An estimated 80 percent of pro football players go broke within three years of leaving the league
If you’ve ever visited the comments section below an article about some blockbuster, multi-million-dollar contract an athlete has signed, you probably know that even fans have a hard time wrapping their heads around the money players make. Similarly, when an athlete goes broke (as a majority of them appear to do), the public reaction is to shame, not sympathize.
The reality is, athletes often find themselves in financial crisis due to short earning windows, poor management and, yes, in some cases, reckless spending. According to a Sports Illustrated estimate, 80 percent of football players go broke within three years of stepping away from the game – an economic epidemic that needs to change.
Baseball star Alex Rodriguez plans to bring these issues to light in an upcoming CNBC show entitled Back in the Game. Though details are just emerging, the general premise is that A-Rod will host a show that profiles various athletes in financial ruin who share their stories. The program then matches them with money managers to help them turn their finances around.
While A-Rod himself isn’t hurting for cash – in fact, he’s earning $21 million in salary next year to not even play the game – he is in the market for some public goodwill following a long period of publicly lying about his use of performance-enhancing drugs throughout his career. In November, A-Rod’s stint co-hosting Live with Kelly proved that he can hold his own in front of the camera as well.
With his own baseball career over, this gesture may help A-Rod’s shot at making the Hall of Fame. Though the voters’ stances are softening on the matter, so far no one embroiled in a PED scandal has found their way into Cooperstown. A-Rod certainly has the stats to justify his inclusion, and helping beleaguered athletes turn their careers around could enhance his chances.