Commonwealth Sports vs Finlete 2026
Commonwealth Sports means joincommonwealth.com's athlete offerings, not its racehorses: golfers and a tennis player funded through single-athlete Reg CF LLCs and Reg D series of Commonwealth Sports LLC. Finlete means finlete.com: preferred stock in Finlete Funding, Inc., one class per baseball player, sold under Reg CF.
Both pay an athlete now in exchange for a share of what he earns later, and both put a contract, a company, a platform fee and a layer of corporate tax between his paycheck and yours. They split on the sport, the length, the cap, and what has to happen before anything is owed.
Guide Thesis
The headline percentage is the start of the trace, not the answer: follow each dollar from the athlete's contract through the company, the platform and the tax line to your account.
Start here
What you actually own: a security in a company that holds a contract with the athlete
On neither platform do you own a share of the athlete or a direct right to his pay. The vehicle, the exemption and who manages it vary by offering, including on the same platform.
| Offering type | What you own | Who can buy, minimum | Who manages | The contract underneath |
|---|---|---|---|---|
| Commonwealth Reg CF athlete (Johns, Greene) | Non-voting Class A units in a single-athlete LLC | Anyone, within Reg CF limits; $50 a unit | An LLC run by the player (MG Golf LLC; GJJ Tennis LLC) | Master Player Agreement: 5% to 30% of tournament earnings for six years, capped at 5x player funds |
| Commonwealth Reg D golfers (Dossey, Vrzich) | Units in a series of Commonwealth Sports LLC | Accredited investors only; $2,000 (four $500 units) | Commonwealth Markets Inc. | Income Share Agreement: 30% falling to 10% of tournament earnings over six years, capped at 5x athlete funds |
| Commonwealth Reg CF team (Hollywood Hitters) | Non-voting Class A units in an LLC buying up to 70% of a Grass League team | Anyone, within Reg CF limits; $50 a unit | Hollywood Hitters LLC | Team ownership, not an earnings share; outside this comparison |
| Finlete (Avila, Padilla, Mejia, Zazueta, pitcher bundle) | Non-voting preferred stock, one class per player, in Finlete Funding, Inc. | Anyone, within Reg CF limits; about $300 | Finlete Funding, Inc. | Athlete Agreement: up to a stated share of major-league-level earnings for 25 years, once Selected |
TL;DR
The comparison in two sentences
Commonwealth funds golfers and a tennis player for six years in exchange for 5% to 30% of their tournament earnings, capped at five times the money funded, with a 10% fee and corporate tax between the player and you and no filed report of any athlete payout. Finlete funds baseball prospects for 25 years in exchange for a sliver of major-league pay, owed only if the player reaches that level, with a management fee of up to 25.7% to its own parent at the start and, on the Avila and Padilla classes, 32.5% of collections not allocated to your class at the end; in AltStreet's illustrative payback thresholds, a Commonwealth athlete needs roughly $1 million to $1.5 million of tournament earnings on the favorable tiers for investors to get their money back, and Finlete's Luinder Avila about $16 million to $22 million of major-league earnings.
If you read nothing else: jump to one dollar traced from the athlete to you →
At a glance
Side-by-side at a glance
| Feature | Commonwealth Sports | Finlete |
|---|---|---|
| Sponsor | Commonwealth Markets Inc.; portal ALAO Invest LLC (affiliated); athlete LLCs managed by player-linked LLCs (Reg CF) or Commonwealth Markets (Reg D) | Finlete Funding, Inc. (issuer), subsidiary of Finlete, Inc.; intermediary DealMaker Securities LLC |
| Sports | Golf, tennis, one golf team | Baseball |
| Exemption | Reg CF (Johns, Greene, Hitters); Reg D Rule 506(b), accredited only (Dossey, Vrzich) | Reg CF |
| Minimum | $50 (Reg CF); $2,000 (Reg D) | About $300; $860 for the pitcher bundle |
| Share of the raise to the athlete | 72.25% to 85.7% at the maximum raise | 65.79% to 69.44% |
| Earnings shared | 5% to 30% of tournament and tour earnings, by tour, ranking or year | Up to a stated share of major-league-level pay (Avila up to 1%), cut to the share funded |
| Term | Six years, pro rata to the raise | 25 years |
| Cap | 5x player funds (agreements); Greene's Form C summary says 2x | None in dollars |
| Owed only if | The player earns qualifying tournament revenue | The player is Selected (MLB contract plus a condition, or NPB, KBO, CPBL) |
| Distributions on record | None filed | $6,762 on the Clase class before a $0 impairment |
| Filed reporting since the offering | None for the athlete vehicles | Progress updates and audited annual reports |
| Tax | Vehicles taxed as corporations | C corporation; Form 1099-DIV |
| Secondary market | None | None |
| AltStreet score | 2.7 (F), platform-wide | 2.6 (F) |
Head-to-head
Commonwealth Sports vs Finlete, factor by factor
Eight factors, from what you legally own to tax and the operating company, with one dollar traced from the athlete to the investor and a table of payback thresholds. Athletic success and investor returns are kept apart throughout.
Units in a single-athlete LLC vs preferred stock in the platform's own subsidiary
Commonwealth Sports vs Finlete: What You Legally Own
Neither platform sells a share of an athlete. Commonwealth's athlete offerings come in two forms. Under Regulation Crowdfunding, through its affiliated funding portal ALAO Invest, each athlete is a separate Delaware LLC (Garrett Nation for tennis player Garrett Johns, Greene Nation for golfer Mason Greene) that signs a Master Player Agreement with the player and sells non-voting Class A units at $50; the LLC's manager holds the only Class B unit. Under Regulation D, accredited investors only, golfers Cooper Dossey and Joey Vrzich are series of Commonwealth Sports LLC, each holding an Income Share Agreement, sold at $500 a unit with a $2,000 minimum and managed by Commonwealth Markets Inc. A third Reg CF vehicle, Hitters Nation, buys up to 70% of the Hollywood Hitters, a Grass League golf team, rather than a player's earnings. Finlete is different in kind: Finlete Funding, Inc., a subsidiary of Finlete, Inc., signs a 25-year Athlete Agreement with a professional baseball player and sells a designated class of non-voting preferred stock per player under Reg CF through DealMaker Securities LLC, a registered broker-dealer. Holders are shareholders of the company that holds the contract, not parties to it.
Practical answer
At Commonwealth your claim sits in a vehicle dedicated to one athlete; at Finlete it is a class of stock in a company that holds every athlete's contract and carries a going-concern paragraph in its audit. Either way, you cannot enforce anything against the athlete yourself.
| Decision factor | What changes |
|---|---|
| What you buy | Commonwealth: non-voting Class A units in a single-athlete LLC (Reg CF) or units in a series of Commonwealth Sports LLC (Reg D). Finlete: non-voting preferred stock, one class per player, in Finlete Funding, Inc. |
| Who can buy, minimum | Commonwealth Reg CF: anyone within Reg CF limits, $50 a unit. Reg D golfers: accredited investors only, $2,000. Finlete: anyone within Reg CF limits, about $300 ($860 for the pitcher bundle). |
| Who manages | Commonwealth Reg CF: an LLC run by the player (MG Golf LLC, whose managing member is Mason Greene; GJJ Tennis LLC, whose officers are Garrett Johns and Jay Johns). Reg D: Commonwealth Markets Inc. Finlete: Finlete Funding's CEO and sole director, George Robert Connolly. |
| Sports | Commonwealth: golf, tennis and one golf team, alongside racehorses. Finlete: baseball only. |
72% to 86% to the athlete vs 66% to 69%
Commonwealth Sports vs Finlete: Where Each Dollar of the Raise Goes
Every offering itemizes the raise, and the athlete's share differs more by platform than by player. At Commonwealth, Garrett Johns's Form C, at its $207,600 maximum, allocates $150,000 (72.25%) to player funds, $28,800 (13.87%) to operating expenses, which equals the $600 a month CMNWLTH Services charges for four years, $17,880 (8.61%) to the portal and $10,920 to legal, transaction and formation fees. Mason Greene's, at $286,700, allocates $225,000 (78.48%) to player funds, $21,600 to working capital, $4,500 to a charity of his choice, $24,660 (8.60%) to the portal and $10,940 to offering expenses. The portal also receives units equal to 2% of those sold. Greene's documents state three different minimums: $79,900 on the Form C cover, $97,700 in the use-of-proceeds table and $72,000 in the agreement. The Reg D golf series send $225,000 (85.7%) of a $262,500 maximum to the athlete fund, $15,000 (5.7%) to offering expenses and up to 10% to Commonwealth Markets as a sourcing fee, which the listing shows as $428 of every $500 unit for the player, $42.86 for the manager and $29.14 for expenses. Finlete's circulars allocate 65.79% to 69.44% to the athlete, 20.0% (2025 offerings) or 25.22% to 25.71% (2026 offerings) to the parent as a management fee, and 8.5% plus a $1,000 activation fee to DealMaker.
Practical answer
More of a Commonwealth raise reaches the athlete, and the Reg D golf series send the most. Finlete's management fee to its own parent is the largest single deduction on either platform, and it rose by about five points between 2025 and 2026.
| Decision factor | What changes |
|---|---|
| To the athlete | Commonwealth: 72.25% (Johns), 78.48% (Greene), 85.7% (Reg D golfers) at the maximum raise. Finlete: 65.79% to 69.44%. |
| To the platform or its affiliate | Commonwealth: portal 10% of player funds and working capital plus 2% of units (Reg CF); sourcing fee up to 10% to Commonwealth Markets (Reg D). Finlete: management fee 20.0% to 25.71% to Finlete, Inc. |
| To an outside intermediary | Commonwealth: none; the portal is affiliated. Finlete: 8.5% plus $1,000 to DealMaker Securities, an unaffiliated broker-dealer. |
| Running costs prefunded | Commonwealth: $28,800 of admin fees for four years (Johns); $21,600 of working capital (Greene). Finlete: costs borne by the parent, which says it will cover shortfalls without demanding repayment. |
Tournament and tour earnings vs major-league pay once 'Selected'
Commonwealth Sports vs Finlete: Which Earnings Count
Commonwealth's agreements share 'Player Revenue', defined as touring revenue from the player's performance: tournament winnings, tournament appearance fees, bonuses and bonus pools (for tennis, ATP and ITF bonus pools, ranking bonuses and match-win incentives). Excluded are sponsorships and endorsements, non-tournament appearance fees, merchandising and licensing, earnings before the offering closed, and proceeds of life, disability or injury insurance the player buys afterward. The rate depends on where he plays. Mason Greene owes 10% of PGA Tour and LIV earnings, 20% on the DP World Tour, 25% on the Korn Ferry Tour and 30% on PGA Tour Americas, the Challenge Tour and anything else. Garrett Johns owes 20% while ranked 101 or lower when he enters a tournament, 10% at 26 to 100 and 5% inside the top 25; his listing showed an ATP ranking of 427. His Form C summary describes a 10% to 30% range, golf-template wording that the attached agreement does not use. The Reg D golfers owe 30% of gross tournament earnings in years one to three, 20%, 15% and 10% in years four to six at the full raise, scaled down in proportion if less is raised (7.54% at the minimum). Finlete's 'pre-tax future professional baseball earnings' include wages, salary, bonuses, buyouts and postseason and international pay, but only once the player is 'Selected': signing a Major League Uniform Player's Contract and meeting one of four conditions, or signing in Japan's NPB, Korea's KBO or the Chinese Professional Baseball League. Endorsements are excluded, and the circular adds that earnings 'are exclusive of taxes, management fees, and other fee arrangements that the Player may enter into'.
Practical answer
Commonwealth shares prize money from the first tournament after closing, at rates that fall as the player rises; Finlete shares nothing until a major-league-level contract, then shares a sliver for a very long time. Neither touches endorsement income, which for a successful athlete can exceed prize money.
| Decision factor | What changes |
|---|---|
| Counts | Commonwealth: tournament and tour winnings, tournament appearance fees, bonuses, bonus pools. Finlete: wages, salary, bonuses, buyouts, postseason and international pay in MLB, NPB, KBO or CPBL. |
| Excluded | Commonwealth: sponsorships, endorsements, non-tournament appearances, licensing, pre-closing earnings, insurance bought after closing. Finlete: endorsements (Finlete holds a right of first refusal on them), and minor-league pay before Selection. |
| Rate | Commonwealth: 5% to 30% by tour or ranking (Reg CF); 30% falling to 10% by year (Reg D). Finlete: up to a stated percentage of earnings (Avila up to 1%), reduced in proportion to what is actually funded. |
| Trigger | Commonwealth: any qualifying tournament after closing. Finlete: only once Selected. |
Six years with a 5x cap and a 2x buyout vs 25 years with no dollar cap
Commonwealth Sports vs Finlete: Term, Cap and Buyout
Commonwealth's Reg CF agreements run six years from the closing, cut in proportion if the offering falls short of its maximum (half the maximum, three years), extended by any absence of 90 days (golf) or 120 days (tennis), and ended early by retirement, the end of the term or the player reaching the Player Obligation Cap, five times the player funds in both agreements AltStreet read. Greene's Form C summary instead states the cap as two times the player funds; the summary says it is qualified by the agreement, which says five. The player can also pay a 'Paydown Amount' of twice the funds disbursed to drop to a reduced schedule of 2%, 4% or 5% depending on how much he has spent. The Reg D golf agreements also run six years, pause when the player cannot compete for more than 45 days, cap payments at five times the athlete funds ($1.125 million at the full raise) and let the player buy down to 2% to 5% for twice the funds used. Finlete's agreements run 25 years, cannot be ended by free agency, voluntary retirement or release, and continue to apply to earnings after the player's death within the term. There is no dollar cap; the cap is the percentage, and the filings AltStreet read describe no buyout.
Practical answer
Commonwealth's investors have a short window and a ceiling, and the player holds an option to buy most of the deal back at twice what he spent. Finlete's investors have no ceiling and no buyout, but the payoff arrives, if at all, over a quarter-century.
| Decision factor | What changes |
|---|---|
| Term | Commonwealth: six years, pro rata to the raise, extended by absences (Reg CF) or paused after 45 days out (Reg D). Finlete: 25 years. |
| Ends early | Commonwealth: retirement, the cap reached, or the term expiring. Finlete: only by mutual agreement; survives retirement, release and death. |
| Cap | Commonwealth: 5x player funds per the agreements (Greene's Form C summary says 2x). Finlete: no dollar cap; a fixed percentage. |
| Buyout | Commonwealth: player may pay 2x the funds spent to cut the rate to 2% to 5%. Finlete: none described in the filings AltStreet read. |
The headline percentage is the first deduction, not the last
Commonwealth Sports vs Finlete: From the Athlete's Paycheck to You
The percentage in the headline is only where the money starts. At a Commonwealth Reg CF vehicle, the player pays his percentage to the LLC; the LLC pays CMNWLTH Services $600 a month and a distribution fee of 10%, stated in Johns's services agreement as '10% of gross pre-tax distributable earnings'; the LLC 'will be required to pay corporate taxes before distributions are made'; and the manager decides whether and when to distribute, after reserves, across all Class A units including the portal's 2%. At the Reg D golf series, each payment is split 90% to the series and 10% to Commonwealth Markets until investors have received back what they paid in, then 80% and 20%, and the series is classified as 'an association taxable as a corporation'. At Finlete, the player owes up to his stated percentage of pre-tax earnings, reduced to what the company actually funded; the class is entitled to 'up to 67.50%' (Avila, Padilla) or 82.50% (Mejia) of what the company receives 'less amounts withheld for taxes' and 'amounts that are subject to payment or repayment' under the agreement or any other contract or law; and the issuer is a C corporation, so tax can arise at the company before a dividend reaches you on Form 1099-DIV.
Practical answer
On both platforms there are at least three layers between the athlete's pay and your account: the contract's percentage, a platform or affiliate share, and corporate tax. Read the dividend or distribution clause, not the marketing percentage.
| Decision factor | What changes |
|---|---|
| Layer 1, the contract | Commonwealth: 5% to 30% of tournament earnings. Finlete: up to the stated percentage of pre-tax major-league pay, cut to the share actually funded. |
| Layer 2, the platform | Commonwealth: 10% distribution fee and a monthly admin fee (Reg CF); 10% then 20% of payments to Commonwealth Markets (Reg D). Finlete: 32.5% (Avila, Padilla) or 17.5% (Mejia) of collections not allocated to the class. |
| Layer 3, tax and deductions | Commonwealth: corporate tax at the LLC or series. Finlete: taxes withheld, amounts subject to repayment, and possible corporate tax. |
| Timing | Commonwealth: at the manager's discretion after reserves. Finlete: annual dividends, contingent on collections. |
Worked example
One dollar of the athlete's earnings, traced to the investors
What reaches all of the offering's investors together from $1 of qualifying earnings, at the maximum raise. Assumes the vehicle owes 21% federal corporate tax on the receipt and no state tax, and leaves out admin fees and reserves, which reduce it further. Corporate tax is not certain in any year; without it, multiply the Commonwealth figures in the last row by about 1.27. AltStreet arithmetic.
| Step | Commonwealth Reg D golfer (years 1 to 3) | Commonwealth Reg CF: Johns, ranked 101+ | Finlete: Luinder Avila |
|---|---|---|---|
| Contract share of $1 | 30 cents | 20 cents | 0.75 cents (up to 1 cent if the full $100,000 is funded) |
| Platform or affiliate share | 3 cents to Commonwealth Markets until investors are repaid (6 cents after) | 10% distribution fee: 2 cents | 32.5% of collections not allocated to the class: about 0.24 cents |
| Corporate tax at 21% | About 5.7 cents | About 3.8 cents | Possible at the issuer; plus 'amounts withheld for taxes' |
| Reaches the class | About 21.3 cents | About 14.2 cents | Up to about 0.51 cents, less withholding and amounts subject to repayment |
| Shared across | Up to 525 units ($262,500) | Up to 4,152 units ($207,600) plus the portal's 2% | Up to 75,000 shares ($109,500) |
The rates differ for other players and tiers: Mason Greene's PGA Tour earnings would deliver about 7.1 cents per dollar on the same basis and his PGA Tour Americas earnings about 21.3 cents. Commonwealth's cents come from tournament prize money that starts after closing; Finlete's come from major-league pay that starts, if ever, after Selection.
Calculation table
Illustrative payback thresholds and ceilings, before specified exclusions
How much the athlete would have to earn for distributions to equal what investors paid, and the most the cap allows them to receive. A defined scenario, not a forecast: the maximum raise, the rate tier named, 0% or 21% federal corporate tax, and nothing else deducted. These are gross nominal thresholds, undiscounted, and the real hurdle is higher once admin fees, reserves, state tax and the time value of money are counted. AltStreet arithmetic.
| Offering (maximum raise) | Rate tier | Earnings needed for payback | Ceiling set by the cap |
|---|---|---|---|
| Commonwealth Reg D golfer ($262,500) | 30% of tournament earnings, years 1 to 3 | $0.97M to $1.23M within years 1 to 3 | About 2.8x to 3.5x the raise (5x cap, $1.125M of payments) |
| Garrett Johns, tennis ($207,600) | 20%, ranked 101 or lower | $1.15M to $1.46M of on-court earnings | About 2.6x to 3.3x (5x cap, $750,000 of payments) |
| Garrett Johns, tennis ($207,600) | 10%, ranked 26 to 100 | $2.31M to $2.92M | Same cap |
| Mason Greene, golf ($286,700) | 30%, PGA Tour Americas | $1.06M to $1.34M | About 2.8x to 3.5x under the agreement's 5x cap; 1.1x to 1.4x under the Form C summary's 2x |
| Mason Greene, golf ($286,700) | 10%, PGA Tour | $3.19M to $4.03M | Same cap |
| Finlete, Luinder Avila ($109,500) | Up to 0.675% of pay to the class (fully funded) or 0.50625% (as the funding table supports) | $16.2M to $21.6M of pre-tax major-league-level earnings over 25 years | No dollar cap |
Read these as structure, not as a prediction of either athlete's career. Commonwealth's thresholds are lower and its ceilings are fixed; rates also fall as a player moves up a tour or the rankings, so success can lower the share as it raises the pay. Finlete's threshold is an order of magnitude higher but has no ceiling, and the Finlete figures come from AltStreet's Finlete review on the same gross nominal basis.
Unspent funds returned on early retirement vs nothing owed below the majors
Commonwealth Sports vs Finlete: Injury, Retirement and Never Making It
Commonwealth's agreements treat a player who gives notice of retirement, or who neither draws on the funds nor earns qualifying revenue for 12 consecutive months, as having retired early; the LLC must then return the remaining unspent player funds to Class A holders within 30 days, and the term resumes if he comes back. Money already spent on travel, coaching, caddies, entry fees and the other approved expenses is not repaid. Greene's Form C summary goes further, describing a player who resigns without 'Good Reason' repaying the player funds less what he has paid; the agreement attached to the same filing does not define Good Reason, contains no such repayment, and provides only for the return of unspent funds. An injury does not end a Commonwealth agreement; it extends the term once the absence passes 90 or 120 days, and insurance bought after closing pays the player, not the LLC. At Finlete, a player who is never Selected owes nothing, however long and well paid his minor-league career; a player who reaches the majors and is then injured, released or retires still owes his percentage on any later qualifying earnings for the rest of the 25 years. Finlete's largest class, tied to Emmanuel Clase, then an established major-league closer, was written to $0 after he was placed on leave and indicted over an alleged pitch-rigging scheme, which he denies; his trial is set for November 2, 2026.
Practical answer
Neither athlete repays the money if the career fails. Commonwealth's investors can recover whatever is left unspent; Finlete's recover nothing unless the player makes it, and the failure mode that actually hit Finlete was a criminal case, not an injury.
| Decision factor | What changes |
|---|---|
| Never reaches the top level | Commonwealth: payments continue on whatever tour he plays, at the higher lower-tour rates. Finlete: nothing owed unless Selected. |
| Injury | Commonwealth: term extended by the absence; insurance excluded. Finlete: obligation continues on any later qualifying earnings. |
| Retirement | Commonwealth: unspent funds returned within 30 days; spent funds not repaid. Finlete: agreement survives retirement for the full 25 years. |
| Outcome on record | Commonwealth: none filed for any athlete. Finlete: Clase class carried at $0 at December 31, 2025. |
No filed athlete reports vs audited annual reports with a going-concern paragraph
Commonwealth Sports vs Finlete: Payouts and Reporting on Record
Finlete reports; Commonwealth's athlete vehicles have not. Finlete Funding files Form C-U progress updates on every offering and audited annual reports on Form C-AR; AltStreet's Finlete review reconciles $804,738.77 realized across nine closed offerings. The FY2025 report shows $6,762 of dividends paid on the Clase class and $1,528 payable before that contract was impaired to $0, records a $316,131 net loss on $12,811 of revenue, and carries a substantial-doubt-about-going-concern paragraph from its auditor, Artesian CPA. No per-class distribution history is published for the other classes. On Commonwealth's side, Garrett Nation, Greene Nation and Hitters Nation have each filed a single Form C and nothing since: no progress update, no closing amount and no annual report located on EDGAR as of October 18, 2026, although Johns's listing shows his $207,600 offering 'Sold Out' (platform-stated). Commonwealth Sports LLC filed one Form D in June 2023, for $525,000 across the two golf series with $2,000 sold at filing, and no amendment. Commonwealth's API lists a 'Distribution & Financial Report' for Cooper Dossey through August 21, 2024; the link returns a 404 and no archived copy exists, so AltStreet could not read it.
Practical answer
Finlete has the worse documented outcome and the better disclosure record. Commonwealth has no documented athlete outcome at all, good or bad, because nothing has been filed since the offerings.
| Decision factor | What changes |
|---|---|
| Distributions on file | Commonwealth: none for any athlete vehicle. Finlete: $6,762 on the Clase class (FY2025). |
| Progress and annual reports | Commonwealth: none after the Form C (Reg CF); one Form D (Reg D). Finlete: C-Us on every offering; audited C-ARs for FY2024 and FY2025. |
| Amount raised, filed | Commonwealth: not reported. Finlete: $804,738.77 across nine closed offerings. |
| Issuer health | Commonwealth: single-asset LLCs with no reported financials since formation. Finlete: $8,631 of cash at December 31, 2025 and a going-concern paragraph. |
No secondary market on either; corporate-taxed vehicles on both
Commonwealth Sports vs Finlete: Selling, Tax and the Operating Company
Neither platform runs a secondary market or redeems units or shares. Reg CF securities cannot be resold for a year except in narrow cases, Commonwealth's operating agreements also require the manager's consent to any transfer, and the Reg D golf units are restricted securities sold only to accredited investors. Tax works the same way on both: Commonwealth's athlete LLCs and series are taxed as corporations, so any distribution comes after a layer of corporate tax and arrives as a dividend; Finlete's investors hold preferred stock in a C corporation and receive a Form 1099-DIV, not a K-1. Corporate tax at the issuer is not automatic in any year, because expenses and amortization can leave a small company with no taxable income, but the structure allows two levels of tax. Finally, an athlete class is not a share of the platform. Finlete, Inc., the parent that collects the management fee, sold its own SAFE under Reg CF at an $18 million post-money cap in July 2026, with reviewed rather than audited financials showing a $922,579 net loss; buying it gives no claim on any athlete, and an athlete class gives no claim on it. Commonwealth's operating company, Commonwealth Markets Inc., raised $1,999,999 of equity privately under Rule 506(b) in 2024 and is not offered on the platform.
Practical answer
Plan to hold until the contract ends, six years at Commonwealth and 25 at Finlete. If you want exposure to the business rather than an athlete, that is a different security in a different company.
| Decision factor | What changes |
|---|---|
| Secondary market | Both: none. Reg CF one-year restriction; Commonwealth transfers need manager consent; Reg D units restricted. |
| Tax form | Commonwealth: dividends from corporate-taxed vehicles. Finlete: Form 1099-DIV. |
| Operating company | Commonwealth: Commonwealth Markets Inc., private Rule 506(b) equity, not on the platform. Finlete: Finlete, Inc. SAFE at an $18M cap, Reg CF, July 2026. |
| AltStreet score | Commonwealth: 2.7 (F), platform-wide and mostly racehorses. Finlete: 2.6 (F); see how to read the scores below. |
How to read the scores
What 2.7 against 2.6 does and does not say
AltStreet scores four pillars (methodology). Commonwealth's score covers the whole platform, most of it racehorse offerings, so it is not a score of its athlete deals alone. Finlete's covers only athlete classes. Neither score predicts how a particular athlete will perform.
| Pillar (0 to 100) | Commonwealth | Finlete | What drives the difference |
|---|---|---|---|
| Operational Risk | 25.5 (F) | 28.5 (D-) | Both affiliate-run; Finlete's issuer carries a going-concern paragraph, Commonwealth's Reg A audit stops at FY2023 and its athlete vehicles report nothing |
| Investment Merit | 32.7 (D+) | 13.7 (F) | Commonwealth's racehorse record includes a documented large payout; Finlete's one tested class was impaired to $0 |
| Transparency & Alignment | 31.1 (D) | 49.6 (C+) | Finlete files progress updates and audited annual reports; Commonwealth's athlete vehicles have filed nothing since their Form Cs |
| Liquidity & Access | 10.0 (F) | 10.0 (F) | No secondary market on either |
Final read
Bottom line
Both are speculative claims on one person's career, held through a company you do not control, with no way out before the contract ends. Commonwealth's athlete deals are shorter, send more of the raise to the athlete, pay from the first tournament and have a lower bar to recover capital, but they are capped, the player can buy most of the deal back at twice what he spent, the Reg CF vehicles are managed by the players' own LLCs, the documents disagree with themselves on the cap and on repayment, and nothing has been filed since the offerings. Finlete reports steadily and has no ceiling, but takes more off the top, pays nothing below the majors, runs for 25 years through a company with a going-concern paragraph, and its one tested class has been written to zero.
Judge the specific offering: trace a dollar from the athlete's contract to your account, check which earnings count and for how long, read the cap and buyout terms in the agreement itself rather than the summary, and size the purchase as money you can afford to lose.
Primary sources
Sources and access
Commonwealth (SEC EDGAR and platform, public)
- ›Garrett Nation LLC Form C (CIK 2034333): August 19, 2024: use of proceeds, CMNWLTH services and distribution fees, and Exhibit G, the Master Player Agreement with Garrett Johns.
- ›Greene Nation LLC Form C (CIK 2038503): September 24, 2024: use of proceeds, the Form C summary, and Exhibit G, the Master Player Agreement with Mason Greene.
- ›Hitters Nation LLC Form C (CIK 2034582): August 21, 2024: the Hollywood Hitters team offering.
- ›Commonwealth Sports LLC Form D (CIK 1981636): June 16, 2023: Rule 506(b), $525,000 across Series Cooper Dossey and Series Joey Vrzich.
- ›Commonwealth Sports private placement memorandum: Posted openly on Commonwealth's Joey Vrzich listing with its December 2024 amendment and series designation: income share terms, use of proceeds, tax classification.
- ›Commonwealth Markets Inc. Form D (CIK 2022663): May 15, 2024: the operating company's $1,999,999 private equity raise.
- ›Commonwealth offerings API and listing pages: Athlete listings, per-unit breakdowns and sale status, read October 17, 2026.
Finlete (SEC EDGAR and platform, public)
- ›Finlete Funding, Inc. filings (CIK 2010670): Sixteen Reg CF offerings, their progress updates, the FY2024 and FY2025 annual reports, and the Luinder Avila Form C/A of August 7, 2026 (earnings definition, dividend rights, term).
- ›Finlete, Inc. filings (CIK 1967761): The parent's own Reg CF SAFE offering, July 21, 2026.
- ›Finlete platform and dashboard captures: Live offerings and subscription levels, September 20 and 21, 2026, as used in AltStreet's Finlete review.
FAQs
Commonwealth Sports vs Finlete: Common questions
How does Commonwealth Sports compare with Finlete?＋
Both sell retail investors a claim on an athlete's future earnings, but almost every term differs. Commonwealth funds golfers and a tennis player for six years in exchange for 5% to 30% of tournament earnings, capped at five times the money funded. Finlete funds minor-league baseball players for 25 years in exchange for up to a stated slice of major-league pay, with no dollar cap, and pays nothing unless the player is 'Selected'. AltStreet scores them almost level: Commonwealth 2.7 (F), Finlete 2.6 (F).
What do I legally own when I invest in an athlete?＋
Never the athlete, and never a direct share of his pay. At Commonwealth you own non-voting units in a single-athlete LLC (or a series of Commonwealth Sports LLC) that holds a contract with the player. At Finlete you own a non-voting class of preferred stock in Finlete Funding, Inc., entitled to up to a stated share of what that company collects under one player's agreement.
Which sports and athletes are available?＋
Commonwealth: golfers Cooper Dossey and Joey Vrzich (Reg D, accredited investors only), golfer Mason Greene and tennis player Garrett Johns (Reg CF), and a stake in the Hollywood Hitters, a Grass League golf team, alongside its racehorses. Finlete: baseball only, mostly minor-league prospects, including Luinder Avila, Yairo Padilla, Esteban Mejia, Christian Zazueta and a six-pitcher bundle in September 2026.
Which earnings count: salary, prize money, endorsements or bonuses?＋
Commonwealth: tournament and tour earnings, including prize money, tournament appearance fees, bonuses and bonus pools; sponsorships, endorsements, merchandising and licensing are excluded. Finlete: wages, salary, bonuses, buyouts and postseason pay once the player signs in MLB, Japan's NPB, Korea's KBO or the Chinese Professional Baseball League in Taiwan; endorsements are excluded, and the circular says earnings are 'exclusive of taxes, management fees, and other fee arrangements' the player enters into.
How long does the earnings-sharing agreement last?＋
Commonwealth: six years, shortened in proportion if the offering raises less than its maximum, extended by long absences, and ended early by retirement or by reaching the cap. Finlete: 25 years, and the agreement survives free agency, voluntary retirement, release and even the player's death within the term.
Is there a maximum investor payout?＋
Commonwealth caps the player's total payments at five times the player funds in the agreements AltStreet read, which limits investors to roughly 2.6 to 3.5 times the raise before admin costs. Greene's Form C summary states a 2x cap while its attached agreement says 5x. Finlete has no dollar cap; the limit is the percentage itself.
What percentage reaches investors after platform fees and taxes?＋
Far less than the headline. On $1 of a Commonwealth tennis player's prize money at the 20% tier, about 14 cents reaches the unit holders as a group after the 10% distribution fee and 21% federal corporate tax. On $1 of Luinder Avila's major-league pay, Finlete's class is entitled to about half a cent at the maximum raise, before taxes withheld and other deductions.
What happens if the athlete is injured or never reaches the top level?＋
On both, investors bear it. A Commonwealth injury pauses or extends the term and insurance proceeds are excluded; a player who stops competing triggers early retirement, and only unspent funds come back. A Finlete player who never signs a qualifying major-league or top foreign-league contract owes nothing, however long his minor-league career.
Does the athlete have to repay the original funding?＋
No, on either platform as a rule. Commonwealth's agreements return unspent player funds to investors on early retirement; money already spent is not repaid, though Greene's Form C summary describes a repayment on voluntary resignation that its attached agreement does not repeat. Finlete's player owes nothing unless Selected.
Have investors received distributions?＋
Almost nothing is on file. Finlete's Clase class received $6,762 of dividends before its contract was impaired to $0; no other class has a filed distribution history. Commonwealth's athlete vehicles have filed no progress or annual reports, and a Cooper Dossey distribution report its API lists returned a 404 and was never archived.
Can I sell or transfer my investment?＋
Not in practice. Neither platform runs a secondary market. Reg CF securities carry a one-year resale restriction, Commonwealth transfers need the manager's consent, and the Reg D golf units are restricted securities for accredited investors.
Is buying an athlete share the same as investing in Finlete or Commonwealth?＋
No. Finlete's parent, Finlete, Inc., sold its own SAFE at an $18 million cap in July 2026; that is a bet on the operating company, with no claim on any athlete, and an athlete class gives no claim on the parent. Commonwealth's operating company, Commonwealth Markets Inc., raised privately under Rule 506(b) and is not offered on the platform.
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