Posts tagged NBA
Posts tagged NBA
NBA owners intended last season’s lockout to reduce player salaries and increase parity between small- and large-market teams. While overall player costs are down, the stars are still raking it in. The NBA’s 10 highest-paid players will collectively earn $340 million this year alone through salary and endorsements, with big-market players dominant: Seven of the top 10 suit up in New York, Los Angeles or Chicago, while two others hail from sunny, no-income-tax Miami.
The NBA’s highest-paid player is Kobe Bryant, who will make $59.8 million in salary and endorsements this year. Bryant’s Lakers salary of $27.8 million is $7 million higher than any other player’s. The NBA’s collective bargaining agreement limits individual player salaries to 35% of the team salary cap, which is $58 million this year. But players can also sign deals that are 105% of their previous salary even if it exceeds the cap. Bryant is an exceptional case because he is in his 17th season with the same team at 34 years old and is still playing at an exceptionally high level. The result: Bryant has signed a series of maximum level contracts with the Lakers.
Read the full story: Forbes.
In their first four games of the season, the New York Knicks have managed to surprise their critics.
They have been consistently performing above expectations, jumping out to an unbeaten start.
Add in another night and another victory and the Knicks’ breakout beginning doesn’t seem to have an end in sight.
READ THE FULL STORY: Fox News.
FEW industries have worse labour relations than American professional sports. On September 15th the owners of the National Hockey League locked out their players, after failing to agree on a new contract. Fans howled that the entire 2012-13 ice hockey season might be lost, as it was in 2004-05. This is the fourth NHL lockout or strike since 1992, and follows lockouts by owners of teams in the National Basketball Association (NBA) and National Football League (NFL) in 2011.
The hockey tiff is about money. Players refuse to accept a cap on salaries of 47% of revenues, down from 57%. Owners say the cap is needed to help weaker teams compete. Hockey has the widest income disparity of the “big four” of American football, baseball, basketball and ice hockey; each NHL team depends mostly on cash it generates locally. In the NFL, far more revenues are pooled. This prevents a few super-rich teams from dominating and (in theory) makes the game more exciting.
When muscular millionaires (the players) fight brash billionaires (the owners), neither side will crumple easily. All are alpha males; most can forgo income for a long time. So the lockout could drag on.
Earning nearly $100 Million - now broke
Earning over $60 Million - now broke
Earning over $87 million - now broke
Earning over $120 Million - now broke
Earning $110 Million - now broke
A celebrity who earns an enormous amount of money and still goes through major financial struggles can be baffling to the everyday worker. Such is the case, however, for many multi-million dollar earners. The NBA, in particular, has produced so many financially-troubled athletes that it has decided to create a retirement savings plan that will force players to save responsibly.
It comes as a response to a number of former players, including Scottie Pippen, Latrell Sprewell and Antoine Walker, experiencing significant financial troubles after their careers ended. Walker, in particular, filed for bankruptcy after being paid more than $100 million over 12 years in the NBA.
Read More: Go Banking Rates
Jay-Z - On To The Next One
Hip-hop mogul Jay-Z, whose given name is Shawn Carter, has raised his entrepreneurial career to new heights with his latest project: an investment in the Brooklyn Nets NBA team. He’s turned what seems like a rather insignificant investment into a series of savvy business moves.
Sports fans hold strong opinions about which pro basketball players deserve their massive salaries, and which ones don’t. One fan, however, has gone further than the average barstool commentator —- Southern Utah University economics professor David Berri.
Berri is co-author of the 2006 book “The Wages of Wins,” which determines which players are overpaid with a statistical method called “Wins Produced” that he and his co-authors developed.
National Basketball Association players, who were paid an average of about $5 million last season, will be forced for the first time to save money for retirement.
Players in the league this past season will receive $34 million, or 1 percent of what the league and union call basketball-related income, to be invested in an annuity, union attorney Ron Klempner said.
Former NBA players Scottie Pippen, Latrell Sprewell and Antoine Walker are among retired professional athletes who have experienced financial difficulty after careers in which they earned tens of millions of dollars. Walker filed for bankruptcy after being paid more than $100 million over 12 years in the NBA.
Rachel Johnson, 38, either has one of the best jobs in professional sports or the worst. She’s the personal stylist for NBA superstars such as Amar’e Stoudemire, Chris Bosh, and Chris Paul, among many others. Which means she spends her days finding clothes for people who might as well have gigantism. Because of her influence, the Miami Heat’s LeBron James was dubbed “the Game’s Best-Dressed” by GQ magazine.