Greg Raymer Searching for Tournament Backers

Greg Raymer Searching for Tournament Backers

Thursday, 16 January 2014

Former WSOP Main Event champion Greg Raymer is looking for a financial backer according to a recent post on 2+2.

Despite a live tournament record that boasts a WSOP title, four HPT titles and almost $7.5 million in earnings, Greg has taken to the internet to ask for investments up to the value of $100,000 to help cover his projected poker expenditure in 2014.

Having previously had various sponsorship deals, including a stint with PokerStars, Greg hasn't needed to worry about generating a stable income in the past, however, with most of his revenue streams now dried up he's looking to reduce some of his risk.

According to the post the main reason for his plea is because his wife has become "more and more nervous about [him] playing poker". With this in mind he's decided offer up to 60% of himself in tournaments throughout the coming year in order to maintain a healthy marriage EV.

Unlike the majority of staking deals that take place in the poker world where one person invests in someone for a corresponding percentage of their action, Greg has chosen to do things a little differently.

In a twist on things, Greg is asking for $100,000 worth of investments (in chunks of $1,000) and in return he'll be taking 40% of the annual winnings while the remaining 60% will be split between the investors. As a further twist, Greg will be buying 20% of himself which means he'll also be taking a cut of the 60% going to investors.

For example: "The total starting bankroll is $100K, of which you put up $10K. At the end of the year, the total bankroll is $200K, for a profit of $100K. In this situation, you would receive $16K, your $10K investment, plus 10% of 60% of the profit."

So far his post has received mixed responses and it appears as though now action has been booked, but with a decade of wins under his belt it's likely that Greg will find at least a few people willing to take a punt on him.

Tags: Greg Raymer, staking