The NBA can be a lucrative league for the players involved. With the money floating around the game, professional basketball players are some of the highest-paid athletes in the sporting world.
However, a number of them, according to former player Adonal Foyle, are seeing all of the money disappear just five years after they depart the association.
In fact, Foyle, who was drafted eighth in 1997, says 60 percent of players file for bankruptcy just 60 months after retirement due to a number of reasons.
The 41-year-old cited many causes for the statistic; such as bad investment, over the top purchases, trusting the wrong characters and child support.
Having authored a book on the matter, the former vice president of the player union, is well placed to speak and he believes the lack of college education for some can make understanding the business side of things much more difficult.
“It’s difficult for players, especially those who didn’t go to college, to be prepared to understand the business side of what they do,” Foyle said.
He also cited their level of maturity, adding: “They need to understand that what they do isn’t just on the basketball court, they are the CEO. They need to find the right people to watch over their money and then watch those people. It’s a lot of work.”