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Entries in MLB (2)

Tuesday
Dec072010

Three Brokers Disciplined for Mishandling Money of Former MLB Players

Photo Courtesy -- Getty Images(NEWARK, NJ) – The New Jersey Attorney General announced Tuesday that three brokers have been disciplined for bad financial deals with three former Major League Baseball players who had been clients.

“Clients trusted these industry professionals with their hard-earned savings, and that trust was broken,” said Attorney General Paula T. Dow. “Professional athletes, working toward a financially secure future upon retirement, became victims to those seeking to enrich themselves.”

Two of the brokers, Stephen Elliot Hill and Steven Kolinsky, co-owners of Kolinsky-Hill Financial Group, had their brokers licenses suspended. According to a press release, Hill misappropriated nearly $1.7 million of his clients’ money.

Florida broker Roy Glassberg was sanctioned for part in the deal. He failed to disclose that the funds that were misappropriated by Hill benefited his company.

The names of the former baseball players affected by the deals have not been released. However, Sports Illustrated reported that former New York Mets outfielder Cliff Floyd is among those who were stung financially.

Copyright 2010 ABC News Radio

Tuesday
Oct052010

Coming Soon: Sponsor Names on Pro Sports Jerseys?

Photo Courtesy -- Getty Images(NEW YORK) -- American sports fans may soon see sponsor names appearing on team jerseys, according to AdAge.com. 

The 20 English Premier League soccer teams generated $155 million by selling ad space on their jerseys as reported by Sports Illustrated, causing the four major American sports leagues and its corporate partners to consider and even debate the idea of sponsor patches on team uniforms.

Mark Cuban, owner of the National Basketball Association's Dallas Mavericks, told Advertising Age, "It's definitely on the horizon.  I think it's more an issue of 'how much' rather than 'if' [it happens]."

The National Football League currently allows for teams to sell advertising on practice jerseys, with more than half of the 32 franchises taking advantage of the opportunity.  However, NFL spokesman Brian McCarthy told Ad Age the league has no plans to allow sponsor patches on game jerseys, despite being approached by major companies who say that "NFL jerseys represent the most valuable real estate in sports."

While a National Hockey League spokesman chose not to comment, Major League Baseball is perhaps the most opposed to selling sponsorship.  According to an email sent to Ad Age, an MLB spokesman wrote, "Baseball has a longstanding policy of not allowing corporate advertising on our uniforms for non-international competitions. We are continuing to monitor what appears to be an increase in the trend that places non-manufacturer corporate marks on uniforms."

Copyright 2010 ABC News Radio








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