The Denver Gazette sports business insider is a reader’s guide to understanding the influence of money, politics and power behind their favorite leagues, teams and players:
Sports business insider: The Vestible share price for injured Broncos outside linebacker Baron Browning will be determined by investors on the platform’s secondary market.
Short version: Vestible is a startup, partnered with Browning, that allows platform users to invest in the future earning potential of athletes. The company sold 65,340 shares at $10 apiece to establish an initial public offering (IPO). Browning received 80% of that total — $525,384 — while shareholders get 1% of his on-field earnings in monthly distributions for the remainder of his NFL career.
Browning suffered a foot injury in Week 2 against the Steelers. The Broncos placed him on injured reserve, and he'll miss at least four games. The earliest he can return is Week 7 at the Saints.
How will that impact Browning’s stock?
That will not be determined until a Vestible secondary market opens later this month, following a compliance period, when users can trade their respective shares on the platform.
Long version: Vestible users with Browning shares will profit if he signs a big contract extension following this season. The 25-year-old edge rusher is in the final year of his rookie deal earning a $3.1-million salary in 2024. The highest-paid NFL outside linebacker is Baltimore’s Roquan Smith ($20 million annually).
Vestible users can buy and sell Browning shares using a “bid-ask system” that determines his share value on the secondary market. It does not fluctuate based on his game performance.
“The investors are the ones who set the price. That has nothing to do with Vestible or Baron,” Vestible co-founder Parker Graham told The Denver Gazette earlier this month. “We’re purely a market that is making these transactions happen.”
Vestible users will soon dictate Browning’s stock amid his IR designation. The primary offering was $10 (minimum 10 shares) and there were 758 investors in Browning on the platform as of Sept. 12, Vestible co-founder Yves Batoba said.
Coach Sean Payton has not provided a timeline for Browning’s potential return.
“If he’s playing well, then you would think that the shares would go up in value. The reality is that investors buy on emotion. … It’s unpredictable,” Graham said prior to Browning’s injury. “You really don’t know what’s going to happen. It depends on how you look at the market.”
Key context: Browning’s NFL production soared with 9.5 sacks over the last two seasons after switching positions from inside linebacker to outside linebacker. He earned a starting job. But the third-round NFL draft pick out of Ohio State (‘21) has never appeared in more than 14 games in a Broncos season.
—2022: Ruled out twice with a hip injury.
—2023: Missed seven games due to a knee injury and concussion.
—2024: Will miss at least four games because of a foot injury.
“I’m just trying to be consistent for 17 games,” Browning told The Denver Gazette in August. “That’s it. For my teammates and this organization. That’s my focus. If I do that, then everything else that I might want will take care of itself.”
Browning recorded five tackles in the season-opening road loss to Seattle. He played in only 12 snaps the following week against Pittsburgh before getting hurt.
What’s next: Vestible is working through the regulation process to add new athletes to the investment platform. The startup has paused efforts to sign college players while the NCAA faces litigation over its handling of issues related to name, image and likeness (NIL). Browning is currently the only athlete partnered with Vestible.
“When we’re ready, we’ll be telling everybody about the next group of guys coming out,” Graham said.
The Vestible app can be downloaded in the Apple or Google Play stores.
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