While many athletes are getting better at planning for their post-sport success Dame Kelly Holmes established an initiative partnering up retired sportspeople with underprivileged young people others find it difficult to adjust to a different life to the one they had already been leading.
Manchester United’s former defender Rio Ferdinand has invested in a range of interests off the pitch including an Italian restaurant called Rosso in Manchester and #5 magazine setting him up well for when he retired recently at the age of 36.
Not everyone has been quite so sensible in taking a leaf out of the centre back’s book and there have been many times people have wondered just why so many sportspeople wind up in financial difficulty after such successful careers. Some of sport’s biggest names became infamous for all the wrong reasons after their playing wound down. Here we’ve compiled some of those, along some of the best.
Five of the best:
(1) Francis Lee
Many sportsmen particularly footballers make headlines for quickly squandering their fortunes, as you’ll soon see below. Francis Lee, however, was not one of them. The former footballer was Manchester City’s record signing at the time, when they agreed to a fee of 60,000 in 1967. He turned out to be well worth the money scoring what turned out to be the winning goal to collect the First Division title in a game against Newcastle. Lee then went on to be the club’s top scorer for five seasons and spearheaded City’s golden era.
In terms of business nous, he wasn’t too shabby there either running a successful toilet roll company after retiring from football, which turned him into a millionaire. When he was a teenager playing for Bolton Wanderers, Lee topped up his earnings by driving an old brewery lorry to collect wastepaper.
Having spotted a market for soft toilet tissue, Lee injected his footballer income into his business called FH Lee. It also once employed comedian Peter Kay. He sold the company in 1984 for 8.35m.
While his stint as City’s chairman wasn’t so successful, Lee still sold the shares he had bought for 3m for a tidy 6m.
(2) Maria Sharapova
She may have crashed out of the French Open to Lucie Safarova, but Maria Sharapova is still one of the most successful tennis players of recent times and is currently the second seed. Ranked by Forbes as the world’s top-paid female athlete, it’s clear she has an eye for business too despite Serena Williams having raked in nearly twice the career prize money, Sharapova’s endorsement deals cemented her status as the highest-paid sportswoman for the tenth year running in 2014.
She invested $500,000 in her own global business Sugarpova sweets which launched in the UK in 2013. In Sharapova’s first year of business, she made more than a 120 per cent return on her initial investment, and was looking to double it for year two. She also took a stake part cash, part sweat equity in skincare company Supergoop to promote sunscreen and anti-ageing products.
(3) Tim Horton
Nowadays, when people hear the name Tim Horton most think of doughnuts and coffee, such was the former ice hockey player’s business success.
The Canadian’s playing career was impressive though he joined the Toronto Maple Leafs and soon garnered a reputation as one of the strongest in the game, winning four Stanley Cups and named in an NHL First Team All-Star three times.
After a long sporting career, he founded the first Tim Hortons restaurant in 1964 with Jim Charade, which soon turned into a multi-million dollar franchise eventually overtaking McDonald’s as Canada’s largest food service operator.
Horton died aged just 44 in 1974, but his business legacy lives on in August 2014 Burger King purchased Tim Hortons for $11.4bn.
(4) George Foreman
Another former sportsman whose name has taken on a different brand all of its own is, of course, George Foreman. Being known by many for nifty cooking equipment rather than being a two-time World Heavyweight Champion and Olympic gold medallist takes some doing, but the boxer’s entrepreneurial skills weren’t to be sniffed at.
He teamed up with Russell Hobbs as a spokesman and had some say in the design of his self-titled grill, which went on to sell over 100m units worldwide. Foreman later sold the naming rights to the grill for $138m in 1999.
(5) Greg Norman
The golfer spent 331 weeks ranked as world number one throughout the 1980s and 1990s and has won over 85 international tournaments across his career. The Australian was nicknamed The Great White Shark in part due to his aggressive style of play, and his renowned drive stood him in good stead when he launched an entrepreneurial career.
Norman’s knack was focusing on uniting business and sport, which seems a more reliable route to success. Similarly, renowned South Korean figure skater Yuna Kim launched her own sports management company in 2010, in a savvy move. Norman established Great White Shark Enterprises a multi-national corporation spanning the US and Australia focusing on golf course design and expanding to incorporate real estate, investment and even a winery. His business ventures reportedly ranked in $300m in revenues for 2014. If that wasn’t enough, he recently launched a $75m investment fund for small businesses.
Read on to find out who failed in their business efforts.