How Athletes Manage Diverse Business Interests: A VIP+ Special Report
variety.comAndrew Wallenstein President and Chief Media Analyst In the world of professional sports, it’s common to hear about star athletes building a winning team around themselves.
However, it’s important to note they may not be referring to the team they work with on a daily basis. Today, the scrutiny on how athletes spend their time and money is higher than ever, and it’s possible that the cadre they’re referring to is actually a group of advisers who help them invest their tens of millions of dollars in various ventures and opportunities.
This type of financial management requires a level of expertise even the most gifted players lack. They have spent most of their lives laser focused on perfecting their craft, and suddenly they need to summon the prowess needed to manage millions of dollars so it lasts into their lifetime.
That would be challenging even for CEOs of Fortune 500 companies, but if young athletes don’t take steps to properly safeguard and steer their earnings, the risks to their largesse can be considerable.
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