Breaking the Stigma of Athletes Mishandling Money
The fans remember the highlights but the franchises remember the technology, data, and inventions that powered their season. Host Tyler Kern sits down with the innovators, leaders and founders that are taking sports into the future.
Professional athletes and entertainers receive large paydays during their careers. However, many lack the knowledge or have the right people around them to not go broke. Wale Ogunleye, who played 11 years in the NFL, wants to change all that by leading UBS’ Athletes and Entertainers Strategic Client Segment. He joined host Tyler Kern on Salary Capped to share his experiences and current mission.
The number one thing new drafts need to realize, Ogunleye said, is that “this is business time.” Players have to know they are the business of football now, and that’s true of anyone signing a lucrative contract.
“We want to support them with the infrastructure to move into being an entrepreneur and businessperson. In investing, you need to know about the business. You wouldn’t go out on the field without knowing the playbook. It’s the same principle.” – Wale Ogunleye
Ogunleye was in the same situation, and he admits he had zero financial literacy during his playing days. He’d like to see the league take a more proactive rather than hands-off approach.
“Give players more life skills, balancing a checkbook, credit score awareness, and vetting those around them and also explaining a contract. There’s so much jargon and complex information. Help players understand it better,” he said.
Because of his experience and so many cautionary tales, Ogunleye has become a disruptor to the industry. “We want to support them with the infrastructure to move into being an entrepreneur and businessperson. In investing, you need to know about the business. You wouldn’t go out on the field without knowing the playbook. It’s the same principle.”
Ogunleye noted that sports stars and entertainers can build their own brands now and go direct to fans through social media. He believes this is the future of monetizing their brand and aligning with companies. To do that, they’ll need guidance and investors they can trust.
At UBS, Ogunleye’s leadership of this new division is about bringing his experiences and the company’s to adapt to new needs and ensure the money they make lasts.
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