Sports Law

Sports Law defines the specific contractual obligations incurred by all participants engaged in professional sports. These contracts may become overwhelming taking into consideration the amazing prospect of athletes earning millions of dollars within a short amount of time.

All athletes should seek the valuable service of an experienced Sports Law Attorney prior to negotiating their contracts.
A common debate derives from whether sports contracts are exorbitant!  Before reaching a final determination, take into consideration the relatively short career of the average professional athlete.  Another primary concern for athletes involved in team sports stems from the fact, although contracts may have a stipulated value derived over a pre-determined timeframe unfortunately most of these contracts are not guaranteed.  The contracts tend to favor the teams instead of the athlete.  For example, in team sports the organization will typically reserve the right to terminate the contract (cut the athlete from the roster) without any further financial obligations.  Of course, there are exceptions to the rule, based upon the marquee value and prominence or the past performance of an athlete.

Sports Law Contractual Issues Include:

• Contractual Offer
• Acceptance of Contract
• Interpretation of Clauses
• Specialty Clauses
• Options and Contingencies
• Reserve Stipulations
• No-Cut Provisions
• Collateral Agreements
• Termination Conditions
• Contractual Assignments
• Sports Law Remedies
• Breach Defenses

Another invaluable resource provided by an experienced Sports Law attorney would be helping professional athletes with tax and financial planning.  This tax planning is imperative and often results with deferred compensation deals, designed to spread the athlete's income and tax liability over a longer number of years.  Tax sheltered investments may be utilized to preserve the potential estate of an athlete.  This may also include the proper selection of health, disability, and life insurance.

All athletes should seek the valuable service of an experienced Sports Law Attorney prior to negotiating their contracts.  Contact a Sports Law Attorney for help with protecting your financial future.

Written by Robert Pino, Managing Editor and contributing writer for MoxyMedia.