There have reportedly been many professional athletes who have been broke during their careers or shortly after their career ends and their spending habits are no longer supported by a seven figure salary. This might have been due to bad investments, spending frivolously and supporting their friends/followers in an attempt to remain loyal. Most of the time, athletes will get carried away by the enormous amount of money coming from basketball contracts. They don’t know how to manage the money and thus, end up being broke. Of course, facing bankruptcy is never easy for anyone, let alone an athlete who has seen many good financial times throughout their careers. Many professional athletes experience success by pursuing business ventures. Some will choose a business franchise while others are more innovative and will start a business from scratch. While not a lot of athletes have been successful in business due to not knowing how to handle their money, there are others who have done an excellent job. In fact, some have grown their business into huge brands while still playing basketball. These players are usually the ones who experience success even after their careers have ended.
Players like Allen Iverson lived the fast life, squandered his money and ended up flat broke, even though, he was such a talented player. No one wants to experience such dilemma. It is great to see players who use their money wisely, getting into business so that when the basketball contract ends, they can still maintain a wealthy lifestyle that they have gotten accustomed to. Many athletes are indirectly involved in their business. They will start the business, but have other people run it. This is quite normal for any business owner. For example, Tony Hawk, the skateboarder made an investment in a restaurant that is operated by James Beard Foundation. Vince Young is more hands-on. He has a steakhouse located in Austin, Texas. He even provides his brand of smoked meat to local grocery stores. There are other successful athletes who have turned into business moguls while playing or after playing professionally. Let’s take a look.
15 Rick Mirer – Mirror Wine Company
14 Maria Sharapova – Sugarpova
13 Vince Young – Steakhouse
12 Brad Pyatt – MusclePharm Corp.
Brad Pyatt never amounted to much an a NFL player, bouncing around from Indianapolis Colts, Miami Dolphins, St. Louis Rams and Pittsburgh Steelers. While he was around the NFL block for four years of his career, he suffered quite a few injuries, which led him out of the game.
11 Eddie George – EDGE Group
10 Greg Norman – Australian Grille
9 Venus Williams – V Starr Interiors
8 Cal Ripken, Jr. – Baseball Affiliate Manager
7 David Beckham – David Beckham Fragrance Line
6 Kobe Bryant – Sneaker Line
5 LeBron James – LRMR Marketing Agency
4 Tony Hawk – founder of Birdhouse Skateboards
3 John Elway – Restaurateur and Car Dealership
2 Michael Jordan – Shoe line and Owner of the Charlotte Hornets
1 Magic Johnson - Entrepreneur
We all know what a special player Magic Johnson was, but credit should also be given for the same accolades as an entrepreneur. Magic Johnson is a busy man. He is always coming up with new business ideas. He currently boasts part ownership for the Los Angeles Dodgers. He owns Magic Johnson Enterprises, which has an estimated worth of more than $700 million with involvement in franchises such as Burger King, Starbucks, T.G.I. Friday’s and 24 Hour Fitness, just to name a few. He is also a part of the Detroit Venture Partners that help fund potential business ventures for people.
Leave A Comment
Looking for an AD FREE EXPERIENCE on TheSportster?Get Your Free Access Now!