Dallas Mavericks owner Mark Cuban.
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Troubled former NBA player Delonte West checked into a drug treatment facility Monday evening after Mark Cuban picked him up at a gas station in Dallas, the entrepreneur told ESPN.
The Dallas Mavericks owner is one of many people in the NBA, including Doc Rivers and Jameer Nelson, who has tried to help West in recent years. West, 37, has disclosed he has bipolar disorder and has battled drug addiction.
There have been numerous viral photos and videos of West in recent years showing the former NBA player living on the street, including in 2016 when a fan spotted West outside a Jack in the Box alone and without shoes.
While West’s mental health issues and drug problems may have contributed in some way to his financial trouble, West is not the only former professional athlete who has struggled with money after their playing days were over.
Within five years of retirement, an estimated 60% of former NBA players are broke, according to Sports Illustrated. An estimated 78% of former NFL players face bankruptcy or financial stress within two years of retirement.
Contracts for professional athletes have only risen in recent years, and yet so many still go broke.
“Athletes have a different set of challenges from, say, entertainers,” Michael Seymour, the founder of Philadelphia-based UNI Private Wealth Strategies told SI. “There’s a far shorter peak earnings period (in sports) than in any other profession, and in many cases they lack the time and desire to understand and monitor their investments.”
Whether it’s the small earnings window, desire for extravagant lifestyle or overall lack of financial planning, professional sports leagues have taken steps in recent years to combat situations where athletes lose their millions.
The NBA created the Rookie Transition Program, a mandatory four-day seminar for all incoming players where they discuss money-management, diversity and adapting to NBA life.
But some NBA players, including Chris Paul, president of the player’s union, think more still needs to be done.
“I’ve heard so many stories. That’s why I try to talk to guys because it happens. This is a short career. In the grand scheme of life, this is a short career. You try to maximize it as much as possible,” Paul said in 2019. “There’s the rookie transition program and all these different people that try and help you. But when you come in the NBA at 18 years old, you’re just thinking about basketball, basketball, basketball. You don’t even understand what health insurance is.”
Dozens of NBA players have gone public with their incredible financial losses over the years including former Celtics forward Antoine Walker and former Knicks guard Latrell Sprewell.
The NFL also holds a financial literacy camp for its players, but all are welcome, not just rookies. MarketWatch chronicled the voluntary camp in 2016.
West made over $16 million dollars during his NBA career, not including endorsement deals.
West has now been reunited with his mother and has entered a rehab facility, according to Shams Charania of The Athletic. West played for the Cuban-owned Dallas Mavericks in 2012.
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