Athletes turn to entrepreneurship in increasing numbers for many reasons. However, researchers have only recently begun to give attention to athletes from an entrepreneurial perspective. We add to this nascent body of research through a qualitative study combining third-party and in-depth interviews with both former professional and amateur athletes who have become entrepreneurs. Text and MAXQDA coding analysis of the interviews reveals that athletes often perceive a significant overlap of their identity roles as entrepreneur and athlete. This fusion, in turn, influences the formation of a newly structured entrepreneurial identity role. The research also uses the interviews to classify important differences in the content, formation, and structure of the athlete turned entrepreneur identity relative to that of traditional business entrepreneurs. These findings are used in several implications for entrepreneurial theory and practice to aid athletes in their transition from athletics to entrepreneurship.