When Julius Erving made history and became majority owner of $100 million Coke franchise late in his NBA career

The great Julius Erving realized that he had to transition from NBA superstar to businessman in the twilight years of his career. He knew that smart investments were the key to financial success in his post-retirement, and that's precisely what he did in 1985.

Erving was in his 14th season as a professional basketball player when he became a majority owner of the Philadelphia Coca-Cola Bottling Co. alongside J. Bruce Llewellyn. The purchase saw Dr. J make history, as the Coca-Cola subsidiary became the first Black-owned bottling company franchise in the world.

It didn't take long before Erving's business move made waves in the industry. At the time, the company's value was estimated at $100 million , making it the fourth-largest Black company in the United States. At the same time, it added another layer to Dr. J's already widely celebrated legacy.

Dr. J's business empire

Being the majority owner of a Coke franchise wasn't the only impressive thing about Erving's diverse business portfolio. On paper, the NBA Hall of Famer owns various businesses in various industries.

In 1990, Erving founded The Erving Group, Inc., which caters to startups and established businesses. The company primarily offers strategic approaches and solutions.

Dr. J also co-founded Q&A / Venice Music, a music and technology company. Moreover, he also notably invested in the National Thoroughbred League (NTL) and the iconic video game "Dr. J vs. Larry Bird," a business move in which he opted for equity options instead of cash.

Erving then entered the world of digital finance by investing in MobileCoin, a cryptocurrency company. Apart from investments and ownerships, Erving has also made great strides in real estate, having owned both commercial and residential properties in prime locations nationwide.

Dr. J is admired for his business savvy

Erving is undeniably one of the greatest players to ever play the game. However, his accomplishments off the court, especially in business, were equally remarkable. In fact, Dr. J was admired by his fellow NBA stars for his business acumen. Among those who looked up to him was none other than Michael Jordan.

For MJ, Erving paved the way for athletes who also wanted to thrive in business and entrepreneurship. Early on in his career, Jordan already viewed Dr. J's success in business as the blueprint every NBA player should follow.

"Dr. J was one of the guys that I idolized from the business side of things. I wanted to take that same passage and show that I was more than just a basketball player," said Jordan on the TBOB podcast.