Why should the UFC be responsible for his poor financial decisions?
HEMAN - Why should the UFC be responsible for his poor financial decisions?
Fighting is a high-risk proposition that attracts people who aren't well-adjusted in the first place.
It's also an industry filled with dishonest practices, poor management, graft, abuse of painkillers/stimulants (not unlike WWE) and more and more encroachment on a fighter's own brand (likeness, merchandise, sponsorships, etc).
There should be better laws to protect fighters, not unlike the Ali Act named after a great boxer who fell into numerous traps.
Brian J DSouza -HEMAN - Why should the UFC be responsible for his poor financial decisions?
Fighting is a high-risk proposition that attracts people who aren't well-adjusted in the first place.
It's also an industry filled with dishonest practices, poor management, graft, abuse of painkillers/stimulants (not unlike WWE) and more and more encroachment on a fighter's own brand (likeness, merchandise, sponsorships, etc).
There should be better laws to protect fighters, not unlike the Ali Act named after a great boxer who fell into numerous traps.
This is the REAL world. I work in government contracting and it's cut throat by nature. UFC or any MMA promotions should not be liable if a fighter cannot manage his own money. Leben could be driving a truck and still blow it on drugs etc...with the FREE finance information online through google or youtube or torrent...he should accept personal responsibility for his own financial situation.
Brian J DSouza - What about educating fighters more on the financial side and other risks during their active careers? As things stand, they are moved on a conveyor belt and being told that if they keep going along, they will make more money and it will solve their problems.
I'm pretty sure that when the UFC holds those Fighter Summit's, they bring in financial advisers to speak on what each fighter can do to save money, make more money, etc... I know for a fact the UFC brought in a financial adviser two years in a row, but that was two or three years ago. Not sure if they still bring in certain speakers, I remember reading about last year's Fighter Summit being a hell of a lot smaller than in previous years. They'd either cut back on the amount of fighters they'd fly in or they would limit it to newer fighters who signed on w/UFC after they held the Fighter Summit from the previous year.
Wouldn't that put the onus of saving money (Or other financial responsibilities) on the fighter?
I'm all for fighters getting a bigger piece of the pie, but Chris said he blew his money mostly on drugs. Even if he got paid more, he'd still be broke.
kungfugrip - People say educate the fighters, I say educate the youth. In today's schools, there is zero discussion on money and how to manage it. Individuals need to learn to take care of their own money and themselves. It's not other peoples job to do this.
Fighters/athletes are at a bigger risk because it can be lots of money quickly without a long term income. You take home 50g tonight, you live like a king but what do you do once it's gone. Normal job may pay you that same amount, but spread out over time.
People need to become educated and learn to live below their means (me included!)
VTFU, man.
"People say educate the fighters, I say educate the youth".
That's perfect. The problem is, our entire school system is broken and in no way prepares the youth for the harsh realities of the real world. They "teach" you how to be subservient and to expect a life that is impossible to obtain. That "American Dream" is a trap, a lie perpetuated to make you believe that if you work hard enough, pay "all of the taxes", and believe in something, Whether that "something is God or Government, doesn't matter, just so long as you believe, then life will be simple.
And its all bullshit.
Outlaw'd by Lytle -kungfugrip - People say educate the fighters, I say educate the youth. In today's schools, there is zero discussion on money and how to manage it. Individuals need to learn to take care of their own money and themselves. It's not other peoples job to do this.Agreed.
Fighters/athletes are at a bigger risk because it can be lots of money quickly without a long term income. You take home 50g tonight, you live like a king but what do you do once it's gone. Normal job may pay you that same amount, but spread out over time.
People need to become educated and learn to live below their means (me included!)
Finance management should be a staple of any curriculum.
The UFC should take this further by providing a dedicated financial advice service.
Someone who will sit down with each fighter and educate them on what to fo with their earnings.
This should be enforced contractually with a minimum quarterly review.
"Someone who will sit down with each fighter and educate them on what to do with their earnings" and "This should be enforced contractually with a minimum quarterly review".
First point: Fighter Summit's, they bring in "Top Financial Adviser's" to help fighters understand taxes, contracts, salaries, etc...
Second point: Dana has already addressed this on a couple of occasions, but most recently he went into a little more detail, saying something along the lines of "Each fighter has audit rights", meaning that in each fighters contract, they have the ability to sit down with the top brass and ask for the books to be opened and have someone sit down and explain why they made this or why they didn't make that.
So far, according to Dana, no fighter has asked UFC to open their books, though I do seem to remember Rampage saying something about him asking them to open the books one time. May be wrong about Rampage asking that, it may have been some other fighter or Page may have been talking about something entirely different.
"Opening the books" refers to auditing the PPV numbers. Only a select few MMA fighters will ever fight on PPV. In fact, many top boxers who make good coin don't have fights on PPV like Andre Ward.
The group that has to reach out and address the situation is the athletic commissions/government. But the other major groups have to pressure them.
For every guy who misspends like Tyson, Cerrone or Leben, there are several guys who scrimp, save and do their best with what they have. They aren't complaining, but probably have little cashflow or are dependent on a few gigs that could bottom out at anytime.
I wonder if Zuffa ever tried to help Cris with his financial issues. I know the NFL has advisors, I would hope the ufc at least tried to asist with his issues [money, drugs]. Their boxing people so i'm sure their aware of how boxers have squandered fortunes.
It wouldn't be hard to start a pension system where 5-10% of purses go into a fund. What would be difficult is having certain types of impulsive fighters pay into it.
You can only help the ones that want to be helped. I can name half a dozen mid-tier fighters who turned their paltry purses into something much bigger with their sweat and work. They could still have used bigger purses to serve their businesses, though.
Leben's story goes hand in hand with many success stories after retirement from MMA.