Injury Sidelines SF Company's Plans To Sell Shares In NFL Star
HOUSTON (CBS/AP) - A season-ending injury to Houston Texan running back Arian Foster has also sidelined an IPO proposing to sell a stake in the football star's future earnings.
Tuesday's postponement of the initial public offering comes less than month after a San Francisco startup Fantex Inc. announced an unusual deal that would have allowed people to invest in Foster, one of the top running backs in the National Football League.
But Foster suffered a hamstring injury in his first game after Fantex began promoting the IPO. Now, he is scheduled to undergo season-ending back surgery.
The arrangement called for Fantex to pay Foster $10 million in return for 20 percent of his future income tied to his football career. Fantex's IPO had planned to sell 1 million shares for $10 apiece.
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