Quantcast
Thursday, March 25th, 2010 at 11:00 am  |  35 responses

Fearing a Lockout, Players Saving Their Money

Players know that paychecks might not be a common sight following next season, so guys like Jason Maxiell are saving their loot. Sayeth the Detroit News: “If you’re an NBA fan, brace for a lockout after next season. The players are already doing just that. Billy Hunter, director of the NBA Players’ Association, was at the Pistons’ practice facility Wednesday, updating players on the status of negotiations for a new collective bargaining agreement. The current CBA expires after the 2010-11 season. ‘The players are concerned there may be a work stoppage,’ Hunter said. ‘That’s the last thing they want to see. There may be teams that are struggling in smaller markets. It may be something they can’t recover from.’ Jason Maxiell, the Pistons’ player representative, said players are beginning to take precautions with a lockout looming. ‘Mainly save your funds, knowing it could be like 1998 (the last NBA lockout),’ Maxiell said. ‘It was tough for (the players) then, and it could be tough for us. As a player you have to be prepared for it.”‘

  • Add a Comment
  • Share
  • RSS

Tags: , ,

  • Papa Smurf

    Does this mean the players are only spending 2 hours in the champagne room every night – as opposed to their customary 3 hours?

    This article is bad news for gold-diggers everywhere.

  • Will Lee

    we’re talking about some players that got paid at least a couple million US$ a year. I am sure there are many people are willing to take their jobs with half of the payroll

  • foolio_iglesias

    How is Sprewell supposed to feed his family now,huh?

  • LA Huey

    @Will Lee, I’m sure there are people that are willing to take your job with half the payroll. There’s always someone less well off or more desperate than you.

  • WOODY

    More Mercedes and fewer Bentleys is going to cheapen the parking lots substantially.

  • http://slamonline.com Allenp

    LA Huey FTW

  • Dfrance

    This story has to be a joke. If you need the possibility of a work stoppage in order for you not to blow all your money check to check, then you’re an idiot.

  • http://www.acb.com Alan

    “It was tough for (the players) then, and it could be tough for us.”

    this is the funniest quote I’ve read by an NBA player ever!!! Would be nice to see what they do with my monthly salary… die, I guess.

  • http://www.youtube.com/user/a88j Starbury

    before you know it they’ll all be ballin’ in China next year.

  • barnabusb

    All the jokes aside, with their larger incomes come larger bills. If they’re not getting paid, they won’t be able to afford all the junk they’ve bought. It’s just like anyone else who doesn’t get a paycheck, but on a larger scale. If I was getting paid millions to play basketball, my spending habits might be a bit skewed, too.

  • skd

    And just remember people, they dont see that big reported contract number. 40% goes to taxes at least 10% to agent 5% to accountant. The average take home is about 30% of the total contract number. For a mid level guy making say 4 million a year, thats only 1.2 million. When you factor in things like luxury cars and homes, insurance, child support, it goes very quickly. I imagine 20% to 40% of the players in the NBA live paycheck to paycheck. For real.
    And anyone saying they would be making that much money and wouldnt spend it on nice things is probably lying and you know it.

  • The Philosopher

    It’s not money that is the root of all evil…it’s the lack of it.

  • Fat Lever

    If European leagues/teams were smart, they’d start drafting up ideas to get these NBA players over there should the strike start going into the NBA regular season. I’m sure making something like 200k for 2 or 3 months of work sounds better than nothing at all. The opportunity is there for the Euro leagues to really make a splash here, more so than Josh Childress.

  • MikeC.

    With a lockout looming, I’m going to have to sell some of my cars and really cut back on my walking around money. I saw it happen to Kenny Anderson in ’98, and I won’t get caught in a buyer’s market like he did.

  • ConeyIslander

    Smh, I guess they’re only buying the bentleys and platinum chains in the “sale” section.

  • JD

    Personally, i’d love to see all the NBA Stars playing in Europe for one year

  • Shem

    @skd: I find it HILARIOUS, how you added child support to your list of things that players spend their money on. Shows what you think of NBA players off the court

  • barnabusb

    @Shem: Athletes get around, man.

  • http://twitter.com/PDXGayBBall dma

    @skd: ONLY making $1.2M a year? You also magically forgot to include the per diem, as well as endorsements. And all the free crap they get on the side – like meals at the facility, clothing, etc… don’t make it out like the players are like you and I.

  • CARTEL

    Guess half the league is gonna run overseas now…

  • The Philosopher

    Shout out to Michael Adams.

  • JoeMaMa

    Antoine Walker…Rumeal Robinson…Randy Brown…Kenny Anderson…Latrell Spreewell…ETC. Why the NBAPA doesn’t have a stronger stance on financial management utterly confuses me. There should be player association money managers, extensive financial counselling available, and the rookie should undergo a much more rigorous “rookie camp”. There are WAY too many examples of ballers going broke. How does Antoine Walker go BROKE?!?! (By the way, Dwyane Wade also used the “feed my family” line when stating why he won’t take less than a max contract for the sake of winning championships) It reflects VERY poorly on the players and the league. The new CBA should have mandatory team financial managers for the players….SOMETHING!!!

  • http://www.jewelzlopez.com -Mas-

    If these young men do not have the financial education to manage their own assets than they should take the initiative and hire financial consultants. That would be the best step in order to avoid money troubles. However the main root of all problems is the lack of education and the little interest most of us have in picking up a book and teaching ourselves what to do with the money we do have. Simple enough.

  • hillbilly

    @JoeMaMa
    Preach on it.
    Every NBA player (especially the young bucks) should watch that OTL on Antoine Walker. Dude made 110 mil during his days in the league. Now, he’s ballin’ for peanuts in Puerto Rico & he doesn’t get paid a dime unless his team wins a championship.

  • Justin

    barnabusb…you sound like Ewing did during the last lockout. “Yes we make a lot of money but people have to understand we spend a lot of money too”. The other great comment was Kenny Anderson, “I’m not happy. I might have to sell one of my cars”. Anthony Mason showing up to the charity basketball game during the lockout with diamond earrings and a huge fur coat. Way to gain sympathy boys.

  • http://alimartin07@yahoo.com Ali

    Cmon’ Son! getdaf***outtaherewitdatbullshi*! We got REAL WORLD shi* going on! FEARING! Seriously! We got people that can’t find a job out here, people losing their homes all over the country, we got people fighting two wars. Please miss me with a stupid headline like this!

  • Clipperfan

    @skd agents make 5% max per contract, by rule. They charge 20% on endorsements deals though, that’s where they get paid. They have nice retirement fund too. The money they’re setting aside is for the child support and bentley/ range rover payment. Any responsible athlete would be set for a few years without work.

  • Sparty’s Law

    Somewhere, probably in a strip club, Latrell Sprewell is smiling.

  • http://slamonline.com Allenp

    A lot of these cats do hire financial managers.
    And then they get robbed blind because they don’t know how to keep track of their money themselves. I would compare NBA players to your typical lottery winner. Most of them go broke as well.

  • LA Huey

    Johnny Cash – Satisfied Mind
    Some of you are sounding kinda salty here.

  • Illydiva

    Good for Jason Maxiell. I bet the majority of players are not even thinking that far ahead. It’s true “mo money, mo problems”; but a dozen cars when you can only drive one at a time and a mansion with 10 bedrooms when you grew up in 2 bedroom apartment with 3 siblings is excessive. It shouldn’t take a lockout for pros to realize how fortunate they are and how fleeting it can all be. Live responsibly.

  • Teddy-the-Bear

    Anyone trying to make $1.2 million seem like a “victim’s” salary needs to rethink whatever he was saying.

  • http://fdjsklf.com Jukai

    ^^^

  • kg

    how about cutting back on free agents that r just sitting on the bench or at home doing nothing to help the nba

  • Lebran

    Last time Slam posted about the lockout someone posted that it was ‘Millionaires mad at the Billionaires becasue the Billionaires want to pay the Millionaires a few less Thousands’ which i thought describes this whoe thing completely. Anyone who is trying to stand up for the any of this as ‘fair’ or ‘just’ in the current global situation needs a good old fashioned ass whoopin. But also, it’s odd that you all seem suprised that most of these cats blow there money. Why dont you drop into your local hoodspt, hand over a million dollars to some random cat from the street. lets see how many stocks and shares he invests in, and how many bentleys and chains he buys…..

Advertisement