NBA players’ exemplary financial maturity is a model for other athletes

Grant Hill

Grant Hill retired after a 19-year NBA career in 2013. Hill partnered with billionaire investors Tony Ressler and Bruce Karsh to develop an ownership group to place a bid for the Los Angeles Clippers. Hill currently works for NBA TV/TNT.

By Charles Glover

NBA players are recognized for their talent on the basketball court but there is also a growing number of current and former NBA players who learned entrepreneurial lessons from their predecessors. This new breed of player-entrepreneurs know how to put what they learned in business to grow their personal brands and enhance their financial legacies.

Webber was the #1 overall draft pick in 1993. He retired after the 2008 season. Webber owns a restaurant, and an investment company. He currently works for NBA TV/TNT.

Webber was the #1 overall draft pick in 1993. He retired after the 2008 season. Webber owns a restaurant, and an investment company. He currently works for NBA TV/TNT.

Recent NBA retirees like Grant Hill and Chris Webber have learned their lessons and have an eye towards NBA ownership. Hill put together a group of investors that attempted to purchase the Los Angeles Clippers, while Webber put together a group that is hopeful of purchasing the Atlanta Hawks.

But despite the examples set by the player-entrepreneurs, there have been many accounts of professional athletes, and in particular some NBA players, who have blown their fortunes shortly after retiring from the game of basketball.

Rumeal Robinson

Rumeal Robinson last played in the NBA in 1997 after being the 10th overall draft pick in the 1990 NBA Draft. Robinson’s legal troubles include charges for bank fraud, bribery, wire fraud, conspiracy to commit bank fraud, and perjury.

There’s the tragic story of former NBA guard Rumeal Robinson who swindled his foster mother out of her home in Cambridge, Massachusetts. In 2003, Robinson tricked his foster mother into signing over the deed to her own home. He then transferred the property to people unknown to her. These thieves eventually forced the foster mother from her home of over 30 years.

Jason Caffey

Jason Caffey was taken 20th overall by the Chicago Bulls in 1995. He finished his NBA career in 2003. Caffey faced a brief jail stint for failure to pay child support.

There’s also the unfortunate story of former Chicago Bulls players Jason Caffey. Caffey eventually had to file for bankruptcy after having trouble paying child support for 10 children with 8 different mothers. Former NBA power forward Derrick Coleman also had to file for bankruptcy after having a series of investments go sour. Coleman’s former New Jersey Nets teammate Kenny Anderson has also faced serious financial hardship for many years following his NBA career.

Latrell Sprewell

Latrell Sprewell was the 24th overall draft pick of the Golden State Warriors in 1992. Sprewell was a four- time All-Star, making the team with the Warriors and New York Knicks. Sprewell endured many financial woes including a $200 million lawsuit against him from an ex-girlfriend and auctioning off his yacht to make his defaulted mortgage payments.

Latrell Sprewell, after turning down a three-year, $21 million extension from the Minnesota Timberwolves was quoted as saying “I’ve got my family to feed.” A few years later Sprewell’s home was in foreclosure and he had to sell his yacht as he experienced financial difficulties shortly after retiring.

Ray Williams

Ray Williams was the 10th overall draft pick of the New York Knicks in 1977. Williams finished his NBA career playing for the New Jersey Nets in 1987. Williams would experience extreme hardship in post-NBA career resulting in homelessness. Williams was a victim of a real estate scam and filed for bankruptcy in 1994. Williams died on March 22, 2013 of colon cancer in New York City at the age of 58.

Antoine Walker, formerly of the Boston Celtics and Miami Heat, has also had to file for bankruptcy after earning over $100 million during his playing career. There was also the sobering tale of 10-year NBA veteran Ray Williams. Williams, who played for the New York Knicks and Boston Celtics in the late 70’s and early 80’s. He ended up homeless, living out of his car in Florida, before dying at a relatively young age.

Russell Westbrook (i) and Kevin Durant (r).

In the summer of 2014, Russell Westbrook (l) had his Westbrook XO line debut at Barney’s New York and launched his own line of sunglasses. Kevin Durant (r) opened a restaurant in Oklahoma City in 2012, appeared in the 2012 children’s film “Thunderstruck,” and had a documentary about his life air on HBO in the summer of 2014.

Many of today’s NBA players have learned from both the cautionary tales and the impressive one. They new breed of player-entrepreneurs are making strides in taking care of their finances for their families’ future. The Oklahoma City Thunder have two dynamic All-Stars in Kevin Durant and Russell Westbrook. Durrant has used his popularity to garner major endorsement deals and appearances in film and television. Meanwhile, Russell Westbrook has taken his notoriety for style and turned it into an opportunity to earn through fashion. Westbrook not only has his own clothing line, as an extension through with his endorsement deal with the Jordan Brand, he also has his own brand of sunglasses.

Amar'e Stoudemire with the stars of Beyond the Lights.

(l – r) Writer/Director, Gina Prince-Bythewood, NBA Player/Producer, Amar’e Stoudemire, Co-stars of “Beyond the Lights,” Gugu Mbatha-Raw, and Nate Parker.

Amar’e Stoudemire has taken some of his NBA earnings and translated it into a film production career that featured production credits on the recently released film “Beyond the Lights.” Stoudemire also has a clothing line and writes children’s books. Stoudemire’s New York Knicks teammate Carmelo Anthony has taken some of his NBA earnings to begin to prepare for his post-NBA career through the funding of tech companies that he hopes can eventually grow to be successful as over the next several years.

Chris Paul (l) and Blake Griffin (m) on the set with Jimmy Kimmel (r).

Chris Paul (l) and Blake Griffin (m) on the set with Jimmy Kimmel (r).

Blake Griffin and his Los Angeles Clippers teammate Chris Paul have taken their popularity and translated it into off the court opportunities as well, with Paul contributing handsomely to President Obama’s social initiative “My Brother’s Keeper,” which is designed to offer opportunities to Black and Latino boys.

LeBron James.

LeBron James is not only a minority owner of the Liverpool soccer club but has also expressed interest in teaming up with soccer star David Beckham to own a Major League Soccer (MLS) team in Miami.

Perhaps no NBA player has done more to build his own personal brand then Lebron James. James has not only had large endorsement deals but he also has co-ownership  of the Liverpool soccer club in England. James is already on record as stating that he wants to become a billionaire and he appears to be on his way.  Kobe Bryant is also creating waves with his own production studio, to make films.

Magic Johnson.

Magic Johnson’s sports ownership includes being a part of the majority ownership group of the Los Angeles Dodgers and Los Angeles Sparks. Johnson is also working to develop an expansion team in the MLS in the near future.

These current players seem to have taken the lead from two of the best 12 who ever graced a basketball court in Magic Johnson and Michael Jordan. Both Johnson and Jordan are owners of major sports teams. Johnson is the majority owner of the  group which purchased the  Los Angeles Dodgers and Los Angeles Sparks while Jordan is the majority owner of the Charlotte Hornets.

Michael Jordan.

With the recent increase of his ownership stake in the Charlotte Hornets to 89%, Michael Jordan has had his personal value evaluated at over $1 billion.

Jordan and Johnson are phenomenal businessmen who provide a template for their contemporaries and future NBA stars, while sending the message that it is important to value themselves as professional commodities beyond the game of basketball. The example set by Jordan, Johnson, Hill, Weber and the current player-entrepreneurs is a strong reminder that it is important to prepare for life after basketball. Their examples offer a good mirror for other athletes to use and plot their future before their sports careers end..-Onpointpress.net–

Charles Glover, Jr. is a management/employee training and benefits consultant. Follow me @OpenWindowMES on Twitter.com. For business inquiries contact (646) 309–1938.

Yankees, famous friends, honor Derek Jeter with his own special day

New York Yankees shortstop Derek Jeter was honored for his exemplary career on Sunday.

New York Yankees shortstop Derek Jeter was honored for his exemplary career on Sunday.

By Charles Glover, Jr.

Sunday, September 7 was a busy sports day with the majority of the NFL regular season opening games, the women’s U.S. Open, and the WNBA Finals beginning. It was also Derek Jeter Day in the Bronx, with the New York Yankees hosting the Kansas City Royals in the closing weeks of the MLB regular season.

Jeter was surrounded by several big names in sports as he was honored on Sunday

Jeter was surrounded by several big names in sports as he was honored on Sunday

Jeter’s star-studded ceremony featured MLB Hall of Famers Cal Ripken, Jr., Dave Winfield, and Joe Torre. Some of Jeter’s former Yankees teammates that were present were Jorge Posada, Hideki Matsui, David Cone, Bernie Williams, and Mariano Rivera. Torre shared, “Somebody asked me to use one word to describe him, I said trustworthy.”

Jeter has been a fan favorite since he was called up to join the team in 1995.

Jeter has been a fan favorite since he was called up to join the team in 1995.

Jeter’s current teammates surprised him by not joining him on the field at the beginning of the game, allowing the Yankees Captain to have one last chance to be cheered by the fans before the game began. Jeter said of the gesture by his teammates, “My first thought was that I had run out there too early. I appreciate my teammates doing that for me.”

Michael Jordan applauded Jeter on a wonderful career.

Michael Jordan applauded Jeter on a wonderful career.

Perhaps the biggest star to attend the ceremony celebrating the captain was NBA Hall of Famer and Charlotte Hornets owner Michael Jordan, who has been friends with the shortstop since they met in 1994. Jeter is also signed to Jordan’s brand. In his remarks about Jeter, Jordan said:

“Winning thrives on great leadership and he’s a great leader. Being in the city of New York where one little hiccup can basically fry your personality or your persona and this kid has done everything the right way.”

Derek Jeter pictured with his mother Dorothy (l), sister Sharlee (c) and father Charles (r).

Derek Jeter pictured with his mother Dorothy (l), sister Sharlee (c) and father Charles (r).

Among the gifts presented to Jeter during the ceremony were:
– A proclamation from New York City Mayor Bill de Blasio that Sunday Sept. 7, 2014 is Derek Jeter Day
– A Mettler G5 clinical massage therapy machine
– A framed and matted piece with patches from the 14 appearances Derek Jeter made to the All-Star game
– A 10-day trip to Tuscany
– A check for $222,222.22 for his Turn 2 Foundation
– A custom-made Waterford Crystal etched with Jeter’s final season logo

Jeter's Career statistics (through September 5, 2014): Batting average- .310 Hits - 3,448 Home runs - 259 Runs batted in (RBI) - 1,300 Stolen bases - 357

Jeter’s Career statistics (through September 5, 2014):
Batting average – .310
Hits – 3,448
Home runs – 259
Runs batted in (RBI) – 1,300
Stolen bases – 357

Yankees fans hope the team can overcome a rough season to send their captain off with a championship but that seems unlikely. After losing yesterday’s game to the Royals (2 – 0), the Yankees are now 9 1/2 games behind the Baltimore Orioles in the division and 4 1/2 games out of the Wildcard to make the playoffs. No matter how the season ends, Yankees fans will always celebrate their captain, Derek Jeter.-OnPointPress.net-

Charles Glover, Jr. is a sports aficionado and a management training consultant. Follow me @OpenWindowMES on Twitter.com.

Mysterious NBA coaching criteria surfaces as free agency begins

 

Jason Kidd will join his second team in his second year as a head coach. So does this technically make him an experienced coaching hire for the Bucks?
Jason Kidd will join his second team in his second year as a head coach. So does this technically make him an experienced coaching hire for the Bucks?

 By Charles Glover, Jr.

As NBA free agency begins this July 1, 2014, there are still a couple of head coaching vacancies to be filled. The Brooklyn Nets find themselves looking for a new head coach after Jason Kidd and the Milwaukee Bucks agreed to terms on June 30 as their new head coach. Meanwhile, the storied Los Angeles Lakers franchise is still without a head coach, though they may have narrowed their search to a few candidates by now. The head coaching carousel continues in the NBA while the criteria for being hired as a head coach becomes more mysterious and cloudy than ever.

The Knicks new general manager, Phil Jackson (r), felt comfortable hiring coaching novice Derek Fisher (l) because of system familiarity. Time will tell if this strategy is successful.

The Knicks’ new general manager, Phil Jackson (r), felt comfortable hiring coaching novice Derek Fisher (l) because of system familiarity. Time will tell if this strategy is successful.

A year ago, the Brooklyn Nets were questioned about their decision to hire Jason Kidd as their head coach, directly from his last moments playing in the league. A season later, the New York Knicks followed suit by hiring Derek Fisher, fresh of his final game as a player. The trend of hiring head coaches with no coaching experience did not start with Kidd, however. Just a few seasons ago, Mark Jackson transitioned successfully from announcer to head coach. However, his success was not good enough to prevent the Golden State Warriors from firing him and replacing him with Steve Kerr, another first time head coach with no prior coaching experience.

The last time Lionel Hollins was coaching he led his team to the Western Conference Finals. He is rumored to be a possible replacement for Jason Kidd in Brooklyn.

The last time Lionel Hollins coached he led his team to the Western Conference Finals and he was rewarded by being fired promptly. His success did not earn him another coaching job. He is rumored to be a possible replacement for Jason Kidd in Brooklyn.

Head coaches in the NBA appear to have very little job security and very little indication that their job is even jeopardy. The most recent example would be former Milwaukee Bucks head coach Larry Drew, who was entering year two of a three-year contract and had no idea his job was on the line just a week ago. Other examples from this season would be Maurice Cheeks formerly of the Detroit Pistons and Mike Brown formerly of the Cleveland Cavaliers, both of whom lost their jobs after a year, or less),into multi-year contracts as head coaches.

Those coaches were at the helm of teams that struggled but Lionel Hollins led the Memphis Grizzlies to the Western Conference Finals in 2013 for the first time in team history and was abruptly fired immediately afterwards. George Karl was let go by the Denver Nuggets in 2013 after he won NBA Coach of the Year that season.

Phoenix Suns head coach was runner-up to Gregg Popovich for NBA Coach of the Year in 2014.

Phoenix Suns Head Coach Jeff Hornacek was runner-up to Gregg Popovich for NBA Coach of the Year in 2014.

Ironically, the past typical trend of hiring coaches who have previous coaching experience was successful template for several teams last season. The Phoenix Suns hired Jeff Hornacek last season after he had been an assistant coach in the NBA for a few years, and saw their team win 48 games and greatly improve from the season before. The Charlotte Hornets hired Steve Clifford, who had also been an assistant head coach for years in the NBA, and were pleased with the resulting 43 wins and 7th seed in the playoffs. The Toronto Raptors had success for the first time in many years under Dwayne Casey, who had former NBA head coaching experience. The Portland Trailblazers were another team that saw a nice turnaround with a head coach, Terry Stotts, who had previous experience as an assistant coach in the NBA.

Patrick Ewing has been an assistant coach in the NBA since 2002 and has made his desires to be a head coach clear.

Patrick Ewing has been an assistant coach in the NBA since 2002 and has made his desires to be a head coach clear, yet he is overlooked every time that a head coaching job becomes available.

Teams have the right to make the changes they feel are necessary to improve their team, but it seems there is little merit behind this trend of unproven coaches gaining such prominent positions without prior experience. Several teams have long-time assistant coaches, like Robert Pack, Sam Cassell, and Patrick Ewing to name a few, that are worthy candidates and fit the mold of previous successful head coaches.

Gregg Popovich (l) and Eric Spoelstra (r) have been in the last two NBA Finals and have won multiple championships. Maybe their coaching background should be the standard.

Gregg Popovich (l) and Eric Spoelstra (r) have been in the last two NBA Finals and have won multiple championships. Maybe their coaching background should be the standard.

The teams that win championships do not hire coaches who do not have any coaching experience. The San Antonio Spurs’ head coach, Gregg Popovich, has been coaching since 1973. Eric Spoelstra was an assistant coach with the Miami Heat from 1997. Former coaching legend Phil Jackson was a coach for five years in the Continental Basketball Association (CBA) before joining the Chicago Bulls.

It seems that NBA franchises are trying to find out the hard way that there are no shortcuts to success and that the coaches who win championships have one major requirement on their resumes: solid experience, not flash.–OnPointPress.net–

Charles Glover Jr. is a sports aficionado and a management training consultant. Follow me @OpenWindowMES on Twitter.com.

3 Players to watch for in the 2014 NBA Draft

This year's draft class features highly touted freshmen  (l - r)  Jabari Parker, Joel Embid, Andrew Wiggins, and Julius Randle.

This year’s NBA draft class features highly-touted freshmen (l – r) Jabari Parker, Joel Embid, Andrew Wiggins, and Julius Randle.

By Charles Glover, Jr.

On Thursday June 26, 2014, the National Basketball Association (NBA) will hold its annual draft and as usual there is intrigue surrounding the top pick. Even with top prospect Joel Embiid’s foot injury and subsequent surgery, there is great anticipation for the landing spots of other top prospects like Andrew Wiggins, Jabari Parker, and Julius Randle.

The Philadelphia 76ers would  use their second 1st round draft pick to take Michael Carter-Williams 11th overall in 2013. Carter-Williams would win NBA Rookie of the Year this past season.

The Philadelphia 76ers used their second 1st round draft pick to take Michael Carter-Williams 11th overall in 2013. Carter-Williams won NBA Rookie of the Year this past season.

However, there are always players that receive less attention heading into the draft and end up becoming valuable players. This past year’s NBA Rookie of the Year winner, Michael Carter-Williams, was drafted 11th overall by the Philadelphia 76ers. Two years ago Damian Lillard won NBA Rookie of the Year after being drafted 6th overall by the Portland Trailblazers. Additionally, this year’s NBA Finals MVP, Kawhi Leonard, was drafted 15th overall in the 2011 draft by the Indiana Pacers (and traded on draft day to the San Antonio Spurs).

Current NBA Finals MVP Kawhi Leonard was drafted 15th overall in 2011 by the Pacers and traded to the San Antonio Spurs that evening.

Current NBA Finals MVP Kawhi Leonard was drafted 15th overall in 2011 by the Pacers and traded to the San Antonio Spurs that evening.

This year there are three players that are a bit under the radar, but can make a significant impact in the near future if they go to the right team that provides the best situation.

Former UCLA guard Zach Lavine has the skill set to be a valuable starter for years to come.

Former UCLA guard Zach Lavine has the skill set to be a valuable starter for years to come.

Zach Lavine (Guard) UCLA: Lavine is expected to be drafted somewhere in the middle of the first round but has top of the first round talent. The 19-year-old 6’6″ guard has dynamic athleticism as illustrated by his 41.5″ vertical jump at the NBA combine. Additionally, Lavine is a combo guard with good ball-handling skills and shooting ability. His inconsistent performance in his only season in college has scouts unsure of how he will translate to the next level. The best fit for him would be the Charlotte Hornets as the 9th pick. His offensive skills, defensive ability, and athleticism would blend excellently with a Hornets team that needs to improve its perimeter play.

Former Michigan State forward Adreian Payne will look to translate his offensive ability to a lottery draft pick selection.

Former Michigan State forward Adreian Payne will look to translate his offensive ability to a lottery draft pick selection.

Adreian Payne (Foward/Center) Michigan State: Payne is expected to be drafted towards the end of the lottery and there are 14 lottery picks. The 23-year-old senior is ready to contribute right away and sports an impressive 7’4″ wingspan on his 6’10” frame. He is an excellent shooter, making 42 percent of his three-point attempts his senior year in college. He needs to improve on defense but can immediately help a team that can use frontcourt scoring. An ideal fit would be the Denver Nuggets with the 11th overall pick. Their team suffered numerous injuries last season and could be ready to turn things around quickly with a healthy roster and talented draft pick or two.

Former Wichita State forward showcased an offensive repertoire that many NBA teams can use this upcoming season.

Former Wichita State forward showcased an offensive repertoire that many NBA teams can use this upcoming season.

Cleanthony Early (Small Forward) Wichita State: Early is expected to be drafted towards the end of the first round. The 23-year- old senior gained notoriety with his fantastic play during the NCAA tournament this year. At 6’8″ Early has good size for his position and has demonstrated an ability to create his own shot while also being able to shoot from the perimeter. He has to show improvement on the defensive side but he will be a great addition for a playoff team looking to add bench scoring immediately. The ideal place for Early would be 21at overall, going to the Oklahoma City Thunder. The Thunder have struggled to get consistent scoring from players not named Durant or Westbrook. The team can remain in position to contend for a championship next season with the addition of player like Early who can make an impact right away.–OnPointPress.net–

Charles Glover Jr. is a sports aficionado and a management training consultant. Follow me @OpenWindowMES on Twitter.com.