Money in sport

My previous article “Trial by media – who deserves it?” I discussed the trouble that professional sportsmen get in to – and how the media deal with it. During that article I brought up how much professional sportsman are paid for what they do. I would like to take that idea further.

In the early 1970’s the Australian Cricket Board was going through what could be described as a bumper period of time. Sell out crowds at venues across Australia, a TV audience on the ABC that would make current ratings numbers pale in to insignificant. The Cricket loving nation of Australia was in raptures with a team that included Dennis Lillee, Rod Marsh, Jeff Thompson, Doug Walters, Ian and Greg Chapell. And for all of this, the Australian Cricket Board was paying them a pittance.

At the same time Kerry Packer the owner of the Nine Network loved Cricket too, he wanted Cricket on Channel 9. He attempted to gain the TV rights for Australian Cricket from the Australian Cricket Board. The ACB wouldn’t even give him the courtesy of a return phone call. The Television Rights remained with the ABC. Kerry Packer developed the idea of World Series Cricket. Recruited players were paid the money they so rightfully deserved. And after an initial struggle the “rebel” World Series Cricket was a success and the Australian Cricket Board brokered a peace with Kerry Packer and Mr. Packer got what he wanted from the start. The TV rights for the Nine Network, the Cricketers of Australia got what they wanted from the deal – salaries that enabled them to become professional players.

Sorry for the history lesson, but I think it’s important to know how it started, in Australia at least.

At this time with thanks to “pay TV” Australian Sportsman are richer then ever before. Is this right? Morally? Ethically? I am really not one to comment on morality or ethics. But I do believe that these sportsmen do deserve a fair share of the money that TV Rights, sponsorship, merchandising and ticket sales generate.

The problem that face some young, fit, popular and some may say good looking sportsmen have been discussed in my previous article. Being bored and rich for some is a license to do silly things and create trouble that their sport doesn’t need. The other issue is that with professional sportsman their sporting career is only limited to a few short years. As a professional sportsman there is a need for them to earn enough money to ensure that they are able to continue to live a comfortable life after their sporting retirement.

I have an idea that could perhaps fix it:

I believe that its time that sports governing bodies, ie; ARU, ACB, AFL etc assisted their players with there finances. I would like to see each team in a competition to appoint a group of financial advisors that’s job is to ensure that the players that they represent not only earn what they rightfully deserve but structure their financial portfolio in such a way that when they retire from professional sport they do so with investments that will enable them to live a very comfortable lifestyle for many years to come. A 22 year old doesn’t need a $1 million dollars a year to spend as he thinks. I can see no reason why they cannot purchase a house/car and a comfortable weekly “allowance” , with the remainder looked after by a firm of financial advisors, accountants and lawyers.

Sportsmen may be very good at kicking, catching and throwing a football but not all of them have bothered to continue their education to consider what they do when it is time to hang up the boots. Some may argue that as adults they should look after their money themselves – and in some cases they would be absolutely correct. But, you just need to see the headlines of this current year to see, that for others – they need all the help they can get.

:thumrite: Absolutely, couldn't agree more! :cheers:

Less wasting money on all that stuff that they show off in magazines, creating unrealistic lifestyle expectations amongst those who aspire to live like them. Let alone the dodgy stuff that leads to the newspaper headlines.

Perhaps a bit of protection against people who take advantage of their wealth and naivety and lead them to make some of these bad decisions.

And fewer publicity-/money-grabbing escapades after they retire, if they haven't wasted all their money early!

These are average salaries from 2006. Oh how I'd love to be an AVERAGE pro golfer. They can play for 25 or 30 years. This figures don't include endorsements. Granted the average athlete doesn't get many endorsements but the top ones get millions a year above their salaries.

Basketball (NBA) -- $5,000,000
Baseball (MLB) -- $2,800,000
Football (NFL) -- $1,750,000
Hockey (NHL) -- $1,500,000
Men's Golf -- $973,495
Women's Tennis -- $345,000
Men's Tennis -- $260,000
Women's Golf -- $162,043


The big 4 sports here all give financial advice to all the players. Many of them have personal money managers and are very well off when they retire. Some don't and I say that's their problem. I don't agree that it should be mandatory. Would you want the company you work for telling you how you have to spend the money that you work so hard for? I certianly wouldn't.