Excerpt from remarks to Boston College’s Chief Executives’ Club of Boston
March 12, 2014
TAKEAWAY: Life Post-Basketball
My question is, We see these players who don’t have a great post-life. What is the commission doing to help these players after the game is over to have a continuous life when they’re not the center of attention as much?
It’s a great question. I know there are similar programs in the NFL and the NHL. It begins the day that they’re drafted with a rookie transition program that follows over the course of the summer where we’re teaching the players about life skills, everything from how to manage their money, how to manage their family, and how to deal with their friends, how to save money, and then there’s a continuing education throughout their careers in the NBA.
I’d say they also have a strong union, which is responsible for helping them there, too. But there’s a lot of horror stories out there, and it’s far from perfect. So it’s something we’re very focused on.
In the last round of collective bargaining we had with the players, that Wyc in fact was very involved in, we talked a lot about those issues, mandatory savings plans and other things. The money leaves the league’s hands, but kept by a trusting party from both sides to help them ensure that they have money when their playing careers are over.
So it’s ongoing discussions, but it’s something I know that all the leagues spend a lot of time on.