Date of Publication
This research explores the importance of financial management and fiscal responsibility for professional athletes. Professional athletes within the four major leagues earn a salary above six-figures, yet a previous report has suggested that over 78% of professional athletes within two years of retirement experience financial distress or file bankruptcy. Professional athletes earn large amounts of money over a short career span, which averages around 5 years or less where upon retirement, it is a drastic change socially and mentally for these athletes which a lot of them are not prepared for. Agents and financial advisors believe athletes’ bankruptcies are completely preventable by helping them plan for the future through educated and smart financial management along the way.
Danowski, Christopher, "The Importance of Financial Management for Professional Athletes and the Prevention of Bankruptcy" (2012). Sport Management Undergraduate. Paper 40.
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