Wesley Edens and Marc Lasry, two New York City hedge fund executives, bought the Milwaukee Bucks for $US500 million last May.
Though Edens and Lasry obviously care about their on-court investments, trying to turn the Bucks into a playoff contender, Edens has been taking initiatives to help his team off the court, too.
According to the Milwaukee Business Journal, Edens has been giving his players financial advice to help them avoid the financial troubles that an alarmingly high rate of NBA players experience. Over the summer, Edens held voluntary private presentations with players at his summer home in Martha’s Vineyard about how to better handle their finances and grow their wealth. According to the report, eight Bucks players attended.
He also mentioned it again during the Bucks’ training camp, but Bucks executives declined to comment on the specifics of Edens’ messages.
At an event for Robert W. Baird & Co. Inc., where Edens revealed he was giving players’ financial management, Edens presented several shocking statistics about NBA players’ financial troubles after playing. He claims that 50% of players file for bankruptcy after retirement. Other reports indicate that 60% of players will file for bankruptcy within five years of their retirement.
The Milwaukee Bucks have one of the youngest rosters in the NBA, with three different 19-year-old players. Edens said, “I want to help guys out to understand financially how to be in a better place,” he said. “I know when I was 22 (years old), I made a lot of bad decisions.”
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