Online Reporter
Fungai Muderere
Zimpapers Sports Hub
DESPITE the fortunes that top professional footballers and athletes in general earn, a surprising number end up going broke not long after they retire and sometimes even before then.
Professional footballers have relatively short careers and their earnings must sustain them for a lifetime.
It’s the unseen epidemic: the game’s young, rich and famous ending up penniless. Is it excess, addiction, and divorce that are leading former millionaires to financial ruin?
Footballers often come under fire for making too much money, yet a surprising number are far from the top of their game when it comes to managing their wealth. The story of rags to riches and back to rags has been told countless times when discussing the lives of footballers. Unfortunately, as the saying goes, they never learn.
Former Highlanders and CAPS United speedy striker Gabriel Nyoni has once again listed what he believes are some of the major factors that plunge footballers from lives of luxury into abject poverty.
“You’d think millions in earnings would last forever. But the truth is shocking, 78 percent of footballers go broke within five years of retirement. Yes, even players who earned thousands a week. This is courtesy of many things,” said the South Africa based Nyoni.
He cited lifestyle inflation as one of the main reasons behind footballers’ financial collapse.
“When the money starts flowing, so do the expenses, designer clothes, luxury cars, big mansions and the party life,” said Nyoni, adding that players often spend to impress, not to invest, and fall victim to poor financial advice.
“Most players trust friends, relatives or unqualified ‘financial advisors’. They sign deals they don’t understand. By the time they realise it, it’s too late, the money’s gone,” opined the former Maritzburg United player, who has since ventured into several business projects, including a deep cleaning company in Cape Town, as he pursues his dream of becoming a full time businessman in the neighbouring country.
Nyoni also noted that footballers tend to fall victim to associating with fake friends and parasites.
“When you’re winning, everyone wants a piece. The entourage grows, free rides, loans, business ‘opportunities’. After retirement, they disappear and the bills stay,” said Nyoni, a holder of a Bachelor of Commerce Honours degree in Marketing.
He added: “The short career span also affects footballers. They peak early, usually done by 35. Sometimes, they don’t have a steady paycheck. No plan for life after the game. They go from six figures per month to nothing overnight.”— @FungaiMuderere
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