We were recently asked this question about athlete relocation compensation and decided it was a good one to cover on our blog. The question was: if an athlete is traded to another team, is he compensated for moving costs and for the possible loss on a home sale or lease?
It’s a good question and it’s a situation which comes up quite often. Oftentimes, when trades occur, an athlete is required to pick up and leave his current home immediately. This, as you might suspect, can cause some serious problems. What does he do with his current lease? Most lease agreements call for a penalty if the lease is broken? And if he is forced to quickly sell a current home, what happens if he suffers a loss because of the quick sale?
The answer is not quite so simple. In the NFL, athlete relocation compensation is available if it has been negotiated for during the contract negotiation phase. In the MLB, under the collective bargaining agreement, teams are required to compensate or sub-lease if a player is traded or waved. In other professional sports, like the NBA or the NHL, the compensation exists but it must be negotiated at the time of the contract.
So yes, athlete relocation compensation exists, but it is up to you, the athlete, to make sure that compensation becomes a reality when it comes time for you to relocate.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.