Professional Sport and Bankruptcy

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LovelyLadyLux
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Professional Sport and Bankruptcy

Post by LovelyLadyLux »

Was reading an article in our newspaper. Kinda sad and definitely tells another untold story. Don't know if this applies to your athletes or not but, and this is a quote:

"78% of NFL (National Football League) players and 60% of NBA (Basketball) file for bankruptcy within first 5 yrs of retirement" despite the fact that they make huge amounts of money during the years they play.

I know I've often objected on hearing of the multi million dollar contracts these young guys get when they sign up for a few years period of time to play a game. Some of the contracts do seem quite over the top to me and I also definitely object to all the money that goes into College level play. I know that is prime recruiting ground for the professional level leagues but the amount of money that goes into college level play is extraordinary!

Does this happen with your athletes? Are they often rags to riches stories with no idea how to manage money? Or is there a level of mentorship so they can preserve some of the $$ they earn as professional athletes?


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