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Trust In Me: Angels P Andrew Heaney Talks Committing Future Earnings To Fantex

Angels P Andrew Heaney 18 months ago "agreed to commit 10% of his future earnings" to Fantex investors in exchange for $3.34M up front, an "unprecedented transaction" for a current MLBer, according to Pedro Moura of the L.A. TIMES. At first, Heaney was "skeptical of the company, Fantex, suggested to him by his agent." However, he said that "over time he came to see it as an easy decision considering his priorities." Five MLBers have since "signed similar deals with Fantex." Heaney, 25 years old and recovering from elbow ligament-replacement surgery, "received his money last year." He said, "You can look it at as marketing your brand. You can look at it as an insurance policy. ... I live in Oklahoma. It’s not expensive to live there." He added, "I just viewed it as, I want to be comfortable, and I want my family to be taken care of, and I’m OK with that." Heaney "estimated he could accrue 8% to 9% in compounding interest each year on the cash," roughly doubling the $3.34M payment over time. Given the 10% of his earnings he must "funnel to Fantex, he calculated his break-even point at somewhere" between $60-70M for his career. Heaney: "If the downside is that I never earn that much, then thank God I took this money now and was able to afford the things that I need and want in my life and am able to provide for my family" (L.A. TIMES, 3/26).

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