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Professional Athletes Face Unique Financial Realities

26 September, 2017

Professional athletes face a unique set of financial realities and problems, unlike any we “normal” people face. No, this is not a bleeding heart tale of a professional athlete who lost his wealth through mismanagement.  This is simply an attempt to help laymen to understand the unique set of circumstances facing a professional athlete who suddenly receives wealth. The first thing to understand is that almost all professionals are out of sports by the time they are thirty.  If they l [...]

Financial Considerations for Retiring Professional Athletes

09 March, 2016

  We have all read the stories and we have all found them hard to believe….famous professional athlete files for bankruptcy five years after retiring.  How is that possible, we ask? How can an athlete make tens-of-millions of dollars, even hundred-of-millions, and be broke so quickly?  Where is their financial security? Professional athletes live in rarified air, air most of us will never breathe and consequently we will never understand the pitfalls that await an athlete who [...] – Despite troubles, Tiger still highest-paid athlete

02 June, 2011

The business of Tiger Woods has been taking on water the past two years. Sponsors like Accenture, AT&T, Gillette and PepsiCo have jumped ship since his November 2009 car crash and the resulting scandal. His golf course design business has been hammered by the economic downturn. His winless streak on the course is at 20 months and counting, and the former No. 1 golfer in the world is now ranked 13th. Woods’ annual earnings have plummeted $50 million over the past two years. Yet Tig [...] – A Look At Salaries and Longevity in Pro Sports

26 April, 2011

Some Facts You Might Be Surprised By As lockouts loom on the horizon for two sports leagues, it might be time to look at a few facts about the issues facing the players and owners.  One, of course, is players’ salaries.  Below you can see the average salaries for players in the major sports in America: National Football League $1.3 million National Basketball Ass.   $5.2 million Major League Baseball     $3.1 million Major League Soccer        $130,000 National Hockey Leag [...] – The Top Ten 2011 NFL Draft Picks; Newest Millionaires

28 April, 2011

First Round Picks Prepare For New Lifestyle Cam Newton NFL Draft April 28th is finally here and that means the first round of the NFL Draft is underway.  As you well know, first round picks can look forward to guaranteed contracts and signing bonuses in the millions meaning a considerable change in lifestyle for those chosen in the first round. This is one of the more interesting drafts in recent memory.  Free agency has been put on hold because of the labor dispute, s [...] – First Round of the 2011 NFL Draft Concludes

29 April, 2011

Stars of the Future Prepare For Relocation In the words of the ancient Greek playwright Aristophanes, “A man’s homeland is wherever he prospers.”  Now that the first round of the NFL Draft has concluded, thirty-two young men now have a new home in which to prosper.  Yesterday we listed the first ten picks in the 2011 draft; today let’s take a look at picks 11-32. #11: J.J. Watt, DE, Wisconsin, goes to the Houston Texans #12: Christian Ponder, QB, Florida St. goes to the Minnesota Vik [...] – It’s a One-Two Punch! Don King’s Double Mansion Estate Listed for $19,995,000

29 April, 2011

Boxing promoter Don King has never been one to embrace moderation. From the over-the-top boxing match-ups to the stand-up straight hair, it’s no surprise that King has a double mansion estate in Florida. The beachfront combination of King’s exclusive Manalapan real estate twin-set is priced at $19,995,000. The median list price of Manalapan has taken a major hit in the past few years. Currently, the median is $4,950,000, but as recently as January 2010, it was $10.5 million. According to [...] – Beckhams Snatch Up Pricey Malibu Rental for $158K a Month

19 May, 2011

Power couple Victoria and David Beckham recently scooped up a piece of beachfront Malibu real estate for the summer for over $158,000 a month. Summer is coming, which means the rich and famous slip off to the Hamptons or Malibu and rent luxurious homes for some R&R. Power couple Victoria and David Beckham already made their move as they reportedly rented a big slice of Malibu real estate — beachfront, naturally. The Beckhams’ summer rental sits on a generous 180 feet of bluff fronta [...] – Need Sports Agents Who Are “No Men”

13 July, 2011

Sometimes Deion Sanders says things that sound responsible, such as talking to young NFL players prior to the start of the lockout and making them understand that there is “going to be a famine” (in his words).  The demand of lockout loans and agent switching is proof that Sanders was correct in his statement.  Other times, Sanders seems to defend athletes for their actions when they do not deserve any support.  Recently, Sanders said something that I wholeheartedly agree with and h [...]

Why athletes go broke: Too much spending, little liquidity USA TODAY

09 April, 2012

Professional athletes make millions thanks to their competitive natures. Many end up losing those millions — thanks to the same competitive natures. "They think that maybe somehow they can will their investments to work," says Ed Butowsky, managing partner of Chapwood Capital Investment Management in Dallas. "And it doesn't work that way." Warren Sapp is the latest prominent athlete to file for bankruptcy. Butowsky calls that "sad, but not surprising." Sapp, who played defensive tackle f [...]