Month: June 2020

The reason why more than half of NBA players went bankrupt (Part 3)

Derrick Coleman is a case in point of wrong investment. The former 52-year-old player earned $ 87 million in his career, but he quickly went bankrupt after retirement due to a mistake in investing. Coleman was economically depleted by a decision to invest in real estate in Detroit.

Meanwhile, Kevin Garnett and Tim Duncan were siphoned off by their financial advisors. Duncan once sued financial advisor Charles Augustus Banks IV to reclaim an amount of nearly 30 million dollars embezzled. However, Duncan only reclaimed $ 7.5 million, while the remaining amount has not been recovered until now.

The reason why NBA players are making millions of dollars

Duncan Duncan once sued his financial advisor to reclaim nearly $ 30 million that was embezzled.

Garnett also had to file a lawsuit against Banks IV hoping to reclaim a huge amount of 77 million USD was embezzled. So far Garnett has not been able to recover the money lost after 2 years of pursuing the lawsuit. It was fortunate to know that Garnett and Duncan were still not in bankruptcy, but the other players lost everything because of the wrong person.

Shaq O’Neal is a role model in getting rich after retirement with the right business decisions. He persisted in supplementing his business knowledge when he became an NBA player.

The 48-year-old legend is a rare player in NBA history with a doctorate degree. The huge amount of money earned in a career, plus business knowledge and support from the financial advisory team helps Shaq O’Neal become rich after retirement.

2.31 m body of the highest basketball player NBA history Manute Bol is known as the tallest player in NBA basketball history. Bol’s playing quality is at average, but he makes good use of his height advantage to defend.

The NBA 2019/2020 season will end no later than October 12

According to famous journalist Adrian Wojnarowski, the NBA management board has set the latest timeline for the 2019-2020 NBA season to close on October 12.

According to the journalist, the NBA management is aiming to continue the 2019/2020 season from July 31 with the participation of 22 teams at the Disney Wolrd Resort in Orlando. On Thursday this week, the NBA board will hold a vote with the team leaders.

If at least two thirds of the tournament’s teams agree with this plan, it will be officially approved. According to journalist Wojnarowski, the tournament management team and the NBA Players Association are actively working to finalize the aforementioned plan before launching it at a meeting next Thursday.

The format for the rest of the 2019/2020 season has not yet been revealed. The options that are being mentioned now are that the teams will only play a few more Regular Season matches then there will be a small tournament to determine the final Playoffs and then enter the Playoffs. It is also not excluded that the teams will immediately enter the Playoffs round when this season comes back.

The management team is also considering a plan to not split the paired confrontation according to the domain in the Playoffs this season. This will help ensure more fairness for the teams in the West. On the current standings, the 13th place Western Phoenix Suns are even better than the East 9th place Washington Wizards.

It is likely that only the teams that still have many chances to compete for the Playoffs this season will be able to play in this season. In addition to the 16 teams with the best results in the rankings, the remaining names that still have the opportunity to play may be Portland Trail Blazers, New Orleans Pelicans, Sacramento Kings, San Antonio Spurs, Suns and Wizards.

In the past, the NBA management had not supported the option to split the regional match in the Playoffs. They said that if an Eastern team met a Western team in a 7-game series of Round 7 Playoffs, the teams would be too hard to move. With the Playoffs this season only taking place in one location, the above plan suddenly became very feasible.

All will have to wait until the meeting of the NBA leaders on Thursday this week to know more about the fate of this season. It is expected that after the aforementioned meeting, NBA Commissioner Adam Silver will also make an official decision for the rest of this season.

The reason why more than half of NBA players went bankrupt (Part 2)

Allen Iverson is considered the most depraved basketball player in history when spending more than $ 150 million before bankruptcy.

Some players “grill” millions of dollars just for gambling. Former Dwyane Wade star is the latest case when he admitted to being at risk of bankruptcy because of playing poker in March 2020. This information surprised fans when they learned that Wade earned nearly $ 200 million in career salary.

Already familiar with the huge income of the competition, most players still maintain the profligate spending habits after retirement. This is a factor that makes many players financially quickly exhausted when spending more money than the income earned after retirement.

Basketball players who possess enormous wealth are considered a lucrative prey with many rogue parts in society. Allen Iverson has a team of about 50 friends when he still owns hundreds of millions of dollars. Iverson is ready to take care of all the expenses in the fun for his friends.

The 44-year-old former player is generous when giving homes and expensive items to friends when they need them. However, all the key friends left when Iverson declared bankruptcy in 2012. Not only Iverson, many players also fell into the same situation and quickly went bankrupt after a short time.

Wrong investment

Another factor contributing to many NBA players who do not play badly but still go bankrupt is the ability to make a bad investment. Most of the players later become more or less aware of the investment to maintain a rich life after retirement.

However, the lack of professional knowledge makes them easy to make losses and run out of money quickly. Most players don’t have a college degree because they started a basketball career at the age of under 21.

That’s why a financial advisor is what players need to help with their investment or simply to spend. However, the players are not keen on hiring a financial advisor for themselves.

Golden State Warriors and teams stand outside the NBA 2019/20 season

After the NBA has announced plans to restart with 22 teams, playing from July 31, 8 teams will be pushed out of the 2019-20 season.

Eight regular Season matches, a Playoffs round with 7 series matches like the previous seasons and 22 participating teams will be what appear in the NBA after the restart of the season on July 31.

In the presence of all 30 teams, the NBA faces a higher risk of infection. So not everyone is chosen. But if there are only 16 teams, the number of matches for the entire NBA 2019-20 season will not be enough and this is a violation of the tournament’s contract with the broadcasters as well as sponsors.

Trae Young and Stephen Curry are part of the team that has to say goodbye to NBA 2019-20

Finally, 22 teams with enough achievements including 16 teams in the Playoffs group and 5 Western teams and 1 Eastern team will come to Orlando, competing together at Walt Disney World Resort. This will leave 8 teams outside the game including as follows.

Golden State Warriors – Achievements 15-50

Cleveland Cavaliers – Achievements 19-46

Minnesota Timberwolves – Achievements 19-45

Atlanta Hawks – Achievement 20-47

Detroit Pistons – Achievement 20-46

New York Knicks – Achievements 21-45

Chicago Bulls – Achievements 22-43

Charlotte Hornets – Achievements 23-42

Prominent among the 8 teams to sit at home is probably Golden State Warriors, the collective has had 5 consecutive seasons in the NBA Finals. Unfortunately for the 2018 champion, injuries to pillars like Klay Thompson or Stephen Curry forced “Dub Nation” into the road to rebuilding the squad.

The Atlanta Hawks and Minnesota Timberwolves are also notable names with two stars, Trae Young and D’Angelo Russell. Unfortunately for the duo, they will have to try next season. Sharing from journalist Shams Charania, although the NBA allows 30 teams to come to Orlando to play, many will refuse to attend.

D’Angelo Russell will say goodbye to the season soon

The intensive competition will require a lot of preparation, especially among these is physical training about 3 weeks before the competition. After that, teams will have to isolate 14 days in Orlando before entering the training camp.

For teams that cannot compete in the Playoffs, it is unreasonable for them to prepare within 2 months and only play 6-8 regular Season matches. It is unclear what the plans for these 8 teams will be, but their offseason has officially started today.

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