IN GOOD CONSCIENCE: can stanford’s fallout possibly be a sign of economic catastrophe in sport in near future?
When the current economic crisis started rearing its ugly head late last year, I didn’t expect it to affect world sporting to such a high scale.
How terribly wrong I was for thinking that way.
As you all know, Allen Stanford has become the latest oligarch to plunge himself to fraud charges.
However, he is the first whose business does greatly concern about sport.
His list of clients include distinguished sportsmen like golfer Vijay Singh, footballer Michael Owen and West Indies Cricket Board.
These few names are more than enough to show the scale of the problem, and how it affects a broad range of sports around the world.
The fact that sports today are increasingly commercialized does not help at all.
And lets face it; without money, sport wouldn’t have become what it is today.
My question is:
CAN THIS BE A SIGN OF EVEN MORE ECONOMIC FALLOUT IN SPORT IN NEAR FUTURE?
What will happen if the consortium behind NBA franchises like Boston Celtics suddenly collapses?
What will happen if the bank where tennis player Rafael Nadal or F1 driver Lewis Hamilton is liquidated all of a sudden?
Worse still, what if the main sponsors of leading competitions like the NHL, English Premier League and Summer Olympics declare itself bankrupt without any notice?
Sport will be in total jeopardy.
It is a highly unpleasant prospect, seriously.
What do you think?
Are most sports investors economically sound and safe, or are they part of the yet-to-be-revealed crooked conglomerates around the world?
Please put forth accurate and respectable argument, rather than just answering ‘yes’ or ‘no’.