Why athlete's will never have anything.......

[PV-PRIDE]

It's unreal how athlete's will trust anybody with their money....or invest in "moon rocks"......

This article is lengthy, but some of these "investment stories" (used loosely) are hilarious.....

Some of the names in this article will surprise you.....

http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm


What happens to many athletes and their money is indeed hard to believe. In this month alone Saints alltime leading rusher Deuce McAllister filed for bankruptcy protection for the Jackson, Miss., car dealership he owns; Panthers receiver Muhsin Muhammad put his mansion in Charlotte up for sale on eBay a month after news broke that his entertainment company was being sued by Wachovia Bank for overdue credit-card payments; and penniless former NFL running back Travis Henry was jailed for nonpayment of child support.

In a less public way, other athletes from the nation's three biggest and most profitable leagues—the NBA, NFL and Major League Baseball—are suffering from a financial pandemic. Although salaries have risen steadily during the last three decades, reports from a host of sources (athletes, players' associations, agents and financial advisers) indicate that:

• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

 

[players]

Well.:lol:
Ya'll can take DEUCE off that list. :lol:
That Nissan dearlership was a stand alone investment that went belly up when the bottom fell out of the economy.
Average people, people that buy this line of cars, could not afford to buy anything.

His Jag/Range Rover/Audi dealership on I-55 North is doing more business than ever because those people got the money to spend dispite the economy.
He has a restaurant in Pearl co-owned with Tracy McGrady, The King Edward, and numerous other projects in this area that people know nothing about.

Deuce hardly ever use his own money for any of these ventures because he always go in with deep pocket investors.
Nissan was one of his first ventures he started years ago.
His was not the only dealership to go under in Jackson.

 

[chrisd]

Good article, and hopefully many young athletes read that, and get the message.

 

[PV-PRIDE]

Well.:lol:
Ya'll can take DEUCE off that list. :lol:
That Nissan dearlership was a stand alone investment that went belly up when the bottom fell out of the economy.
Average people, people that buy this line of cars, could not afford to buy anything.

His Jag/Range Rover/Audi dealership on I-55 North is doing more business than ever because those people got the money to spend dispite the economy.
He has a restaurant in Pearl co-owned with Tracy McGrady, The King Edward, and numerous other projects in this area that people know nothing about.

Deuce hardly ever use his own money for any of these ventures because he always go in with deep pocket investors.
Nissan was one of his first ventures he started years ago.
His was not the only dealership to go under in Jackson.

Don't be fooled.......Deuce has lost quite a bit of money.....A good friend of mine was Deuce's personal financial advisor. All those other businesses such as King Edwards venture, Import dealership, (not sure about Mac & Bones because he was gone before he and T-mac started this) Deuce is a "minority" owner. They basically just wanted Duece's name attached to the venture for PR purposes (sort of like his Subway sandwich was). He was "sole" owner in that dealership. As far as I know, he still has the trucking business that his dad was managing.

He basically fell into the same hole the article mentions.....the people he trusted to run the dealership were not looking out for his best interest. And some of them were his friends......

 

[jsupop33]

Players,

You can hush that foolishness :lol:. Deuce was getting pimped at that dealership for a long time. It is not secret that he lost plenty of money hiring the wrong people. Everyone at Deuce McCallister was eating good.

 

[jag4life]

Don't be fooled.......Deuce has lost quite a bit of money.....A good friend of mine was Deuce's personal financial advisor. All those other businesses such as King Edwards venture, Import dealership, (not sure about Mac & Bones because he was gone before he and T-mac started this) Deuce is a "minority" owner. They basically just wanted Duece's name attached to the venture for PR purposes (sort of like his Subway sandwich was). He was "sole" owner in that dealership. As far as I know, he still has the trucking business that his dad was managing.

He basically fell into the same hole the article mentions.....the people he trusted to run the dealership were not looking out for his best interest. And some of them were his friends......

SOLE owner of a car dealership? That very seldom happens. I don't know if I believe that one.

One of my boys retired from the NBA a couple of years ago and he had invested in a number of businesses while playing. Almost all of them are successful and one of them he sold just in time (major Toyota supplier). And this is a guy who declared after 2 years of college.

 

[Gsu95]

This was an interesting article :clap:! The only thing I have to say is that "it pays to know!" :nod:. I think a lot of these problems were from the fact that some of these people received so much money that they never thought that they would run out (i know the article didn't say, but it is safe to say). The two big surprises in this...well THREE was that MJ didn't have a prenup., the athletes that thought they would die if they signed a will and last, and the shocker of them all to me, is Derrick Thomas was consulted 10 times about a will and each time he declined :sick: :shame:!

 

[GoodFella]

Always said if I hit it big I would open up a construction company. People always need workers to build something. :lecture:

 

[Bane]

What these cats don't realize is they really don't have to take that much of a risk to make more money. Money makes Money. A simple money-market account can make money. Then they can take that interest and use that for other investments while not touching the original. I can only imagin if I had 5-10 million sitting in a bank. I would have that original dough until the day I die.

 

[In_The_662]

Always said if I hit it big I would open up a construction company. People always need workers to build something. :lecture:

Construction
Trucking
Hospice

If I hit it big, theres a guarantee I'm going in one of those... (and my time working at a private prison might lead me to add that to the list) I dont know how or why these cats would trust any average Joe with their millions...and thats exactly what it seems like.

Antone Walker... :shame:

 

[players]

Don't be fooled.......Deuce has lost quite a bit of money.....A good friend of mine was Deuce's personal financial advisor. All those other businesses such as King Edwards venture, Import dealership, (not sure about Mac & Bones because he was gone before he and T-mac started this) Deuce is a "minority" owner. They basically just wanted Duece's name attached to the venture for PR purposes (sort of like his Subway sandwich was). He was "sole" owner in that dealership. As far as I know, he still has the trucking business that his dad was managing.

He basically fell into the same hole the article mentions.....the people he trusted to run the dealership were not looking out for his best interest. And some of them were his friends......

Players,

You can hush that foolishness :lol:. Deuce was getting pimped at that dealership for a long time. It is not secret that he lost plenty of money hiring the wrong people. Everyone at Deuce McCallister was eating good.

SOLE owner of a car dealership? That very seldom happens. I don't know if I believe that one.

One of my boys retired from the NBA a couple of years ago and he had invested in a number of businesses while playing. Almost all of them are successful and one of them he sold just in time (major Toyota supplier). And this is a guy who declared after 2 years of college.

Oh lawd. :smh:


Didn't I say that the Nissan dealership was a stand alone venture for Duece?
Didn't I say Deuce rarely uses his own money in his deals by hooking up with deep pocket investors on thing's like The king Edward, etc?
he been in the fold with those Rodgers/Dingis? or whoever owns the AutoPlex in Brandon since he graduated from Ole Miss.
If I'm not mistaken, he dated one of their daughters at one point while in college.
They were the first people to use him in their advertisements when he was drafted by the Saint's and he has benn in that circle every since

Nissan is the only thing he is part of in this area that went under that was his baby lock, stock, and barrel.
Nissan was saying that the total he owed was only about $1.5 million and that ain't even been settled yet cause it is still in the court system.
He filed chapter 13 on the Nissan dealership anyway so that will soften the financial blow when it is decided.
There were also 7 other dealerships that went under around here at the same time.

 

[PV-PRIDE]

SOLE owner of a car dealership? That very seldom happens. I don't know if I believe that one.

(Taken from an old USA Today article when he first announced bankruptcy)

http://www.usatoday.com/sports/football/nfl/2009-03-03-deuce-mcallister-bankruptcy_N.htm

The former Mississippi standout is the sole owner of Deuce McAllister Nissan of Jackson LLC. He is seeking investors, but declined to give details about negotiations to purchase a share of the business.