Football players, especially those in the top five leagues in Europe, earn more money than ever. In the Premier League alone, players earn millions of pounds a year. The division’s top-paid player, David De Gea of Manchester United, earns £300,000-pounds per week. That equates to £3.6 million a year in base salary. Despite the amount of money footballers earn today, they still go through financial difficulties.
It may come as a shock, but MoneyNest claims that 40% of footballers go bankrupt. The number of players filing for bankruptcy face the financial difficulties in retirement and not during their playing days. It shows players struggle to manage their money post-playing. It also indicates that they may have made poor financial dealings while playing.
According to an article by Sports Illustrated, many athletes, regardless of sport played, do not have the skills to manage money. Many give family members, friends, and confidants the chance to manage their finances. However, these individuals also lack the knowledge needed to make wise finacial dealings.
The Netherlands and Barcelona great Johan Cruyff suffered financial difficulties that nearly crippled him. Cruyff allowed a business associate to invest his money into a big farm. Unfortunately, the big farm failed and Cruyff lost a lot of his money.
It forced the great man to return to football where he played in American in the North American Soccer League on a lucrative contract. It allowed him to earn back his money. Footballers, like all athletes, need to be careful who they let control their money. Even attorneys and individuals that claim to be experts risk their clients’ money with investments.
While 40% of footballers go bankrupt in retirement, the numbers are higher in the NBA and NFL. According to research, 60% of NBA players go broke within five years of leaving the league. Meanwhile, 78% of NFL players experience financial difficulties within two years of retirement. For any athlete, understanding their finances is vital to being successful.