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NHL Player bankrupcy

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12-28-2011, 05:27 AM
  #1
tobo
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NHL Player bankrupcy

This morning, I read an article about former NBA players who went bust due to bad investments, divorces/alimentation, homeboys/relatives, etc. A shocking 60 percent of those bballers files for bankrupcy within a couple of years after retiring. What I'm wondering: is it the same with former NHL'ers?

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12-28-2011, 07:14 AM
  #2
King Woodballs
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Ask Bryan Trottier
He filed some years ago.

But is it as bad as the NBA? I dont think so

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12-28-2011, 08:27 AM
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A quick glance at the Googles is giving me a 60% rate for NBA but a 78% rate for NFL.

I'm inclined to believe that NHL players typically do better than other sports. This is primarily because of their background. A very high number of basketball and football players come from poor backgrounds while hockey players tend to come from a more middle class type childhood. People growing up in the middle class are generally more equipped to handle their newfound wealth for various reasons ranging from quality of education to family assistance and many other things beyond.

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12-28-2011, 08:04 PM
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It's also pretty common for superstar players on ELCs to live with an older teammate and his family.

I've always thought this was a tradition to keep young guys with money from self-destructing.

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12-28-2011, 09:21 PM
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Quote:
Originally Posted by tobo View Post
This morning, I read an article about former NBA players who went bust due to bad investments, divorces/alimentation, homeboys/relatives, etc. A shocking 60 percent of those bballers files for bankrupcy within a couple of years after retiring. What I'm wondering: is it the same with former NHL'ers?
Ask Alan Eagleson.

Probably not as common. NFL I'm not surprised at. Those guys, with the exception of the very top ones, making chicken feed compared to everyone else for the amount of damage they take.

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12-28-2011, 09:43 PM
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I think you also have to look at career length or players when considering how many file for bankruptcy and when they file. The NFL career length is extremly short, also what is considered a 'career'? I you are only looking at the top tier leagues than does a career minor leaguer that had a handful of pro games count or is there a number of games needed to be played for it to be considered a careeer. If you look at a player like Eric Couch who lasted a couple of pre season NFL games does he count. This like most things needs a lot deeper knowledge before any real conclusions can be drawn, but even than im sure the numbers will still show NBA and NFL players have a much higher rate than the NHL

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12-28-2011, 09:55 PM
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Originally Posted by squidz View Post
A quick glance at the Googles is giving me a 60% rate for NBA but a 78% rate for NFL.

I'm inclined to believe that NHL players typically do better than other sports. This is primarily because of their background. A very high number of basketball and football players come from poor backgrounds while hockey players tend to come from a more middle class type childhood. People growing up in the middle class are generally more equipped to handle their newfound wealth for various reasons ranging from quality of education to family assistance and many other things beyond.

This. NBA/NFL players are dumb and classless (see USA dream team in summer Olympics) people vaguely thinking about the future. That is sad.

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12-28-2011, 10:50 PM
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http://www.theglobeandmail.com/globe...rticle2284343/

Quote:
The term sudden wealth syndrome was coined in the 1990s to describe the psychological reactions of newly affluent dot-com entrepreneurs of Silicon Valley. But there are many other paths to becoming an overnight millionaire: winning a lottery, inheriting an estate, signing a professional sports contract, getting a divorce or an insurance settlement, even retiring.

The suddenly wealthy have to rethink fundamental aspects of their lives, such as where they live and whether they will keep working, Ms. Bradley says. “We as human beings need purpose in our life, and frequently we get that through our careers. A lot of money opens up a bunch of possibilities, but initially, a whole part of your life ends. So you need a grieving process for the life you had.”

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12-28-2011, 10:52 PM
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Shockingly, its a lot more common than one would expect. Doug Harvey, the greatest defenceman of his generation just prior to Bobby Orr was found frozen to death living in an abandoned rail car on the wrong side of the tracks. Derek Sanderson wound up living in Central Park on a bench. Theo Fleury played Russian Roulette with a fully loaded .45 Magnum, 7 Bullets in the chamber, not one, spun the wheel, pulled the trigger & missed. Brian "Spinner" Spencer was killed in his trailer in the middle of Florida for less than $20 worth of drugs. You want more?... plenty more to tell.

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12-28-2011, 10:59 PM
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Originally Posted by Killion View Post
Shockingly, its a lot more common than one would expect. Doug Harvey, the greatest defenceman of his generation just prior to Bobby Orr was found frozen to death living in an abandoned rail car on the wrong side of the tracks. Derek Sanderson wound up living in Central Park on a bench. Theo Fleury played Russian Roulette with a fully loaded .45 Magnum, 7 Bullets in the chamber, not one, spun the wheel, pulled the trigger & missed. Brian "Spinner" Spencer was killed in his trailer in the middle of Florida for less than $20 worth of drugs. You want more?... plenty more to tell.
Source?

Can't find anything more about this.

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12-28-2011, 11:14 PM
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Source?

Can't find anything more about this.
Read his book "Playing With Fire"

And it wasn't Russian Roulette he played. He had loaded the gun and put it in his mouth..but just sat contemplating suicide before obviously deciding not to do it.

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12-28-2011, 11:17 PM
  #12
Killion
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Originally Posted by metalan2 View Post
Source? Can't find anything more about this.
Read the book. "Fire & Ice". This is no joke.
Drug use & alcohol abuse is a commonality of our quaint game.

Dirty Little Secrets


Last edited by Killion: 12-28-2011 at 11:35 PM. Reason: Point; Counterpoint...
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12-29-2011, 08:13 AM
  #13
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Quote:
Originally Posted by Killion View Post
Shockingly, its a lot more common than one would expect. Doug Harvey, the greatest defenceman of his generation just prior to Bobby Orr was found frozen to death living in an abandoned rail car on the wrong side of the tracks. Derek Sanderson wound up living in Central Park on a bench. Theo Fleury played Russian Roulette with a fully loaded .45 Magnum, 7 Bullets in the chamber, not one, spun the wheel, pulled the trigger & missed. Brian "Spinner" Spencer was killed in his trailer in the middle of Florida for less than $20 worth of drugs. You want more?... plenty more to tell.
And I can list dozens and dozens of anecdotes about individuals in any walk of life that mirror or even overshadow these. A couple anecdotes say less than nothing about the situation. Your short list could just as easily be all inclusive of all bankruptcies as it could be a representative sample. It only takes one person to make a stunning story, which is why individual stories don't mean anything about the aggregate.

It sounds like there aren't any readily available statistics on the topic. The more international background of NHL players probably makes some of the information harder to gather. I haven't seen much (outside of individual anecdotes) about MLB bankruptcies in my short searches either. I'm inclined to say that both NHL and MLB players have fewer issues (not to say it's a non-issue) than their NFL and NBA bretheren. It's probably worth noting that both MLB and NHL have much more in depth developmental systems than the NFL or NBA, where (at least the top tier) players are just dunked into wealth and fame. I'd imagine that plays a big role in their ability to maintain financial security.

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12-29-2011, 09:56 AM
  #14
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Quote:
Originally Posted by Killion View Post
Shockingly, its a lot more common than one would expect. Doug Harvey, the greatest defenceman of his generation just prior to Bobby Orr was found frozen to death living in an abandoned rail car on the wrong side of the tracks. Derek Sanderson wound up living in Central Park on a bench. Theo Fleury played Russian Roulette with a fully loaded .45 Magnum, 7 Bullets in the chamber, not one, spun the wheel, pulled the trigger & missed. Brian "Spinner" Spencer was killed in his trailer in the middle of Florida for less than $20 worth of drugs. You want more?... plenty more to tell.
All the people you listed battled alcohol or substance abuse. That's a different issue than is being discussed.

I don't think Doug Harvey made a substantial amount of money in his career considering the time period he played. Players in that era held summer jobs.

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12-29-2011, 12:46 PM
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RayP
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Originally Posted by cheswick View Post
All the people you listed battled alcohol or substance abuse. That's a different issue than is being discussed.

I don't think Doug Harvey made a substantial amount of money in his career considering the time period he played. Players in that era held summer jobs.
From Wiki (tab 2 on page, NHL Star):

Quote:
Harvey became an outspoken critic of the hockey establishment who "owned" players for life. In Harvey’s day, players were paid a pittance compared to the millions being earned by the team owners. A superstar such as Harvey, who today would be paid millions, was earning less than $30,000 a season ($274,634 in 2008 dollars)[3] at the peak of his career while playing every game in front of sell-out crowds.
http://en.wikipedia.org/wiki/Doug_Harvey_(ice_hockey)

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12-29-2011, 01:50 PM
  #16
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NBA/NFL = bunch of dumb kids from the ghetto
NHL/MLB = kids with decent families most of the time

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12-29-2011, 02:01 PM
  #17
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Originally Posted by f2d View Post
NBA/NFL = bunch of dumb kids from the ghetto
NHL/MLB = kids with decent families most of the time
no assumptions in this post at all

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Old
12-29-2011, 02:13 PM
  #18
King Woodballs
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no assumptions in this post at all
like it or hate it, that post isnt all that far from the truth.
Not everyone is from low income house holds in tough neighborhoods that is for sure.
But there have to be none or at least next to none in the NHL.

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12-29-2011, 02:16 PM
  #19
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Based on anecdotal evidence -- haven't seen any statistics -- I'd say it is rare for NHL players to declare bankruptcy. Certainly no where near the % numbers you quote above. Some have made bad investments though -- see Bear Mountain, for example -- or lost a sizable % of their net worth due to divorce.

Why is it rare compared to the NBA or NFL? A very different demographic plays each sport at the highest level is my guess.

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12-29-2011, 02:53 PM
  #20
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Quote:
Originally Posted by RayP View Post
From Wiki (tab 2 on page, NHL Star):



http://en.wikipedia.org/wiki/Doug_Harvey_(ice_hockey)
In Doug Harvey's time as a player, NHL players were paid like ordinary people so their bankruptcy rates back then were very similar to that of the general population.

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