Life After Sport
A professional sports person’s career can be short and many athletes are retired by the time they reach their early 30’s or 40’s. Throughout their sporting career, it may be all they have known; with little or no regard for their “life after sport”. Christian Edwards, Partner and Sports Law expert at JCP Solicitors, discusses what every professional sports person should be aware of, including the moral responsibilities placed on clubs and organisations in nurturing and educating young sports stars:
A sporting professional will want to consider what he or she will do after sport and a club or organisation will want to look at the benefits retired athletes can bring to their ongoing and continued success. For example, these individuals can sometimes be the best ambassadors for a club; having “been there and done it”. Their contacts in the sport may be established and their reputations such, that young aspiring sports stars look up to them, respect their opinions and treat them as trusted advisers. This can then lead to the club attracting the best young talent.
Financial planning is important, and given the obvious riches on offer
(at least in some sports), it is critical that arrangements are made for financial affairs as early as possible. Early consideration should be given to preparing a Will with a solicitor and retaining a financial adviser or accountant to advise on potential tax implications. Clubs could be providing the “total package” with access to professionals such as solicitors, accountants and financial advisers as part of a contract. This should extend to asset/investment advice in helping to build an investment portfolio for life after sport.
As an individual, does your contract provide adequate insurance cover and in what circumstances? You need to be alert that your career may be brought to an early and abrupt end due to injury. From a club’s perspective, most will ensure that in such circumstances, insurance is adequate to cover for the time and money spent on an individual’s development.
With many top athletes moving into media roles following retirement, a sound education is critical. A club would normally provide some form of media training given the demands on high profile stars to give interviews. Not only should this include training as to how to deal with the media but should also include education as to responsibilities in relation to social media.
A club could also consider coaching qualifications or becoming a licensed sport agent. Again a club can see a mutual benefit in appointing coaches from within and therefore retaining continuity.
In summary many people see a sports professional’s career being just on the sporting field, but it goes much further. The personal development that goes on in many large sporting organisations is testimony to that.
Wishing you future success in your sporting endeavours!
Christian Edwards provides advice to well known sporting facilities, players and athletes across Wales and beyond. He is a Partner and Sports Law specialist at JCP Solicitors. For more information or for a free informal discussion with the Sports Law team at JCP Solicitors telephone 01792 773 773 email
sport@jcpsolicitors.co.uk or visit
www.jcp-sports-law.co.uk
Swansea Office - SA6 8QP Whitland Office - SA34 0NG Fishguard Office - SA65 9AL St Davids Office - SA62 6RD
T: 01792 773 773 T: 01994 503 101 T: 01348 873 671 T: 01348 873 671
law@jcpsolicitors.co.uk www.
jcpsolicitors.co.uk
JCP Solicitors is the trading name of John Collins and Partners LLP
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