Chris Pronger goes on a tirade on the financial problems of athletes

Hockey Hall of Famer Chris Pronger posted several very interesting tweets this afternoon about the financial hardship some professional athletes face when they retire.

The former defender is now an entrepreneur owning a travel company and an investor. He came up with his theories as to why so many ex-athletes are going bankrupt and he also added some tasty anecdotes, like this:

According to the former Hart and Norris recipient, there are three reasons for these problems.

1- First, athletes would often waste too much money at the start of their career. Many young people would have in mind that their wealth will be eternal, but as Pronger explains, they are all one injury away from not being able to play.

We agree that it’s normal for a 21-22 year old who becomes a millionaire overnight to go crazy, but they should be avoided as much as possible.

2-Many people with bad intentions take advantage of athletes. It is therefore crucial for them to be careful and to surround themselves with the right people.

3- Players often have several people around them (family and friends) to take care of. As Pronger explains, it can be hard to say no to childhood friends who want a little cash.

He explains that he is grateful to have always been well advised, but adds that he himself made some mistakes when he was young.

The one who won the Stanley Cup with the Ducks estimates that more than 50% of professional athletes experience financial problems after their career. This figure may seem surprising given the millions they pocket, but it is not the first time that similar figures have been put forward.

In an article published in 2009, the magazine Sports Illustrated estimated that two years after retirement, 78% of NFL players have declared bankruptcy or had serious financial problems. According to the same article, 60% of NBA players would go bankrupt within five years of retirement.

Other studies have come up with less alarming estimates. For example, according to the National Bureau of Economic Research, 15.7% of NFL players would declare bankruptcy within 12 years after the end of their career.

The tweet of Pronger are nothing new. It is a well-known phenomenon. However, when it’s a former player who talks about it and who gives such strong examples, it’s striking.

He ended by explaining that he will continue to post such tweets.

I can’t wait to see what he will bring out next time…

A lot of

– Update on Mike Bossy.

– And about the LaPresse-Renaud Lavoie war.

– Kucherov did not give the goalkeeper time!

– It’s the March Madness finale tonight.

– Auston Matthews is on fire.

Leave a Comment