“This is how we decided to attack the wealth gap by going after big companies like the NFL,” Jackson says. Among median and mean family wealth, white families outpace Black families by more than $100,000, according to data published in a September 2020 Federal Reserve report. The racial wealth gap has widened over the last 30 years, says research group Brookings Institution. Ariel’s co-Chief Executive is Mellody Hobson, who became part-owner of the Denver Broncos in June.
and Chicago-based Ariel Investments received a portion of the funds. CityFirst/Broadway Bank, a Black-led bank with offices in California and Washington, D.C.
Jackson told Forbes that discussions with the league started last year, adding the NFL distributed funds to Black companies that include firms that would provide capital to Black businesses for growth. The project was launched with a fanfare of controversy after Jackson met with then President Donald Trump, who pledged at the time to support CWBA. In a telephone interview with Forbes, Jackson called CWBA an “examination of the problems” surrounding the racial wealth gap, which he called it “one of our biggest issues in this country.”
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The 41-page document calls for professional leagues and college programs to enhance its pipeline of vendors and includes Black women-owned businesses. In March, Cube, whose birth is name O’Shea Jackson, added to CWBA’s terms to include a sports business plan.
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