It’s always big news when famous athletes, who were once at the peak of their sport, find themselves in a tough financial position that forces them to declare bankruptcy. Stories of how the mighty fall will always attract the public eye.
Money Smart Athlete Blog
Professional athletes have traditionally been targeted by fraudsters and a sizeable percentage of them end up as victims of investment fraud or financial scams. The global sports business and professional players’ salaries are increasing in value each year and so do financial fraudsters.
To gain professional status and be able to play sports for a living, young athletes and the people who surround them make lots of personal sacrifices for many years. Going professional is every athlete’s dream and it oftentimes comes with fame and money.
Regular followers of the MSA Blog will by now be acquainted with the “Sudden Wealth phenomenon”. At the very visible risk of becoming repetitive: the Sudden Wealth phenomenon relates to individuals who suddenly find themselves making exponentially more money than they previously did.
During different stages of your sports career, you will have to interact with many professionals who will help you with your athletic, financial and business endeavours. Creating the right team of trustworthy, reputable, and established professionals within any given field is important to your success.
We tend to think of athletes as some of the most privileged people on the planet and although that is true to a certain extent, it only reveals part of the story. When we hear the word athlete immediately to mind come people like Cristiano Ronaldo, Serena Williams and Lebron James, and we usually overlook the fact that athletes of such calibre, prestige, fame and wealth are only the tip of the iceberg.
Professional athletes will enter into different types of contracts within the course of their career and ideally these should be reviewed by a legal advisor prior to their execution. Of course, there are a few key points that athletes should look out for when signing a contract:
The special nature of an athletes’ career, highlights the importance of having solid written contracts for all aspects of their professional life; contracts that almost no athlete can deal with without receiving specialized advice.
Professional athletes moving abroad face a number of challenges as they settle and adjust to new realities. Signing a playing contract in a foreign country comes with a new culture, a different language and the change of a team and colleagues.
I saw a very cool picture, about a week ago, on my social media feed from soccer star Neymar, playing beach soccer with his friends on a private location by the sea in Brazil, telling the world how much fun it is to be back home and how his time is being usefully utilized during his social distancing, due to the pandemic of COVID-19.
The Coronavirus pandemic beyond being a threat against human lives, it is considered the biggest disaster to hit the sports world in many decades; it is not only causing the suspension of already running competitions such as the NBA and the majority of Europe’s soccer leagues but also causing future competitions to be postponed such as the Tokyo 2020 Olympic Games, Euro 2020 championships and Copa América.
In the summer leading to the start of the 1997-98 NBA season, the Bulls front office had taken a decision to rebuild the team, after having won two consecutive titles.
It is no secret that we’re currently experiencing one of the most turbulent and volatile periods in the history of financial markets.
At every hard stroke of fate, like the 9-11 attack or the 2008 financial crisis, sport competition (college and professional) has served as our depressurizing outlet and our turn-to pillar of support; unfortunately, not this time.
By Andreas Themistocleous, Contributor With rising globalization and professionalization within sports, athletes are increasingly migrating across national borders to take up work. Depending on the sport of choice, migration destinations usually involve two...
By Constantinos Massonos, Contributor Few people can comprehend or experience the commitment an athlete’s lifestyle requires and the huge sacrifices athletes and their families have to make to reach a professional level and be able to enjoy the perks that come with...
By Niovie Constantinou, Contributor One of the sacrifices that professional athletes may be called to make is that of relocating to a new city or country. Many times, it is not just the athlete that has to move, but their entire family too, in which case relocation...
By Athena P. Constantinou, APC Sports Consulting Ltd In the last 25 years we have seen tremendous cross border movement in the world of sports; a number of NBA players moving to Europe near the end of their sports careers to play in the European Basketball League...
When preparing for your future outside of sport and trying to figure out how you will financially support yourself and your family after retirement from sport, you will have a few major decisions to make. One of the most important decisions you will have to make,...