Whether restaurant franchises or real estate deals, or maybe someday buying the Milwaukee Bucks, Racine native Caron Butler plans for life after basketball.
On the basketball court, Caron Butler’s return home has been challenging as the Milwaukee Bucks endured a recent 11-game losing streak and he was sidelined first with an injured shoulder and lately with a swollen left knee.
But off the court, Racine native Butler has been busy building his business enterprise. The multi-millionaire two-time NBA all-star has added Racine residential real estate to his existing portfolio of Burger King franchises and plans to buy a professional sports team — possibly the Bucks.
“I would love to do it some day,” Butler said. “And (the Bucks) would be an ideal situation being here at home.”
Butler, 33, is serious about his interest in owning a team and taking a lead role running one. He told The Business Journal he has yet to broach the topic with longtime Bucks owner Herb Kohl, who is expected to sell the team within the next few years.
“Not that particular thing yet — no,” Butler said of his discussions so far with Kohl. “That’s definitely something I’d be interested in.”
Kohl’s office did not return a call seeking comment.
Bucks spokesman Dan Smyczek said: “It would be inappropriate for us to comment on a personal decision (Butler) may or may not make after his playing days are over.”
Butler’s interest in buying the Bucks when his playing days end — he predicts that will be at least two more seasons after this one — instantly makes him an intriguing possible answer to questions about the Bucks’ future ownership. Kohl has said he wants to sell the team to owners who will keep the Bucks in Milwaukee, but so far no one besides Butler has publicly acknowledged plans or discussions to buy the team.
Investing in the Bucks also would continue Butler’s admirable life-turnaround story from his troubled youth that included a stint at the old state juvenile facility Ethan Allen School for Boys. After that, Butler became a basketball star at Park High School in Racine and got his start in the fast-food business working at a Racine Burger King.
Since becoming a pro in 2002, Butler has committed heavily to philanthropy in Racine. He has supported youth education, athletic programs and Advancing Family Assets, a nonprofit that serves low-wage working families.
Butler and his wife, Andrea, gave away 200 turkeys Nov. 26 to families in Racine in advance of the Thanksgiving holiday.
“They do so much throughout the community and it’s so needed and appreciated,” said Kimberly Payne, director of Advancing Family Assets. “He is a trailblazer for other people by giving major gifts.”
If Butler and his advisers have handled his earnings well, he potentially possesses the financial resources to be a significant investor in an NBA team.
During his 12-year NBA career, Butler has signed contracts worth a total estimated at $75 million. The Bucks are paying him $8 million for the current season.
Buying an NBA team would cost about $500 million, estimates Butler’s business manager, Raymond Brothers of IAM Sports & Entertainment, Beverly Hills, Calif. The Bucks’ value was calculated at $312 million by Forbes in January.
“We would put a group together,” Brothers said. “But he wants to be not only in a group but he wants to be involved in management.”
Butler, who attended the University of Connecticut for two years before entering the NBA draft, has been eager to learn everything he can about the business side of the league.
This summer, Butler participated in an NBA leadership program that included meetings with team general managers and owners, he said.
Butler has demonstrated a desire to prepare for life after his playing career since 2007, when he joined a group of pro athletes who bought Burger King franchises. Today, he runs his own Burger King group.
More recently, he said he has acquired about one dozen duplex and four-plex properties out of foreclosure in Racine. He said he also would like to invest in downtown Racine real estate to support community development.
Butler and his wife also plan to invest in franchises related to fitness and children’s activities — they mentioned Sky Zone Indoor Trampoline Park — but have yet to arrange a deal.
Butler is far advanced in preparing for a career beyond his playing days.
“He knows and he is realizing he won’t be playing on the court forever,” said Christopher Ruud, a vice president at Cree Inc. in Sturtevant, who has discussed business and philanthropy with Butler. “He has been smart about recognizing that.”