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Athletes and Financial Stability; 5 Trends That Have Changed Contract Negotiations

Athletes are among those that many would consider to be superstars in American culture. They are literally revered by their fans in a lot of ways. While this is the case these days, it was not always this way. Athletes did not used to have the level of representation by agents and the like that they enjoy today. Now that they are so well taken care of, it is worth taking a look at what has changed so dramatically for this very privileged group of individuals.

 

 · 1) Entertainment And Athletics Merging

 

The worlds of athletics and entertainment have become one in the same in many ways. The athletes themselves play into this in some ways, but in other ways we just want them to be entertainers as well as athletes. We have grown increasingly interested in even the mundane details of their lives. Therefore, the consolidation of agencies should come as no surprise. Fewer agencies exist, but they have become all the more powerful.

 

 · 2) Greater Public Awareness Of Athletes Who Got Ripped Off

 

There may not be a lot of sympathy from the public for athletes who aren’t doing well financially. This is sympathy may come despite the fact the athlete has made a good deal of money. However, there is room for nuance even with this. People do not want to see their heroes have their money stripped away from them by fraudsters. Agents help prevent against this, and thus, have become more valuable than ever to the athletes.

 

 · 3) Agents Help Their Clients Find Good Money Managers

 

Hand-in-hand with trend number 2, a lot of agents these days find themselves working for their clients to find proper money managers. Mismanaged finances lead to foreclosures with many athletes. They may not have been taught proper financial management skills. These skills have only been ingrained in them as they earn enormous paychecks. The result can be terribly mismanaged finances. Thus, the need for good agents to find suitable money managers has been highlighted in recent years.

 

 · 4) More Emphasize On Veteran Players

 

Some of the professional sports leagues have made changes to help bolster the value of veteran contracts more than those of rookies. It was once the case that the rookie was valued above all else, but those days are gone. The rookies now need to prove themselves in the league to earn the fattest paychecks around.

 

 · 5) Athletes Share More Of Their Life With Agents

 

Agents need to get to know the entire backstory of their clients these days to get them the best deals. Athletes are expected to be more open with their agents in order to provide them with the greatest ability to get them the kind of contract they truly need.

 





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