Brooklyn Nets guard Spencer Dinwiddie wanted to create a security out of his next NBA contract. The NBA said no. But then reports surfaced that Dinwiddie was going ahead with the plan anyway. Now it appears that Dinwiddie has made that public, and he is proceeding with his plan to create a digital token and give fans an opportunity to invest in his contract.
In a series of tweets on Sunday, Dinwiddie outlined that he would go ahead and use his next contract as planned. Specifically, folks will be able to invest in Dinwiddie’s guaranteed money, giving him cash up front in exchange for a return of their principal plus interest at a later date.
For his part, Dinwiddie said that the plan is legal and does not violate the CBA.
Via Twitter:
This is why we are giving them additional time as our goal is to partner.
— Spencer Dinwiddie (@SDinwiddie_25) October 13, 2019
Regardless of the @NBA’s position, we will move forward. Therefore we will launch on Oct. 21st, a week from our original date and before the start of the @NBA season. (2/8)
This is a third party business transactions between the fans and I beyond the jurisdictions of those entities. Much like the way no one can tell me which home or car I can buy, I am free to use my money the way I see fit. (4/8)
— Spencer Dinwiddie (@SDinwiddie_25) October 13, 2019
will be able to make an informed decision. As we have witnessed, any great business that is built upon its consumers knows how to listen to the demands of that base and adjust as necessary. (6/8)
— Spencer Dinwiddie (@SDinwiddie_25) October 13, 2019
Lastly, as we speak about freedoms domestically and urge athletes to offer comments on situations they maybe werent prepared for, it would be a shame if we try to abuse our power to limit similar liberties that can be beneficial to all parties involved due to misunderstanding.
— Spencer Dinwiddie (@SDinwiddie_25) October 13, 2019
In his tweet thread, Dinwiddie also said that the transaction is between himself and fans, and that the NBA does not have any control over a third-party transaction in this fashion.
This could be a very interesting back-and-forth between the Brooklyn star and the league. If he’s ready to go ahead with his plan, it’ll force the NBA to respond.