Andrew Heaney has become the first Major League Baseball player to sign a contract with Fantex.
The company will pay Heaney $3.34 million in exchange for a 10% stake in Heaney's "brand income," and investors can soon buy shares of a stock linked to his earnings.
Investors can buy and sell Heaney's stock on Fantex's exchange. The company will issue regular earnings reports. It is a novel concept, one players are still figuring out. Heaney evidently thought it was a sound financial decision while teammate Huston Street thought it was "the dumbest deal I've ever heard."