Kevin O’Leary calls ‘Shark Tank’ contestants ‘bozos’ after they turn down $650K deal in intense TV moment
Over the years, many 'Shark Tank' contestants have stood their ground in front of the Sharks. During an episode of 'Shark Tank' Season 13, aspiring entrepreneurs Charles Matthews, Austin Pomerantz, Hunter Pomerantz, and Jason Lansing pitched their business, The Player’s Trunk, an online store that allows college athletes to sell their sports gear, autographed collectibles, and merchandise. In the episode, the fantastic four were seeking $650,000 for 5% of their company. After their pitch, the contestants received one offer, and they turned it down as they weren't ready to give a larger portion of their company to the Sharks.
During their pitch, Matthews said, "Having been a D1 college basketball player and playing for the NBA, I've witnessed many challenges that athletes experience by not being able to monetize their brand." Soon after, Lansing chimed in, "Charles and I would regularly walk by the campus bookstore and see jerseys with his number selling on them, and not a penny went to him, as you all can imagine, this really pissed us off."
Then, Hunter quipped, "So, Sharks, that's why we decided to take matters into our own hands before you know it. The Player's Trunk was born as a platform for former and current college athletes to monetize their brand by selling their gear and more. Customers go to our site, search for their favorite college or athlete, and find the gear in each player's collection." Following that, Lansing chimed in, "In our first 12 months of business, we have over 800 athletes on our platform. In the first two months of the name, image, and likeness period, it was brand new to college sports. We have signed up dozens of athletes to the platform. We've put in the work, and we know how to grind, but we would love it if you would join our hustle."
At the time when the episode was filmed, The Player's Trunk had done $1.3 million in sales over a year. Shortly afterward, the Sharks came down to business, with Kevin O'Leary being the first Shark to drop out by saying, "Look, guys, the big Behemoth in your space for merchandise is a public company, it trades at a 20 multiple, and so on. This $200,000 that you're making would make you worth it if you were public and equivalent to them, which you're not, because they're so much bigger than you. You're telling me I gotta pay 10 times your sales, $13 million; that's nuts. Your valuation is crazy. I don't do stupid deals. Guys, I'm out."
Shortly afterward, Barbara Corcoran also backed out, as she felt that she wasn't familiar with the space. On the other hand, Lori Greiner didn't invest in The Player's Trunk because of the valuation. Following that, Mark Cuban and Kevin Hart joined hands and made an offer of $650,000 for a 30% stake. At that point, the founders of The Player's Trunk asked Cuban and Hart if they were willing to reduce their equity to 7.5%, which they both declined. Despite having just one offer on the table, the entrepreneurs made a bold move and rejected the offer. Then, O'Leary slammed the entrepreneurs and told them, "Guys, I also respected you until you turned that offer down. Now, I think you're bozos."
