Meet The Redd Sports Group
Leon: What do you think are the pitfalls of young NFL bound players signing with agents in conjunction with taking marketing advances? On a $100K (marketing advance), how do you think that compares, financially or otherwise, to taking a contract advance from SSL for $100K and repaying $110K in their rookie season
Craig: "Marketing Advance", as you know, is the new buzz term that many agents are using instead of loan. Many young athletes think that they are getting something for nothing and don't have to pay it back, but what really happens is it is a way for agents to pay for a player and work into an addendum to the Standard Representation Agreement a much higher percentage from a loan as there are more risk involved for the agent. The player ends up paying more money at the end and what many of them don't realize is that if they leave that agent, that money or the difference that the agent hasn't made back on marketing deals, comes due usually, within 10 days or so. It really is a bad deal for players. I believe they are better off, if they truly need it, taking a contract advance or line of credit and paying 5 - 8% interest then the marketing advance at 15 - 30% interest.
Sure Sports Lending Conclusion (#TheDifference):
- Player builds credit
- Player pays less
- Agent isn't out of pocket for expenses
About Craig Redd and The Redd Sports Group
Sports Group provides a number of services for college and professional athletes. The goal of RSG for college athletes is to educate and empower you and your family with the knowledge to make good, informed and confident decisions based on facts and truths through the agent screening process and your professional careers. By working with RSG, athletes and their families will feel less anxiety and stress that is associated with the process of agent selection and becoming a professional athlete. Services provided to college athletes and families include (but not limited to):
Understanding of the NCAA amateurism rules
Understanding the overall agent recruiting practices
Understanding the overall agent selection process
Action plan for dealing with the agent process
The Redd Sports Group assists professional athletes maintain and manage your business relationship and responsibilities.
For more information please visit www.reddsportsgroup.com or call 201-960-3640