Shark Tank's Barbara Corcoran Gives Patrick Mahomes Advice After $503M Contract
July 9, 2020
Shark Tank investor Barbara Corcoran issued a friendly financial warning to Kansas City Chiefs quarterback Patrick Mahomes after he signed a 10-year, $450 million contract extension that can exceed $500 million in total value with bonuses and incentives.
"He's gonna be a target," she told TMZ Sports in an interview released Thursday. "He's got a target on his back. Wait and see."
Corcoran, who has starred on the hit ABC investment show throughout its entire 11-season run, explained the actual value for Mahomes will be closer to $250 million because of taxes and insisted he shouldn't suddenly become everybody's financial backer.
"The first thing he should do is put it in the bank," she told TMZ. "Not do a thing! I know because when I sold my business [Corcoran Group sold for $66 million in 2001], every creep came out of the woodwork with a $10,000 problem. Everybody is after your money, and you can't trust anybody."
Mahomes, the reigning Super Bowl MVP, seems to have the right mindset after signing the lucrative extension to keep him in Kansas City through the 2031 NFL season.
When Bleacher Report's Adam Lefkoe asked about the new deal, Mahomes' eyes were still on the prize:
Corcoran noted Mahomes' financial planning is a little more tricky since he's 24, giving him a long life to live after football.
"The most important thing is before he buys that big house and a big jet ... he's gotta figure out how much money he needs to live on," she told TMZ. "He's a kid, but he's gonna live a lot of years! So for every $25 million he puts away, he's going to get a $1 million income for the rest of his life."
She concluded her comments to TMZ by reiterating the importance of protecting himself from people who see his massive contract as their own opportunity.
"Let me tell you something: the more money you make, the more creeps you attract," Corcoran said. "The more people dressed in fancy suits, and not some fancy suit, friends or family—all come out and are after your money."
Mahomes and the Chiefs are scheduled to begin their championship defense Sept. 10 when they host the Houston Texans to open the 2020 NFL regular season.