Fantex pays out dividends for 49ers TE Vernon Davis stock

Fantex pays out dividends for 49ers TE Vernon Davis stock
August 18, 2014, 12:45 pm
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For $4 million, Fantex, Inc. bought a 10 percent share of Vernon Davis future earnings. (AP)

SAN FRANCISCO, Calif -– Fantex, Inc. announced Monday that it paid a dividend of $0.70 per share for its Fantex Series Vernon Davis Convertible Tracking Stock.

The dividend was paid Monday morning to all Fantex Vernon Davis stockholders of record as of the close of business on August 15, 2014.

“The payment of our first dividend is an important milestone for the company and stockholders alike," said Fantex CEO Buck French. "For the first time, Fantex, Inc. has taken brand income it received from a professional athlete and distributed a portion of this cash to stockholders.”

[RELATED: Davis' absence 'in best interest of my brand']

Fantex, Inc., is a brand building company based in San Francisco that purchases a minority interest in athlete brands and works to increase the value of the brand. The company began trading stock in 49ers tight end Vernon Davis in Oct. 2013 after acquiring a 10 percent share of his future earning for $4 million.

Davis joined Arian Foster as the first NFL players to align with Fantex.

Fantex Media Services contributed to this report