Billionaire investor Mark Cuban has pledged $1 million to BucketGolf, a firm 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 Simmons, was seeking $1 million for a 10% equity stake.
The company, which sells a game that mimics golf using foldable buckets as holes, was projected to generate over $12 million in sales in 2024.
According to CNBC report, other “Shark Tank” panelists, including Kevin O’Leary and Daymond John, also offered $1 million but for larger equity stakes in BucketGolf. However, Cuban countered with a $1 million offer for 15% of the company, which was less equity than his fellow judges demanded.
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Initially, the Simmons siblings requested Cuban for 12.5% equity, but he refused. Despite this, Cuban eventually agreed to their terms after fellow judge Lori Greiner did the same. The siblings accepted Cuban’s offer, citing his sports background as a key factor in their decision.
As of now, it is not clear whether the deal was finalized after the taping. BucketGolf has not responded to CNBC’s request for comment.
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Why It Matters: This investment is noteworthy given Cuban’s public dislike for golf. His decision to invest in BucketGolf, despite his personal preferences, underscores 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 highlights the value they place on his sports industry experience. This move could potentially boost the company’s profile and growth in the sports entertainment market.
