Champ Takes Minority Stake in Rhoback, Adds 120 Athlete-Investors to Apparel Cap Table

Champ, the athlete investment syndicate that has quietly accumulated stakes in thirteen consumer brands since 2023, has taken a minority position in Rhoback, the performance apparel company founded in 2018 by three Georgetown lacrosse players. The terms were not disclosed. Champ's network now includes 120 professional athletes across golf, football, and baseball, each of whom receives equity allocations in portfolio companies proportional to their contribution and reach.

Rhoback generated approximately $47 million in revenue in 2024, according to people familiar with the financials, up from $31 million the prior year. The brand sells performance polos, quarter-zips, and hoodies primarily through its own site and select golf pro shops. Its margins are tight—gross margin in the low fifties, operating margin near breakeven—but the customer acquisition cost is low because most growth comes from athlete posting, not paid media. That changes the unit economics. A traditional DTC apparel brand spends $40 to $60 to acquire a customer; Rhoback spends closer to $18, according to a person who reviewed the pitch deck.

Champ's model is structural arbitrage. Athletes who join the network receive equity in exchange for posting, attending product development sessions, and introducing the brand to teammates. The equity vests over three years. If the athlete stops posting or leaves the sport, the unvested portion reverts to the pool. This creates a self-reinforcing loop: athletes with equity post more frequently, their followers convert at higher rates, and the brand's cost of influence stays below the cost of hiring an agency to run Instagram ads. The brand also avoids the termination risk of traditional endorsement contracts. If an athlete is suspended or retires, the equity simply stops vesting. No buyout, no public separation.

The investment also restructures Rhoback's go-to-market calendar. Traditionally, apparel brands launch seasonal collections four to six months in advance, giving retailers time to allocate floor space. Champ-backed brands launch when the athletes are ready to post. Rhoback's spring golf line, for instance, will now drop in late February, timed to the West Coast Swing and the athletes' Instagram Stories from Pebble Beach and Riviera. The brand is also testing a "collab capsule" model: an athlete designs three pieces, the brand produces 1,200 units, and the athlete promotes the drop to his own audience. If it sells out in 48 hours, the brand restocks. If it sits, it doesn't. The risk is contained, and the athlete's incentive is direct.

The Champ investment also introduces competitive tension into Rhoback's cap table. Several of the athletes in Champ's network have existing apparel deals with Nike, Adidas, or Under Armour. Those contracts typically include a "category exclusivity" clause that prohibits the athlete from promoting a competing brand in the same product category. Equity ownership, however, is not promotion. The athlete owns stock. Whether that holding violates exclusivity depends on how the contract defines "endorsement." Expect this to be litigated, either in arbitration or in a renegotiation when the next deal comes up. The brands will push for broader language. The agents will push for carve-outs. The precedent is being written now.

Rhoback's next product push is a golf pant with a 37-inch inseam and a hidden zip pocket designed to hold a rangefinder. The company is also opening a 6,800-square-foot retail space in Scottsdale in Q3 2026, located two blocks from TPC Scottsdale. The lease is short-term—18 months with two six-month options—which allows the brand to test physical retail without committing to a long-term build-out. If the Scottsdale store works, the brand will look at similar locations near TPC Sawgrass and Pinehurst.

Champ's portfolio now includes a hydration brand, a recovery shoe company, and a golf training app. The common thread is distribution through athlete equity rather than paid media. The model works when the product is good enough to survive without traditional advertising and when the athlete base is deep enough to sustain organic reach. Rhoback's next test is whether 120 athletes posting intermittently can replace the reach of one marquee endorser posting consistently. The brand is betting yes. The customer acquisition data, so far, supports it.