“How and Why Athletes Go Broke”
Name:____________________
Sports Illustrated article written by Pablo S. Torre
1.
Who is Rocket Ismail and how much money did he sign for with the Toronto Argonauts?
2.
Name the three biggest and most profitable professional sports leagues.
3.
By the time they have retired for two years, _______% of former NFL players have gone
bankrupt or are under financial stress because of joblessness or divorce.
4.
Within five years of retirement, an estimated _______% of NBA players are broke.
5.
According to Michael Seymour, the founder of the Philadelphia-based UNI Private Wealth
Strategies, why do athletes struggle with money later in life?
6.
Name three poor business decisions Rocket Ismail has made in his life.
7.
Industry experts estimate that only _____ in ______ of the highest caliber private investment
deals work out.
8.
Name four business ideas that seem to attract athletes’ money due to the thrill of the idea.
9.
T or F Disreputable people see athletes’ money as very difficult to obtain.
10. Torii Hunter once invested money into a company associated with furniture. Please explain the
business idea, how much money Mr. Hunter invested, and what happened to his investment.
11. Please provide a short description of how each of the following athletes lost their money.
Brooks Robinson –
John Unitas –
Rollie Fingers –
Kareem Abdul Jabbar –
Tony Gwynn -
12. The closest analogue to a pro athlete isn’t a white-collar executive. It’s a ______________ –
often in his early twenties.
13. How specifically did Magic Johnson build his business empire? What businesses did he choose
to own?
14. T or F The global recession has had little effect on the outcome of many athletes’ business
ventures.
15. Approximately how many championship rings have been sold to the online retailer
championship- rings?
16. Magic Johnson refuses to work with athletes who choose to work with ________ and ________.
17. According to the NFL Players Association, at least _______ players lost a total of more than
________ $42 million between 1999 and 2002 because they trusted money to financial advisors
with questionable backgrounds.
18. T or F Athletes need to be just as cautious with their money in regards to professional advisors
as they do with trusting friends and family members with their money.
19. According to Panthers owner Jerry Richardson, the most dangerous thing that can happen to an
NFL player is ___________________.
20. In a survey reported by the financial-services firm Rothstein Kass, more than ________% of the
178 athletes polled said “they were concerned about being involved in unjust lawsuits and/or
divorce proceedings.”
21. “With athletes, most splits happen during __________, when the player’s peak earnings period
is long over and making a comparable living is virtually impossible.”
22. What one word can be used to explain why many athletes separate from their wives or get
divorced?
23. T or F Children often complicate the lives and finances of athletes.
24. Travis Henry, an ex-football player, and Shawn Kemp, an ex-basketball player, were discussed in
the article. Please write a few sentences about their family lives.
25. According to Richard Lapchick, director of the University of Central Florida’s DeVos Sport
Business Management program, “Often players do not know how to say ___________.”
26. T or F As soon as an athlete goes pro, people in search of handouts start to stretch the
definitions of family and friends.
27. Please provide the specific financial figures of Shaquille O’Neal. Don’t forget to point our how
much Shaquille spends each month, on child care, gas, and clothing.
28. What are the specific items that Kenny Anderson bought that led him to stating he had nothing
left of his more than $60 million dollars throughout his career.
29. Please explain what financial advisors call “the problem of the $20,000 Rolex.”
30. How much money had Scottie Pippen earned throughout his 17 year NBA career?
31. After reading the article, name five things you would advise a new professional athlete to avoid.