Fed up by stories of former NBA players winding up in financial trouble, new Milwaukee Bucks co-owner Wes Edens is trying to make a difference.
Edens, who purchased the Bucks with Marc Lasry for $550 million in May, knows a thing or two about financial management as a New York-based hedge fund executive. This offseason, he began working with Bucks players, educating them on how to handle their money and providing access to financial advice.
"I want to help guys out to understand financially how to be in a better place," Edens told Mark Kass of the Milwaukee Business Journal. "I know when I was 22, I made a lot of bad decisions."
Player money management is an obvious concern, as players enter the league at a young age and jump from earning virtually nothing to earning millions. According to the Journal, eight Bucks took Edens up on his offer, visiting his summer home in Martha's Vineyard for private sessions.
If Edens has his way, educating players on how to manage their wealth won't stop with his own charges. Edens has been pushing the NBA to at least explore a league-wide initiative to address player financial issues, according to a report from ESPN.
The league currently educates rookies over a multi-day symposium ahead of their freshman season, but a more structured and long-term initiative would be a positive for the league.
