For years, the economics of celebrity endorsement were relatively straightforward: A company paid an athlete or celebrity, and in return received access to their image, audience and credibility. That model is not disappearing, but another one has been developing alongside it. Increasingly, athletes and celebrities are becoming shareholders in the companies they promote.

Roger Federer’s relationship with On, which began in 2019 when he became a co-owner of the Swiss sports brand, helped demonstrate the possibilities of combining athlete association with ownership. At the time, On was primarily known for running, and Federer’s role went beyond promotion to include product development, marketing and fan experiences as the company expanded into tennis. On is now pursuing a similar strategy as it enters soccer with Kylian Mbappé, whose agreement includes both cash and equity and whose role extends to product development and global marketing.

More recently, health brand IM8 has made equity alignment a central part of its growth strategy. Aryna Sabalenka and Ollie Bearman are global ambassadors and shareholders, while Giannis Antetokounmpo joined under an all-equity agreement. Antetokounmpo also became a shareholder in Kalshi through a 2026 deal encompassing marketing, live events and other brand initiatives.

The model is also expanding beyond athletes. Actress Lily Collins became an IM8 global ambassador with equity in its parent company, Prenetics. Sydney Sweeney recently partnered with sports prediction market Novig as both an equity holder and........

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