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.
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.
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.
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, 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.
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.
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 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.
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.
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.
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.
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.