OwenGoBlue

May 4th, 2016 at 12:08 PM ^

Funny how there's never a "17 ways owners defraud municipalities." Now that would call for some popcorn.

This stuff is fun but it's also part of an effort to paint the players as the rich and irresponsible ones so the next time Player X doesn't take a hometown discount fans will blame the millionaire for being "selfish" and not the billionaire who won't pay market value (and also is ripping off the city/fans).

FauxMo

May 4th, 2016 at 12:19 PM ^

I get the point of your above post(s), but as soon as there is an owner who is so irresponsible with his/her money that two years after selling his team he is literally penniless with a broken body and useless mind, let us know. In other words, while you may be right that this is part of an effort to discredit the players a bit, this is also needed to keep some of these kids in check and on level ground.

OwenGoBlue

May 4th, 2016 at 1:20 PM ^

My clearer point would be something like: Have a laugh at a shark tank but have some empathy and don't indict the group as a whole for it. Lottery winners notoriously lose it all, too, and they don't have broken brains/bodies that their employers profited from as mitigating factors.

And of course owners don't end up penniless; it's real hard to lose that kind of wealth when you're subsidized by taxpayers and leagues. Hell, Wilpons still own the Mets and even the McCourts and Sterlings made fortunes on the sale of their respective teams. The Marlins owners were indicted on a RICO charge and still able to rob Miami on a stadium deal. Don't confuse privilege for competence.

FauxMo

May 4th, 2016 at 9:36 AM ^

If I got a $20 million windfall, hypothetically, I would not spend it on anything ridiculous, I guarantee it. I would buy one indulgence, though: I would add a room on to my house called the "Hot Chicks Room." It would have black lights and bean bags and disco balls running 24-7. It would have a fully stocked wet bar and plush shag carpeting. But most importantly, it would be fully stocked with hot chicks. New ones, rotating in and out, all the time. This would be the key element of the Hot Chicks Room...

UM Fan from Sydney

May 4th, 2016 at 9:48 AM ^

Tigers? Come on. It should be illegal to own a tiger or any animal that belongs in the wild. NEWS FLASH: Most animals are not meant to be domesticated.

MoJo Rising

May 4th, 2016 at 9:52 AM ^

have no concept about how to save money or use it wisely. As we have seen, it is why so many go bankrupt. Maybe they should have actually gone to their econ 101 classes instead of having someone else take it for them!

xtramelanin

May 4th, 2016 at 9:53 AM ^

happens is simply horrendous money management.  one of my cousins was in the NFL for years and his siblings were agents.  they would share stories of guys that were getting paid astronomical dollars and would spend it so fast that they were literally broke in a matter of a few months - houses, cars, the 'entourage', parties, you name it, and that money was gone, gone, gone and they had no clue what happened to them.

Heywood_Jablome

May 4th, 2016 at 9:53 AM ^

Not surprising that 80% of NFL and NBA players file bankruptcy within 2 years after leaving the league.

Even if you get a $20m signing bonus, basically 50% of that is gone after you pay taxes and your agent.  Then you start buying expensive stuff that requires money to maintain. Houses? Property taxes on a $5m house are proabably $250k a year.  Car insurance for exotics? All this stuff adds up.  And then consider the average career in the NFL is only 3 years.

pfholland

May 4th, 2016 at 11:25 AM ^

Obviously this will vary by where you live, but in areas with expensive houses property taxes tend to be lower as a percentage of assessed value. Where I live in the Bay Area the property tax on a $5M house would be in the neighborhood of $60K.

UM Fan from Sydney

May 4th, 2016 at 10:06 AM ^

Some of these guys are complete morons. They oftentimes forget about taxes and agent fees. Poor investments is likely the number one reason why many athletes go broke. The author's tip for players to rent in the city they play is brilliant. There are luxurious or somewhat luxurious places to rent in every major city.