Vernon Davis Holdout Sends Stock In 1st Publicly-Traded Player Sliding
SAN FRANCISCO (CBS SF) - Less than two months after becoming the first professional athlete to sell shares in his future earnings, 49er tight end Vernon Davis says he's unwilling to join the San Francisco 49ers until a more lucrative contract can be worked out.
On Monday, Davis penned a letter for Sports Illustrated's Monday Morning Quarterback blog with a subheading "why I'm holding out." Davis says he's playing even better than he was in 2010, when he signed the highest contract for a tight end in league history, and now wants his salary to reflect that level of play.
"It's all about getting paid what you deserve," wrote Davis, who said he's committed to seeing the team win, but must worry first about his future. "I can't listen to anyone but my family and my advisors, because those are the people who are going to be there when football inevitably dumps me."
According to the sports contract tracking website spotrac, Davis is scheduled to earn the 7th highest base salary at his position in 2014.
In April, Davis was the subject of headlines after becoming the first professional athlete to sell shares in his future earnings through the San Francisco-based exchange Fantex. Only a few hundred shares in the 49er veteran were snapped up in the first day of trading, and the cost of those shares has hovered between $10-$12.50 since the initial public offering. Shares in Davis shot up to nearly $12 per share at the start of June, but have retreated to under $11 over the last few days, including a 20 cent slide Monday following confirmation of the holdout.
