience stores for its BioSteel sports drink.

Luka Doncic drinking BioSteel
Photo: Jason Chinnock | BioSteel

The market is projected to reach $32 billion by 2025 and currently dominated by PepsiCo's Gatorade, Coca-Cola's Powerade and Bodyarmor.

Doncic said he became a fan of BioSteel products when the company became a corporate sponsor for the Mavs in October. This is Doncic's first equity deal and his second endorsement. In 2019, he signed an endorsement deal with Michael Jordan's Nike-run apparel brand.

"I'm still young," Doncic told CNBC when asked about his business objectives away from basketball. "I'm still trying to learn a lot of things. This is a big step for me signing with BioSteel."

Doncic, who turned 22 on Feb. 28, is averaging 28.6 points, 9 assists 8.4 rebounds this season. The Slovenia native is also a two-time NBA All-Star and scheduled to participate in Sunday's 2021 game that was relocated to Atlanta due to Covid-19.

"I'm excited," Doncic said. "It's a dream come true for me — for every kid that plays basketball — to make an All-Star game. It's amazing."

Asked if he'll win the game's MVP, which was named after NBA icon Kobe Bryant, Doncic responded: "Probably not."

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