WeWork co-founder Adam Neumann, who stepped down in 2019 as CEO of the US shared office space company, is reportedly investing NIS 1 million ($310,000) in an Israeli soccer team.
Neumann will fund the Hapoel Petah Tikva team after it fell in the national rankings in the past season, Channel 12 news reported Sunday.
His investment will fund the club’s budget for the 2021-22 season, the report said.
The report said the funding is aimed at bringing Hapoel Petah Tikva back to the forefront of Israeli soccer, though Neumann will not be involved in managing the club.
Adam Neumann’s sister Adi Neumann is married to the team’s CEO, Avi Yehiel.
Neumann, who was born in Israel and partially raised on a kibbutz, took the tech startup world by storm with his company in the 2010s before stepping down in 2019 amid claims of gross mismanagement. At the height of its popularity, WeWork was a dazzling unicorn valued at $47 billion.
Agencies contributed to this report.