How(andWhy)AthletesGo

Broke
Recessionornorecession,manyNFL,NBAandMajorLeagueBaseball
playershaveapenchantforlosingmostoralloftheirmoney.Itdoesn't
matterhowmuchtheymake.Andthewaystheyblowitarestrikinglysimilar
More

Whatthehellhappenedhere?Sevenfloorsabovetheiced
overDallasNorthTollway,Raghib(Rocket)Ismailis
revisitingthequestion.It'sDecember,andIsmailissittingin
theboardroomofChapwoodInvestments,awealth
managementfirm,hiswhiteNotreDamesnowhatpulled
downtohisfurrowedbrow.
In1991Ismail,ajuniorwidereceiverfortheFightingIrish,
wasthepresumptiveNo.1pickintheNFLdraft.Insteadhe

BYPABLOS.
TORRE

signedwiththeCFL'sTorontoArgonautsforaguaranteed
$18.2millionoverfouryears,thentherichestcontractin
footballhistory.Buttoday,ataprivatesessiononfinancial
planningattendedbyeightothercurrentoronetimepro

OriginallyPosted:
March23,2009

athletes,Ismail,39,indulgesinaluxuryhedidn'tenjoyasa
youngVIP:hindsight.
"IoncehadameetingwithJ.P.Morgan,"hetellsthegroup,"anditwasliterally
likelisteningtoCharlieBrown'steacher."ThemensurroundingIsmailatthe
conferencetableincludeAngelsoutfielderToriiHunter,CowboyswideoutIsaiah
Stanbackandsixformerpros:NFLcornerbackRayMickensandfullbackJerald
Sowell(bothofwhomretiredin2006),majorleagueoutfielderBenGrieveand
NBAguardErickStrickland('05),andlinebackersWinfredTubbs('00)and
EugeneLockhart('92).Ismail('02)cacklesruefully."Iwassobusyfocusingon
footballthatthefirstyearwassuddenlyover,"hesays."I'dstartedwiththis
$4millionbasesalary,butthenIlookedatmybankstatement,andIjustwent,
Whatthe...?"
BeforeIsmailcanelaborateonhisbewildermentoverthecomplexityofthat
statementandtheamountofmoneyhehadalreadylosteightheadsare
nodding,eightfacessmilinginsympathy.Hunterchimesin,"Onceyougetinto
thefinancialstuff,anditsoundslikeJapanese,guysarejustlike,'Iain'tgoing
back.'They'relost."

AtthefrontoftheroomEdButowskyalsodoesabobbleheadnod.Stout,besuited
andsilverhaired,Butowsky,47,isamanagingpartneratChapwoodandaformer
seniorvicepresidentatMorganStanley.Hisbailiwickasamoneymanagerhas
longbeenbillionaires,hundredmillionairesandCEOsaclubthat,the
Steinbrenners'penbedamned,stilldoesn'tincludemanyathletes.Butone
afternoonsixyearsagoButowskywaschattingwithTubbs,hisneighborinthe
DallassuburbofPlano,andtheonetimeProBowlplayercasuallydescribedhow
moneyspillsthroughathletes'fingers.Tubbsexplainedhowandwhentheybegin
earningincome(ofteninschool,throughillicitpaymentsfromagents)howtheir
prosalariesareinvested(blindly)andwhenthemillionsevaporate(beforethey
knowit).
"Thedetailsweremindboggling,"recallsButowsky,whowouldlaterhireTubbsto
workinbusinessdevelopmentatChapwood."Icouldn'tbelievewhatIwas
hearing."
Whathappenstomanyathletesandtheirmoneyisindeedhardtobelieve.Inthis
monthaloneSaintsalltimeleadingrusherDeuceMcAllisterfiledforbankruptcy
protectionfortheJackson,Miss.,cardealershipheownsPanthersreceiver
MuhsinMuhammadputhismansioninCharlotteupforsaleoneBayamonth
afternewsbrokethathisentertainmentcompanywasbeingsuedbyWachovia
BankforoverduecreditcardpaymentsandpennilessformerNFLrunningback
TravisHenrywasjailedfornonpaymentofchildsupport.
Inalesspublicway,otherathletesfromthenation'sthreebiggestandmost
profitableleaguestheNBA,NFLandMajorLeagueBaseballaresufferingfrom
afinancialpandemic.Althoughsalarieshaverisensteadilyduringthelastthree
decades,reportsfromahostofsources(athletes,players'associations,agents
andfinancialadvisers)indicatethat:
Bythetimetheyhavebeenretiredfortwoyears,78%offormerNFLplayers
havegonebankruptorareunderfinancialstressbecauseofjoblessnessor
divorce.
Withinfiveyearsofretirement,anestimated60%offormerNBAplayersare
broke.
NumerousretiredMLBplayershavebeensimilarlyruined,andthecurrent
economiccrisisistakingatollonsomeactiveplayersaswell.Lastmonth10
currentandformerbigleaguersincludingoutfieldersJohnnyDamonofthe
YankeesandJacobyEllsburyoftheRedSoxandpitchersMikePelfreyofthe
MetsandScottEyreofthePhilliesdiscoveredthatatleastsomeoftheirmoney
istiedupinthe$8billionfraudallegedlyperpetratedbyTexasfinancierRobert
AllenStanford.PelfreytoldtheNewYorkPostthat99%ofhisfortuneisfrozen
Eyreadmittedlastmonththathewasbroke,andtheteamquicklyagreedto
advanceaportionofhis$2millionsalary.
TheWallStreetmeltdownisonlythelatestthreattoathletes'financialhealth.
"Athleteshaveadifferentsetofchallengesfrom,say,entertainers,"saysmoney

managerMichaelSeymour,thefounderofPhiladelphiabasedUNIPrivateWealth
Strategies."There'safarshorterpeakearningsperiod[insports]thaninany
otherprofession,andinmanycasestheylackthetimeanddesiretounderstand
andmonitortheirinvestments."
In2005Butowskybeganinvitingsportsfiguressomewelloff,somenottowhat
hecallshisfinancial"bootcamps,"elementarysessionsthatgofromdefininga
bondtoexplainingadiversifiedportfolioastheequivalentofabalancedmeal.
ThereisnochargeforthesessionsorpressuretosignupwithChapwood,
accordingtoButowsky,whocallsthisservicehis"mitzvahtosports."The
financialadviser,whohelpscounselThunderforwardKevinDurantprobono,
hopesmerelythatthesessionswillreflectwelluponChapwood.Suchgoodwillis
easytoearn:Thebarforradicallyimprovingthefinancialhabitsofproathletes,
Butowskyacknowledges,islowenoughforatoddlertotripover.
"Oh,I'veseenitall,"saysveteranagentBillDuffy,whoseclientsincludeSuns
guardSteveNashandNuggetsforwardCarmeloAnthony."Aproathlete'smoney
issupposedtooutlivehiscareer.Mostplayersnevergetthat."
Why?Wheredotheygowrong?
I.
TheLureofTheTangible
OvertheyearsRocketIsmail'sportfoliohascontainedapasselofdubious
inventionsandriskyinvestments.Aftermentioningthatheoncepouredmoney
intoareligiousmovie,thegregariousfatheroffourgoesuncharacteristicallymum
aboutthedetails."Idon'treallywanttogooverthatagony,"hesays,smiling
thinly.
IsmailplayedtwoyearsinCanadaand10intheNFL,estimatingthatheearned
$18millionto$20millioninsalaryalone.HemadeanabortiveNFLcomeback
attemptin2006,nevergettingbeyondworkoutswiththeRedskins,andthen
navigatedtherealityTVcircuit(Prosvs.Joes,TyMurray'sCelebrityBullRiding
Challenge).TodayhedoesaCowboyspostgameshowonFoxSportsNet.As
cautionarytalesgo,Ismail'scould'vebeenworse:HehashisNotreDamedegree,
andheneverfiledforbankruptcy,hadlegaltroubleorgotdivorced.Yethelost
severalmilliondollars,headmits,through"totalignorance."
Itbeganinthewinterof1991whenhesank$300,000intotheRockN'RollCaf,
athemerestaurantinNewEnglanddesignedtoridethewaveoftheHardRock
CafeandPlanetHollywoodfranchises.Oneofhisadviserspitchedtheideaas
"failproof,withnodownsides,"Ismailrecalls.Heneverrecoupedhismoneyand
hasnoideawhatbecameoftherestaurant.
Lessonlearned?Ifonly.AfterthatIsmailsquanderedafortunefundingnotonly
thatinspirationalmoviebutalsothemusiclabelCOZRecords("Theguywasa
realgoodtalker,"saysRocket)acosmeticsprocedurewherebyoxygenwas

absorbedintotheskin("Wewerenotpreparedforthesharksinthebeauty
industry")aplantocreatenationwidephonecarddispensers("WhenIwasin
college,phonecardswereabigdeal")and,recently,threeshopsdubbedIt'sin
theName,wheretouristscouldbuyframedcalligraphyofnamesorproverbsof
theirchoice("ThemainstoreopenedupinNewOrleans,butdoggoneHurricane
Katrinacametwomonthslater").Theshopsnolongerexist.
YoumightsayIsmailhadarunofterribleluck,buttheoddswerenevercloseto
beinginhisfavor.Industryexpertsestimatethatonlyonein30ofthehighest
caliberprivateinvestmentdealsworksoutasadvertised."Chronicoverallocation
intorealestateandbadprivateequityistheNumber1problem[forathletes]in
termsofafinancialmeltdown,"Butowskysays."AndI'veneverseenmorepeople
cometomeaboutraisingmoneyforthosekindsofdealsthanathletes."
Fortheriskaverseinvestor,anadvisersuchasButowskywouldsuggest
allocating5%toprivateequity,7%12%torealestate,50%65%toamixof
publicsecurities(stocks,mutualfundsandthelike)andtheresttoalternatives
suchasgoldandhedgefunds.Yetwithathletes,whoareoftenuninterestedin
eitherconservativespendingorthestockmarket,thosepercentagesare
frequentlyflipped.Securitiesareinvisible,afterall,andifyoudon'tstudythem,
they'reunintelligible.Nottomentionboring.Inventions,nightclubs,car
dealershipsandTshirtcompanieshaveanadvantage:thethrilloftangibility.
Manyplayers,consequently,arefinancialprey."Disreputablepeopleseeathletes'
moneyasveryeasytogetto,"saysStevenBaker,anagentwhorepresents20
NFLplayers.InMay2007formerquarterbacksDrewBledsoeandRickMirerand
fiveotherNFLretireesinvestedatleast$100,000apieceinanowdefunctstart
upcalledPayByTouchwhichtouted"biometricauthentication"technologythat
wouldhelpreplacecreditcardswithfingerprintsevenasthecompanywas
wrackedbylawsuitsandinternaldissent.(Theplayerslatersuedthefinancial
servicesfirmUBS,whichhadencourageditsclientstoinvestinPayByTouch,for
allegedlywithholdinginformationaboutthecompanyfounder'scriminalhistory
anddruguse.)
Aboutfiveyearsago,Huntersays,heinvestedalmost$70,000inaninvention:an
inflatableraftthatwouldsitunderfurniture.Thepitchwasthatwhenhighrainfall
areaswereflooded,consumerscouldpumpupthedevice,allowingasofatofloat
andremaindry."TheguyIinvestedwithcamebackandwantedmetoputin
more,about$500,000,"Huntersays."ThenImet[Butowsky],whojustsaid,Hell
no!Iwoundupneverseeingthatguyoranyofmymoneyagain."
Hunter,whoinNovember2007signedafiveyear,$90millioncontract,hasbeen
abletoabsorbtheloss.Butinnumerableotherathleteshavenotbeensolucky.
Former(andperhapsfuture)NFLquarterbackMichaelVickfiledforChapter11
bankruptcylastJulyandrecentlyputhismansioninsuburbanAtlantaonthe
market.That'spartlybecauseheisunabletorepayabout$6millioninbankloans
thatheputtowardacarrentalfranchiseinIndiana,realestateinCanadaanda
wineshopinGeorgia."It'salwayssopredictable,"Butowskysays."Everyone
wantstobethenextMagicJohnson."

ButJohnsonistherare,luminousexceptionoftangibilitygoneright.In1994he
startedachainofinnercitymovietheatersanddiligentlybuiltabusinessempire.
TodayMagicJohnsonEnterprisesincludespartnershipswithStarbucks,24Hour
Fitness,AetnaandBestBuy,anditscapitalmanagementdivisionhasinvested
overabilliondollarsinurbancommunities.
Therule,unfortunately,isamogulmanqulikeMcAllister.Accordingtoacivilsuit
filedonFeb.20byNissan,therunningbackowesthecarcompanymorethan
$6.6millionplusalmost$300,000ininterestonhiscardealership.Or
Muhammad,whoseClevelandmusiccompany,BayloEntertainment,isbeing
suedbyWachoviaforallegedlyfailingtopayback$24,603.24onaVisaBusiness
Rewardscreditcard.Muhammad's8,200squarefootlakesideestate,which
boastsacustomspaandthe"largestresidentialaquariumintheSoutheast,"can
nowbehadoneBayfor$1.95million,$800,000lessthanheinitiallyaskedfor.
"Withoutquestion,thisrecessionisincreasingthevelocityofwhat'stakingplace
withathletes,"Butowskysays."They'resufferingtremendously."RetiredNBA
forwardVinBaker'sseafoodrestaurantinOldSaybrook,Conn.,wasforeclosed
oninFebruary2008duetonearly$900,000inunpaidloans.(Ithassince
reopenedwithhelpfromananonymousinvestor.)Andformermajorleague
infielderJuniorSpivey'sportfolioofrealestatehaslatelyassumedtheformofa
sinkhole."I'mtakingahugehit,"saysSpivey,whohasbeenbuyinghomestosell
andrentsince2001.(Hewon'tsayhowmanypropertiesheowns.)"It'svery
tough,especiallyforsomeonelikemewho'snotplaying."
Thentherearetheunnamedathletesandteampersonnelwhopawned400title
ringstotheonlineresellerchampionshiprings.netoverthepastthreemonths,a
spikeofabout33%fromthesameperiodlastyear.(A2008GiantsSuperBowl
ringwasamongthem.)"It'smostlyyoungerplayerswho'vebeenselling,"says
TimRobins,thesite'sowner."It'stheeconomy.Sellingtheseitemsisalways
embarrassing,alastresort."
II.
MisplacedTrust
Salaryaside,theclosestanaloguetoaproathleteisnotawhitecollarexecutive.
It'salotterywinnerwho'softeninhisearlytwenties."Withathletes,there'san
extraordinarymetamorphosisoffinancialchallenge,"saysagentLeighSteinberg,
whohasrepresentedtheNFL'sNo.1pickarecordeighttimes."Comingoff
collegescholarships,theyprobablyhaven'tevenlearnedthebasicsofbudgeting
orkeepingreceipts."Whichthentriggerstwofatalmistakes:hiringthewrong
peopleasadvisers,andtrustingthemfartoomuch.
"That'sthekiller,"MagicJohnsonsays.Johnsonstartedoutbyadmittingheknew
nothingaboutbusinessandseekingcounselfromthepowerbrokerswhosat
courtsideattheoldL.A.Forum,mensuchasHollywoodagentMichaelOvitzand
SonyPicturesCEOPeterGuber.Now,Johnsonsays,hegetscallsfromstar
players"everyday"AlexRodriguez,ShaquilleO'Neal,DwyaneWade,Plaxico

Burressandcutsthemshortiftheyproposerelyingonfriendsandfamily."It
won'tevenbeaconversation,"saysJohnson."Theyhirethesepeoplenot
becauseofexpertisebutbecausethey'refriends.Well,they'llfail."
SaysHunter,"They'llsay,'Igotthisguy,acousinwho'sanaccountant.'Buthe's
usuallyanaccountantinthe'hood.Youhirehim,you'redoinghimafavor."
Stricklandrealizedthatalltoolate.In2001,whena"friendofaclosefriend"of
thenineyearNBAvetproposedarealestatedealinGeorgia,Stricklandturnedto
hisbusinessmanager:hisdad,Matthew,aretiredlieutenantcolonelintheAir
Force.Thepaperworkontheplotofland,whichwasonsalefor$1.8millionbut
supposedlyhadbeenappraisedatasmuchas$3million,appearedlegitimate,
andStricklandboughtit."ItrustedmyfathertohelplookitoverformebecauseI
washoopinganddidn'thavetime,"Ericksays."Hecheckeditout.Buthedidn't
gothatextralength."
Thelandwasn'tworthanythingclosetowhatStricklandwastold."Ihadtotake
thathit,"hesays."Iwishmydadhadn'tbeenputinthatposition.Hejustdidn't
havetheknowledge."Asforhisclosefriend?Stricklandsaysthemansecretlygot
acutofthedeal,andtheconflictcausedapermanent"fallingout"betweenthem.
Relativesarenottheonlyonesfoolishlytrustedwithathletes'money.Oneup
andcomingguardintheNBAallowshisentirefortunetobemanagedbyhis
formerAAUcoach,whohastheplayer'spowerofattorney.Inameetingwith
ButowskyinDecember,theguard'sdadadmittedthathehasnoideawhothe
son'saccountantisandsaidhewantedafinancial"intervention."
TheNBAplayer'signoranceofhisownaffairsisnotunique.AccordingtoBob
Young,themanagingdirectorofApexWealthManagementinDoylestown,Pa.,
"You'llsaytoaplayer,'Howareyoudoing?'Alotofthetimethey'llrespond,'I
havenoidea.'Allthebillsarepaidbysomeoneelse,andnoneofthestatements
goto[theathlete]."
Infact,accordingtotheNFLPlayersAssociation,atleast78playerslostatotalof
morethan$42millionbetween1999and2002becausetheytrustedmoneyto
financialadviserswithquestionablebackgrounds.Inthisrogues'galleryRobert
AllenStanfordlooksalmostpresidentialandshowsthatevenwhenathletestrust
financiersofhighrepute,thingscangodisastrouslywrong.Thedubiousadvisers
includedLuigiDiFonzoaformerfelonwhoclaimedhewasanItaliancountand
defraudedplayerssuchasHallofFamerunningbackEricDickersonbefore
committingsuicideinAugust2000anddisgracedagentWilliam(Tank)Black,
whobuiltapyramidschemethattookatotalofabout$15millionfromatleasta
dozenplayers,includingPatriotsrunningbackFredTaylor.
JustlastMay,AtlantahedgefundmanagerKirkWrightwasconvictedon47
countsoffraudandmoneylaunderinginaschemeinvolvingmorethan
$150million.HisclientlistincludedatleasteightNFLplayersformersafeties
BlaineBishop(wholost$4million,accordingtocourtdocuments)andSteve
Atwater(wholost$2.7million)hadrecruitedformerBroncosstarsTerrellDavis

andRodSmithtoWright'sfirm,unwittinglymakingthemvictimstoo.Soonafter
hisconvictionWrightcommittedsuicideinprison.
InOctober,Atwaterhimselfreceivedaninvestmentpitchfromafellowathlete.
FormerquarterbackJeffBlakesent102otherretiredplayersanemailonbehalf
ofTritonFinancial,aninvestmentfirminAustin,whose"athleteservices"
departmentBlakedirectsalongwiththreeotherexQBs:ChrisWeinkeandthe
brothersDetmer,TyandKoy.Intheemail,acopyofwhichwasobtainedbySI,
Blakeclaimedwithoutcaveatthat"Tritonisaveraging32%annualizedreturnon
itsinvestmentswithinthepastfiveyears."
TritonisanofficialpartneroftheHeismanTrophyTrustandthesponsorofthe
TritonFinancialClassic,aPGAseniortourevent.ItsCEO,KurtBarton,toldSI
thatthefirmmanages"about$300million"inassets,andheclaimedthatTriton
registeredwiththeSEC(asisrequiredbylawofinvestmentadviserfirmswithat
least$25millioninassetsundermanagement)"roughlysixmonthsago,around
October."ButtheTexasStateSecuritiesBoardandTritonchiefcompliance
officerDavidTuckfieldsaidthatthecompanyhasnot,infact,doneso."Right
now,we'reonlyregisteredwithTexas,"Tuckfieldsaid."Butwe'repassingthe
[assets]threshold,andwe'reconfidentthatwe'llneedtofilethisyear."
SaysPaulCohen,arealestateinvestorwhoownspropertiesinAustin,"Inthis
economy,especiallyinrealestate,anythingyouboughtinthelasttwoyearsis
deeplyunderwater.Iguesswhat[Tritonis]sayingcouldhappen.Butthenagain,I
couldtargetthemoonwithmyrifleandshoot,butIain'tgonnahitit."(Bartondid
notdisputetheemail's32%figure,butheandTuckfieldadmittedtoSIthatBlake
shouldnothavesentitout.BartonalsoconcededthatTritonwas"notsupposed
topublishspecificnumbersaboutpastperformance"withoutsignificant
disclaimers,includingadisclosureofwhatthecompanyhadinvestedin.)
Onamuchsmallerscale,ToriiHunterandAstrospitcherLaTroyHawkinsrecall
thestoryofaformermajorleaguerfromtheDominicanRepublicwhoseadviser
tookcareofallhisfinancialmatters.Onedaytheplayer'smailcametothe
clubhouseandHunterplayfullyaskedtoseeit."Itturnsouthewaspayingthis
guy$5,000amonthoninsurancefortwocarsintheDominicanRepublic,"Hunter
says."Igotthreecars,andIonlypay$250amonth.He'dbeenwithandtrusted
thisguy[foralmost18years]!"
Adviserswarnthatsuchoverchargingisthemostcommonformoffinancial
bloodlettingforathletes."It'sbasicallylargescaleshoplifting,"Butowskysays.
"Athletesdon'tknowindustrystandards,sovirtuallyeveryoneofthemisbeing
robbed."Brokerswillencouragethemtobuybondswithlongermaturities
becausethecommissionsonthemareoftenlarger.Orthey'lloverchargeon
portfolios2%or3%insteadofthecustomary1%.
Afewyearsago,Butowskyrecalls,hemetwithaformerhighroundNFLpick
whoseadviser,alsoaformerplayer,saidthathecouldn'trevealhowmuchhe
waschargingtomanagetheathlete'staxexemptmunicipalbonds"becauseof
thePatriotAct."AccordingtoButowsky,hewastaking$146,000everyyear.

III.
FamilyMatters
In1996,whenPanthersownerJerryRichardsonaformerNFLflankerturned
businessmanaddressedhisplayers,oneofthemasked,What'sthemost
dangerousthingthatcouldhappentousfinancially?"Withoutblinkinganeye,"
Ismailrecalls,"Mr.Richardsonsaid,'Divorce.'"
Playerstodaywouldnotdisagree.Inasurveyreportedbythefinancialservices
firmRothsteinKassinDecember,morethan80%ofthe178athletespolledeach
withaminimumnetworthof$5millionandtwothirdsundertheageof30said
theywere"concernedaboutbeinginvolvedinunjustlawsuitsand/ordivorce
proceedings."Bycommonestimatesamongathletesandagents,thedivorcerate
forproathletesrangesfrom60%to80%.
Indivorceproceedings,ofcourse,husbandsroutinelylosehalfoftheirnetworth.
Butforathletesthereisanaggravatingfactor:whenthedivorcehappens.Most
splitsoccurinretirement,whentheplayer'speakearningsperiodislongoverand
makingacomparablelivingisvirtuallyimpossible.Suchtimingisnoaccident.
"There'sthishugelifestylechange,"saysformerNBAcenterMarkWest,a
licensedstockbrokerwhoisnowtheSuns'vicepresidentofplayerprograms.
"Youandyourwifearesuddenlyalwaysathome,buggingeachother.Before,
you'dalwayssay,'Igottagotopractice.'Nowyoudon'thavetopractice.You
havetofinishconversations."
Whichofteninvolveanincendiarysubject:infidelity."Afriendofmineisafootball
player,andIaskedhimwhyhecheatedonhiswife,"saysAnitaHawkins,
LaTroy'swifeof11years."Hejustsaid,'Iloveherdearly,butIfeellikeIgot
marriedtooearlyanddidn'tgettodowhatIwantedtodowhenIwasyoung.'"
Givenallthepressuresonaproathlete'smarriage,onesafetyvalvemightbethe
prenuptialagreementsomething"verystrongly"recommendedbyagentDavid
Falk,whosurgedtoprominencerepresentingMichaelJordan(whodidnothave
one)."Thepercentageofprenupsamongstathletesisappreciablylower
comparedwithnonathletesatthesameeconomiclevel,"sayscelebritydivorce
lawyerRaoulFelder,whohasrepresentedtheexwivesofPatrickEwing,Jason
KiddandMikeTyson.
In1994,whenNBAcenterDikembeMutombowasengagedtoMichelleRoberts,a
medstudent,Robertsrefusedtosignapremaritalcontractthedaybeforethe
wedding.FivehundredguestsincludingalargepartyfromMutombo'snative
DemocraticRepublicofCongohadbegunflyingintoWashington."[Roberts]
neversigned,"Falksays,"andMutombonevermarriedthegirl."Callingoffthe
nuptialsreportedlycosthim$250,000.
It'snocoincidencethatthewomanaproathleteoftenchoosestomarryand
oftenatayoungageishishometownsweetheart.Forthatreasonhecan't
envisionaruinousdivorce."Thatwashowyoucouldtellifshereallylikedyou,if

sheknewyoubeforeyoumadeit,"saysWest.Butwhenaplayerdoesmakeit?
"Thequestion[fortheathlete]becomes,WhenyougetoffthefarmandseeParis,
sotospeak,canyoureallygobacktothefarm?"
Childrenalmostalwayscomplicatetheissue.Howtolimitpaternityobligationsis
achallengeforproathletes.FormerNBAforwardShawnKemp(whohasatleast
sevenchildrenbysixwomen)and,morerecently,TravisHenry(ninebynine)
haveseentheirfortunessappedbymonthlychildsupportpaymentsinthetensof
thousandsofdollars.LastmonthHenry,whoreportedlyearnedalmost$11million
oversevenyearsintheNFL,triedandfailedtotemporarilyreduceoneofhisnine
childsupportpaymentsbyarguingthathecouldnolongeraffordthe$3,000every
month.Twoweekslaterhewasjailedforfalling$16,600behindinpaymentsfor
hischildinFrostproof,Fla.
Anaversiontofamilyplanninggoeshandinhandwithneglectofotherformsof
financialforesight,whichcanaffectwhathappenstoathletes'fortunesevenafter
theydie.HallofFamelinebackerDerrickThomas,whodiedat33followinga
January2000carcrash,hadignoredtheurgingofhisfinancialadvisertomakea
will,andhisentireestatewasleftforthecourttodivide,touchingoffalegalbattle
amongthefivemothersofhissevenchildren.(Oftheestimated$30million
ThomashadearnedintheNFL,hehadonly$1.16millioninvaluedassetsatthe
timeofhisdeath.)
"Derrickdidn'tcareaboutmeetingwithhisplanner,andwetriedtosethimupto
doit10times,"saysSteinberg,whowashisagent."Thesadtruthisthatthere
wasacertaingroupofathleteswhoactuallybelievedthatiftheyeversatdownto
writetheirwills,theyweregoingtodie."
IV.
GreatExpectations
Thethorniestquestionforaproathlete,however,isn'thowhehandleshimself
andthoseclosesttohim.It's"howyouhandlethenewpeoplesuddenlyemerging
inyourlife,"saysRichardLapchick,directoroftheUniversityofCentralFlorida's
DeVosSportBusinessManagementprogram."They'llbeexpectinghelpormoney
orjobs.Oftenplayersdon'tknowhowtosayno."
It'sallpartofthatossifiednotionofhowaproathleteshouldliveandprovidefor
thosearoundhim.Ifheisn'tconsumingconspicuously,thenhehasn'tmadeit.
"WhenIwasayoungbuck,"saysHawkins,"Iwastryingtospendallmymoney.
NowItrytopreachtoyoungguysintheclubhousewhoarelikethat.I'vegotall
thisstufffrom10yearsagojewelry,rimsthatIthink,WhythefdidIevenbuy
this?"
TwoyearsagoRocketsforwardRonArtesthadasimilarchangeofheart.He
dismissedsixfriendswhowereinvolvedwithhisrecordlabelanddoingoddjobs
forhimwhiletheylivedinahousehewasleasingfor$30,000ayear.This
entourage's"levelofhelpfulness,"saidArtest'spublicist,HeidiBuech,"was

50percent."(ThehousetheyoccupiedhadalsobeenbrokenintowhileArtest
wasabroad.)
Assoonasanathletegoespro,peopleinsearchofhandoutstendtostretchthe
definitionsoffamilyandfriends.WhenHunterwenttohishometownofPineBluff,
Ark.,forhisgrandmother'sfunerallastAugust,hefoundOldSt.JamesBaptist
Churchpacked,thelineofcarsoutsidestretchingforblocks."Butmygrandma
didn'tknowanybody,"Huntersays."Shejustlivedathome."Whenhestepped
outsidethechurch,people"camerunning,alldressedup,chasingafterme,"
Huntersays."TheywerethrowingCDs,projects,letters....Theywereyelling,
Mysister'sbrotherwenttoschoolwithyou!"
Adifferentbutequallypotentpressureoperatesintheworkplacetheclubhouse,
thelockerroomandtheteamplane."Forrookies,it'slikeanunspokeninitiation,"
saysStrickland."You'retryingtogetingoodwiththeveterans,soyougobeyond
yourmeans.Youdrivethenicecar,splurgeonahouse."
Theveteransdon'tmindgivingexplicitinstructions."Igotrippedmyfirstthree
yearsintheNFL,everyday,"saysTubbs."Igotonplaneswithacassetteplayer,
and[ateammate]wouldtellme,'TheymakeCDplayers.You'reintheNFLnow.'"
PerhapstheupperlimitonspendingwassetbythefamouslyprofligateShaquille
O'Neal,whoaccordingtoadocumentobtainedbythePalmBeachPostduring
O'Neal'scanceleddivorcefilinginJanuary2008spendsatotalof$875,015each
month,including$26,500forchildcare,$24,300forgasand$17,220forclothing.
ButO'Neal,whoalsohasbeenknowntofundcharitiesanonymouslyandcover
medicalbillsforcompletestrangers,hasthewherewithaltoremainsolvent.
Imitatorshavebeenlessfortunate.WhenformerNBAguardKennyAndersonfiled
forbankruptcyinOctober2005,hedetailedhowtheestimated$60millionhe
earnedintheleaguehaddwindledtonothing.Heboughteightcarsandrangup
monthlyexpensesof$41,000,includingoutlaysforchildsupport,hismother's
mortgageandhisownfivebedroomhouseinBeverlyHills,Calif.nottomention
$10,000inwhathedubbed"hangingoutmoney."Healsoregularlyhandedout
$3,000to$5,000tofriendsandrelatives.(AlongwithIsmail,heenlistedasbotha
SlamballcoachandaProsvs.Joesparticipantlastyear.)Formerbigleague
sluggerJackClarkfiledforbankruptcyinJuly1992whilestillplaying,listingdebts
of$6.7millionandownershipof18cars17ofwhichstillhadoutstanding
payments.
Financialadvisershavecometocallit"theproblemofthe$20,000Rolex."Ifa
22yearoldspends$20,000onawatchoronabignightoutatanightclub,that
moneyiseitherdepreciatingorgone."Butiftheyinvestedinafivepercent,
TripleAinsured,taxfreemunicipalbondforaperiodof30years,"money
managerSeymoursays,"that$20,000wouldbeworth$86,000atthattaxfree
rateofreturn.Andneedlesstosay,theybuymorethanone$20,000Rolex."
FouryearsagofutureNBAHallofFamerScottiePippenunsuccessfullysuedhis
formerlawfirmforallegedlylosing$27millionofhismoneythroughpoor

investments.(Hehadearnedabout$110millioninsalaryaloneovera17year
career.)InFebruary2007aroundthesametimeasPippen'sfailedNBA
comebackattempttheMissouriCourtofAppealsupheldarulingthattheplayer
owedU.S.Bankmorethan$5millioninprincipal,interestandattorneys'fees
fromadisputeregardingaGrummanGulfstreamIIcorporatejetthathe'd
purchasedin2001.
Inanerainwhichbanksarelambastedforusingtaxpayers'moneytoflytheir
executivesonluxuryprivateplanes,it'sasmartbetforplayersnottousetheir
owncashtodothesame."Inthiseconomy,especially,thegoalshouldn'tbe
livingthatkindoflifestyleortryingtogetricher,"saysWest."Itneedstobeabout
tryingtomaintainthewealth."
Sometimes,though,ajockjustcan'tshakethetemptationtotrytohitthejackpot.
Butowskybelievesthat"there'ssomethinginanathlete'smentality"thatdrives
himtoswingforthefencesfinanciallyusuallyathisownperil."Thesolutionto
theproblemis,withoutadoubt,education,"theadvisersays."Changewon't
happenuntilgrownmenstartwantingtolearn."
Oldhabitsdiehard.Despiteallhisdreadfulexperiences,andlessonsabsorbed
thehardway,notevenIsmailisdoneyet.Thistimearound,theprojectinwhich
he'sinvested$250,000isaspecialmouthguardavailableonlinefor$79.95
that'sdesignedtohelpthebody"physiologicallyperformatthehighestlevel,"he
says.Thesciencebehinditinvolvesrelievingpressureonthetemporomandibular
jointandholdingthejawinan"optimal"position.(Ismailmadetheinvestment
beforehebeganconsultingwithButowsky.)
Itmightsoundfamiliar,Rocketadmits,butthere'satleastonedistinctionbetween
thisandhisprevioussixventures:Hedidn'tembarkonitsoblindly.Heactually
usedthemouthguardduringhisplayingcareer.Hesayshe'sclosefriendswith
theguywhodesignedit.("He'smyboy.")And,perhapsmostimportant,Ismail
sawtheplandevelopfromthegroundup.
HoursafterButowsky'sbootcampinDallasisover,Rocketcalmlylaysouthis
rationale:"Youknowthatstatisticweheardabouthowonein30privateequity
investmentsworks?"Hesmilesbroadly."Well,Lordwilling,thisisgoingtobemy
one."
Somewhereheadsarenodding.