Former Crows coach Neil Craig invested a sum of money into a failed investment scheme and he wasn't the only one at Adelaide to do so. Picture: Calum Robertson Source: adelaidenow
AS shonky schemes go, investing in a dental implant business would seem the perfect way to invest in pain.
But the millions of dollars earned by AFL chief executive Andrew Demetriou through his Ruthinium Group show there is money to be made in all manner of businesses.
The problem is the lack of due diligence by some AFL players.
The end game - Easing the pain for delisted players
Or as AFLPA financial counsellor Brad Wira says, "Do I really need $7 million of trauma insurance for $14,000".
Player manager Paul Connors urges his clients to build a 20 per cent cash deposit for their first house, then pay it off quickly.
Fellow manager Adam Ramanauskas says his clients who are playing regular senior football by their third year can buy their first house, with some adding another to their portfolio by their sixth year.
But there will alway be hair-brained schemes.
Firepower was a failed investment scheme involving fictitious shares in a company that claimed to have invested a revolutionary additive pill for fuel.
Yet it lured in most Adelaide stars, with coach Neil Craig also investing $30,000.
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Some Adelaide figures were involved in the Firepower losses as well as the current betting syndicate, which has lured 50 players.
They aren't particularly bothered, because the same Firepower owner tipped them into a mining stock that boomed from $2 to $60.
West Coast star Nic Naitanui recently was offered a cut of a restaurant for $600,000 then when he rebuffed it, told he could have it for free.
Bottom line: AFL players sell merchandise, add buzz to a venture, and also have expendable cash.
As manager Paul Connors says, it is easy to invest $10,000 in a bar or restaurant but almost impossible to get out if your partners don't want to sell.
AFLPA financial advisers Mark Porter and Brad Wira are sounding boards for players and their investments, with Connors having a financial planner and mortgage broker as part of his services.
Says former Hawk and AFLPA general manager of player development Brett Johnson, "There are a lot of people hanging around the players at clubs. If a product or investment is put in front of them we encourage the guys to take it to 'Ports' or Brad Wira.
The success story - Kelly wises up after early lesson
"If all of a sudden you have three more years of an investment and you are delisted, that is where guys can come unstuck."
Some in the AFL believe members of club coteries should be banned from offering investments to players given the mixed fortunes that come as a result.
But player manager Dan Richardson says it comes down to homework.
"It doesn't matter what type of investment, it's more about the principle. You have to treat every investment on its merits," he said.
"If it's too good to be true, it probably is."
Part One - Sports betting a concern for players? You bet
Essendon chief executive Ian Robson says players are now wising up to ridiculous investments.
"If you meet someone in a bar and he says, 'You should invest in this', get his details and investigate, don't just give him $15,000.
"Those guys have been around since Jesus was a boy."
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