July 28 (UPI) -- Kansas City Chiefs quarterback Patrick Mahomes signed a record-breaking contract this off-season and will use some of his new funds to purchase a portion of Major League Baseball's Kansas City Royals.
The Royals on Tuesday announced Mahomes as the newest member of the franchise's ownership group.
"I'm honored to become a part owner of the Kansas City Royals," Mahomes said. "I love this city and the people of this great town."
Mahomes signed a 10-year, $503 million contract extension with the Chiefs on July 6. The 24-year-old Texas native is now tied to Chiefs franchise through the next 12 seasons.
"This opportunity allows me to deepen my roots in this community, which is something I'm excited to do," Mahomes said.
The Chiefs quarterback also played baseball until he dropped the sport while in college to focus on a football career.
"We are very proud and excited to have Patrick as our partner in the ownership group of this franchise," Royals chairman, CEO and majority owner John Sherman said.
"Along with the rest of Kansas City, I have watched Patrick compete and become an extraordinary leader, both on and off the football field."
Mahomes won NFL MVP in 2018, his first full season as a starting quarterback. He led the AFC West franchise to its first Super Bowl title in 50 years last season before he signed the most-lucrative contract in NFL history.
Forbes had the Royals listed as the second-least valuable team in Major League Baseball in April, worth an estimated $1.025 billion. The Miami Marlins were valued at just $980 million. The New York Yankees top the list at $5 billion.
Mahomes is now the youngest part-owner in MLB history. Serena Williams' 2-year-old daughter, Alexis Olympia Ohanian, became the youngest part owner in United States sports history when she was announced on July 21 as a part owner of a new Los Angeles National Women's Soccer League franchise.
The Royals won the World Series in 2015, but have gone to the playoffs just twice since 1985.