African Americans and Executive Positions in Sports

[the nomad]

Anyone ever wonder why few athletes, no matter how many millions they make, never take positions of ownership of spectator sport franchises like the NFL or NBA?

It's just been like a splinter in my mind how Jay-Z is pretty much the spokesperson for the Brooklyn Nets, but he's only a minority shareholder.

There are exceptions like Magic Johnson, but that's a small percentage compared to the amount of non-blacks who own African-American dominated sports teams.


 

 

[cj863]

Pretty much goes with anything not just sports. The uppers pretty much exploit us for a wage and keep the real riches.

 

[thadocta]

jordan?

 

[nationaltruckerdave]

I already know how this thread is going to turn out

 

[superantigen]

When you've got a system that encourages kids to (formerly) jump straight from HS to the league, or to spend 1-2 years in the college before jumping to league to chase millions, this is what you get.

Too many of A.A in the league have little to no real world experience yet alone "business" expertise. Their idea of business (generalizing for the sake of argument) is trusting someone else with their money who will hopefully invest it properly. Of course, this hardly ever works out, and this is why upwards of 65% of 'em lose their amassed earnings just a few years after retiring. This is simply not "executive" material.

And don't feel sorry for Jay-Z, he's playing his card real nice right now. He's actually building and increasing the value of HIS brand using the Nets platform, and all it cost him was a mill.... He's reaping the most out of their partnership, trust.



...

 

[the nomad]

 He's reaping the most out of the partnership, trust.
...

You wouldn't be sneak dissing the Nets now would you? 

The team is worth 575 million, Mikhail Prokhorov will probably triple this in earnings in the next 2 years. I don't see how buying into a team, making investments then working to make your money back is reaping the most. Prokhorov sits back and collects a check while Kanye and Jay-Z promote the Nets brand.




 

 

[futuremd]

I was at the Falcons game today passively wondering the same thing.

 

[jjs07]

Anyone ever wonder why few athletes, no matter how many millions they make, never take positions of ownership of spectator sport franchises like the NFL or NBA?


It's just been like a splinter in my mind how Jay-Z is pretty much the spokesperson for the Brooklyn Nets, but he's only a minority shareholder.


There are exceptions like Magic Johnson, but that's a small percentage compared to the amount of non-blacks who own African-American dominated sports teams.



 

A lot of it comes down to business savvy and GOOD advice. Just look at the # of guys who can't manage their finances or end up going broke due to bad decisions.

You also have to build up the capital to get involved in a venture like this. It's not like a guy like DeShawn Stevenson can wake up one day and think "you know what, I'm going to see what I can do about getting a stake in the ownership of the Cubs."

A good example is Jamal Mashburn. He WISELY invested his money in a number of restaurant franchises around the US. This was during his playing days and after. He eventually built up enough capital that he was mentioned as being part of an ownership group interested in buying the Pistons.

Again, it comes down to business savvy and good advice.

 

[DCAllAfrican]

It simply comes from who holds the majority of wealth in this country. Most of these athletes are "new" money, they aren't born into situations where their families' have had $$$$$ for generations like those "other" people.

And plus most of these athletes "new" money don't compare to what those other folks have. Millions compared to billions. Not really a comparison.

Plus add on what everyone else has said.

 

[girlslovewaffles]

What it comes down to is priorities and a difference in the level of education.

For the most part, athletes are interested in generating money and then spending that money. They're not thinking about enterprise, investing, learning the business, etc. They want money, and what money can buy: cars, women, lavish lifestyle, etc.

 

[the nomad]

High performance athletes make millions hand over fist. African-Americans have dominated the sport arenas of the NBA and NFL for almost 45 years or so. This is almost 2 generations of athletes turned businessmen. 

Not once does a light bulb go off in anyone's mind that spawns the inclination to invest into something you KNOW? For years you get paid more money for your rush yardage, rebounds, three-pointers etc. If you're high performance and getting hundreds of millions, why not invest and cut the middle man out?

Will Smith doesn't play a lick of sports and co-owns the 76's, Oprah doesn't own any teams or played sports and can buy three teams and still be rich.
Neither made earnings with yields anywhere near the contract money athletes make.


I'm not hating on anyone getting money, I'm just saying if I received 80 million a season, you can buy something with that 80 million besides gold plated AK 47s and matching guitar cases to hide them in.


 

 

[definition of dopeness]

We don't think long-term. **** most people don't think long term.

Most people want to see a return on their investment quick, and **** like owning sports teams and other stuff like that don't work that way.

I know a few millionaires, and know some regular working folks and and it's hell trying to convince them to invest in something. Most of em see it as loaning someone money
instead of an investment, and have you ever loaned a mf money? you be on they *** for your money back.

Most AA athletes come from poverty and know what its like to do without, some cats just don't feel comfortable coming up off up a million to invest in something; unless you can guarantee them
how fast they gone get they paper back.

 

[superantigen]

 He's reaping the most out of the partnership, trust.

...

You wouldn't be sneak dissing the Nets now would you? 



The team is worth 575 million, Mikhail Prokhorov will probably triple this in earnings in the next 2 years. I don't see how buying into a team, making investments then working to make your money back is reaping the most. Prokhorov sits back and collects a check while Kanye and Jay-Z promote the Nets brand.

Yes, Prokhorov has the most to gain, from a financial standpoint, considering he's the majority owner. But his majority share-hold also makes his risk and liability the greatest; in other words, he has the most to lose as well.

Jay-Z's one million investment equated to 1/15 of 1% of the Nets. He loses nothing if the Nets fail as an organization. Now consider this, Jay-Z has MADE himself the face of the brand. He's finnagled himself into a position of power even though he is a peon of a shareholder. He's always front row at games, he has his profile plastered all over the manhattan skyline, he is featured in all the respected magazines and newspapers. The man has leveraged his inconsequential position into a great deal of exposure--which directly benefits his "Jay-Z" brand. Who do you think the average bball fan is likely to associate with the Nets, Prokhorov or Jay-Z?

Remember, his stake in the nets is only 1/15 of 1%. But from this, look at how much business and future earnings he has generated for his brand. How many 1/15th of 1% stake holders are being paid to executive produce the soundtrack of a game that is a perennial profit machine?

I've personally never been a fan of Jay-Z, but I can very well see that this guy is a very savvy business man. I'd even bet that the "48 laws of power" sits by his bedstand. He just keeps flippin' other peoples hard work into a win for himself...ol' camel face bastard...





...

 

[krazy88s]

Most AA athletes come from poverty? Interesting.

 

[trueprada]

[COLOR=#red]things that make you go hmm[/COLOR]

 

[DCAllAfrican]

I'm not hating on anyone getting money, I'm just saying if I received 80 million a season, you can buy something with that 80 million besides gold plated AK 47s and matching guitar cases to hide them in.



 

Who makes that much?

 

[the nomad]

These are some great responses and perspectives, my question is, are the powers that be exploiting African-American athletes in this aspect? Not in a conspiracy sense but in a sense that's it's easy money so why not?

There's been scientific studies within the African-American community that suggests spending habits are inherited from  the uncertainty about the future that racism and slavery created. It's a fact in why African-Americans are targeted for pay day loans, by now pay later systems with brutal interests rates that will eventually bankrupt a person.

But I mean it's 2012, it's not like these athletes don't have the opportunity to make smarter choices, I can see Jackie Robinson being ambivalent about investing, but these current athletes? Come on.


I can even see blowing 20 million on eating diamonds to make my dookie glitter, but to be broke 1-3 years after exiting the league?  

 

[ill steelo]

You mean majority ownership? 99% of these guys don't have enough money for that. It cost Jordan $275 mil to buy a treadmill team like the Bobcats.

Beyond that, in the NBA, the only teams who are guaranteed to turn profits are the big markets (LA, NY, CHI) and the mid and small markets only turn profits if the team is really good, and sometimes they still don't turn a profit like the Roy/Aldridge Blazers. The majority of the teams lose money which is why there was a lockout last summer.

 

[the nomad]

You mean majority ownership? 99% of these guys don't have enough money for that. It cost Jordan $275 mil to buy a treadmill team like the Bobcats.
Beyond that, in the NBA, the only teams who are guaranteed to turn profits are the big markets (LA, NY, CHI) and the mid and small markets only turn profits if the team is really good, and sometimes they still don't turn a profit like the Roy/Aldridge Blazers. Too many teams lose money which is why there was a lockout last summer.

NFL to though?

 

[the nomad]

Remember, his stake in the nets is only 1/15 of 1%. But from this, look at how much business and future earnings he has generated for his brand. How many 1/15th of 1% stake holders are being paid to executive produce the soundtrack of a game that is a perennial profit machine?
I've personally never been a fan of Jay-Z, but I can very well see that this guy is a very savvy business man. I'd even bet that the "48 laws of power" sits by his bedstand. He just keeps flippin' other peoples hard work into a win for himself...ol' camel face bastard...

...

 

 

[ill steelo]

You mean majority ownership? 99% of these guys don't have enough money for that. It cost Jordan $275 mil to buy a treadmill team like the Bobcats.

Beyond that, in the NBA, the only teams who are guaranteed to turn profits are the big markets (LA, NY, CHI) and the mid and small markets only turn profits if the team is really good, and sometimes they still don't turn a profit like the Roy/Aldridge Blazers. Too many teams lose money which is why there was a lockout last summer.

NFL to though?

NFL is a great investment, but if you're talking majority ownership, 99% of athletes don't have enough money for that

 

[jjs07]

NFL is a great investment, but if you're talking majority ownership, 99% of athletes don't have enough money for that

But if you made 80 million in a season....

*Come to think of it, Lebron has invested in Liverpool in the EPL. Kevin Garnett inquired about having an ownership stake in an EPL team but was vetoed by David Stern.

 

[club-27]

Pretty much goes with anything not just sports. The uppers pretty much exploit us for a wage and keep the real riches.

if you allow yourself to get exploited, its your own fault.

 

[antidope]

JAY-Z spoke on this at the concert. "People want to talk about 1/15 of 1% or whatever numbers they want to give, but that doesnt matter, what does matter is that a kid from the Marcy projects in Brooklyn grew up to be an owner of the Brooklyn Nets". That about sums up my feelings on the subject. You cant focus on what people dont have or didnt do, but instead what they did. Owning a fraction of any sports franchise is an achievement in itself and costs lifetimes worth of money, that should be celebrated, not criticized.

 

[antonlavey]

But if you made 80 million in a season....
*Come to think of it, Lebron has invested in Liverpool in the EPL. Kevin Garnett inquired about having an ownership stake in an EPL team but was vetoed by David Stern.

Who is makign 80 million in a season?