Boris Becker earned more than $25 million in prize money as a professional
Earlier this year, former world number one tennis player Boris Becker lost a case in which he tried to block an auction to sell a collection of his prizes worth almost $250,000.
The auction will take place on Thursday, July 11, at Wills Hardy Auctions in London.
The auction is being held to pay off more than $80 million in debt.
Among the auction items are cups won by the German star at Wimbledon, the US Open and the Davis Cup, as well as medals and clothing.
retirement
Becker is not unique among sports champions. Other tycoons such as soccer player Diego Maradona, boxer Mike Tyson and golfer John Daly, to name a few, are in serious financial trouble even after making fortunes in the sports arenas.
image copyright Wyles and Hardy
Boris Becker awards are auctioned in London
There is a common factor that brings them together is the immersion in an unstable life after retirement.
The transition from the life of stadiums and sports arenas to what can be described as ordinary life represents a critical moment in the life of an athlete on a number of levels, including his physical condition and mental health.
rates are high
But it can also have serious implications for their financial conditions.
In 2009, Sports Illustrated magazine revealed staggering numbers related to the financial problems faced by retired professional athletes, and that approximately 60 percent of basketball players go bankrupt within five years of their retirement.
Among American soccer players, the problem is even worse. The bankruptcy rate approached 80 percent within the first two years of retirement.
image copyright GettyImages
John Arne Riise faced bankruptcy while playing for Liverpool in 2007
In England, the Shpro charity said in 2013 that three out of five Premier League players would declare bankruptcy within five years of retirement.
The Professional Footballers’ Association says the numbers are even lower. It varies between 10 and 20 percent.
Given the amount of money top professional players earn in the aforementioned sports, the average English Premier League soccer player earns more than $3.3 million a year – and it’s surprising that they are haunted by the specter of bankruptcy after they retire. Or in some cases it happens that this ghost haunts them earlier, before they retire.
In 2007, an English court declared the bankruptcy of Norwegian defender John Arne Riise, who won the Champions League with Liverpool in 2005.
At the time, his boss earned the equivalent of $62,000 a week.
image copyright GettyImages
Mike Tyson made a lot of money, but he also spent a lot of money
But analysts say the reality is not shocking at all.
“As the salaries of professional athletes around the world grow, so do the numbers of those who flaunt their successes and fortunes,” says Chris Dudley, a former American professional basketball player who is now a financial advisor to athletes. “The reality is that athletes become targets from the day they sign their contracts.”
Short flowering periods
Dudley says: “During my professional career over 16 years, I have seen colleagues who have just retired and lost everything, the victims of intrigue, financial fraud, betrayal, failure of financial advisers, as well as irresponsible spending, despite not having much years have passed since their retirement.”
Financial problems are experienced by everyone, but they can be seen more clearly in athletes. This is because the windows of their wealth do not last long compared to other professionals, and they may retire early due to health reasons.
“The period of income is short, while the earnings have to be saved for the rest of life, which requires a lot of organization,” adds Dudley.
image copyright GettyImages
Maradona told Argentine television in 2005 that he was broken
There are limited opportunities for former professional athletes to reinvent themselves as product promoters or media personalities.
Lack of qualifications can stand in the way of taking up a new profession; Note that most soccer players do not have a university degree, and in countries such as Brazil they often do not complete secondary education – e.g. Neymar, the most expensive player in the world.
Drugs, divorces and prison
Personal problems can negatively affect the financial situation. And athletes can fight addiction — and gambling is a common problem in bankruptcy cases.
Drug addiction led Argentine star Maradona down the path of economic collapse, and in 2010 he borrowed 37 million euros from the Italian authorities as a tax debt.
Another reason is a problem with the law. The most prominent example of this is Mike Tyson: when he was declared bankrupt in 2003, he served two terms in prison as punishment for rape and assault.
And there are problems related to social life, and Boris Baker has suffered huge losses in settlements related to divorce, as well as other problems related to failure in commercial projects, including property development projects in Dubai, and oil projects in Nigeria.
And while a professional tennis player, Baker won $25 million in prize money in tournaments such as Wimbledon and the US Open. He had a lot to lose.