Jason Cole, CFP®, MBA, CDS®’s Post

https://lnkd.in/gqsiBUM4 This is a sad reality for Canadian sports teams trying to compete with their American counterparts...While the glamour of playing for The TML is great, it lacks the intrigue for many players that view teams within other provinces and states with lower (and sometimes no) income tax. Hopefully this example is used as a solution for professional Canadian sports teams, especially Toronto where we have the greatest exposure to the U.S market and championship wins.

It is certainly no surprise to see the State of California showing a vested interest in athletes' taxable earnings. The state that started the tit for tat of "jock taxes" on visiting athletes after the 1991 NBA Finals between the Bulls and Lakers is at it again. According to reports, California is seeking assistance from Congress to close a loophole that would currently allow new Los Angeles Dodgers star Shohei Ohtani to avoid up to $98M in state income taxes accrued from his ten-year deal with the Dodgers. Ostensibly, all Ohtani would have to do to take advantage of this loophole would be to move out of state (or the country) between 2034 and 2043 - this is the period when the deferrals on his 10-year, $700M deal would come due. Of note, the current structure of the deal has a whopping $680M in contract deferrals. 😯 #SportsBiz #professional #MLB #baseball #losangeles #sports #travel #money #earnings #contracts #taxation #sportsbusiness #sportsindustry #sportsmanagement #linkedinsports

https://lnkd.in/gqsiBUM4 This is a sad reality for Canadian sports teams trying to compete with their American counterparts...While the glamour of playing for The TML is great, it lacks the intrigue for many players that view teams within other provinces and states with lower (and sometimes no) income tax. Hopefully this example is used as a solution for professional Canadian sports teams, especially Toronto where we have the greatest exposure to the U.S market and championship wins.

💸 I see Chelsea' spending as more than just ambition ⚠️ It’s a clear sign of the growing financial gap in football Big clubs with deep pockets are racing ahead Smaller clubs struggle to stay in the game Is this fair? ⚖️ Chelsea's $650 million spending shows how impossible it is for smaller clubs to compete The impact goes beyond the field.  It affects the fairness of the sport UEFA’s Financial Fair Play (FFP) rules were supposed to create balance But the reality? It’s different Big clubs take advantage of the rules. Smaller clubs get penalized for minor infractions. This cycle keeps repeating Rich clubs buy the best talent, win more, and grow even richer Smaller clubs, like Brighton, lose their top players to wealthier teams So, what does this mean for us as agents? → Be strategic in guiding our players → Advocate for revenue sharing and a luxury tax to level the field → Invest in local talent to narrow the gap → Ensure players stay in the spotlight, not overshadowed by big-money deals Their future, and ours, depends on it Follow for more insights!

A very good article which combines two of my favourite things!😁 Premiership Football and Financial Planning! 😮 I fear that the stories of famous sports stars losing all their fortunes and going bankrupt will be all to common place in the future just have a look how many it has happened to in the USA🏈 already where stars have signed multi-million contracts which should have secured not only theirs but their families futures for generations to come only for them to lose it all on either an extravagant lifestyle that was unsustainable or through mis-management or mis-advice by agents and associates or both. All too often I see ordinary people make the same mistakes with their own financial planning and security by trying to keep up with The Jones' like Wes Brown of Man Utd or Emile Heskey of Liverpool. You can't control what other people do with their money but you can control what you do with yours so build a plan and work with someone you can Trust and don't fall into the same trap. What do you think? How do you cope with social pressure? Are you guilty of living a champagne lifestyle on a lemonade budget?

My thanks go once again to Ron Khujneri, for leading on the production of this piece, analysing yesterday's Arbitral Award; hopefully it will help clear some of the partisan 'fog of war' surrounding the outcome! Howard Kennedy LLP Meritas Law Firms Worldwide #sports #sport #sportslaw #arbitration #commercialdisputeresolution #CAS #FFP #APT #PSR #premierleague #manchestercityfootballclub #tribunal #litigiation #competitionlaw #publiclaw #regulation #sportsgovernance #governance #football #soccer #ADR #media #sportsdisputes

https://lnkd.in/eFP6-8D8 This is quite the story developing today on APT and doesn't bode well for the rest of the charges being brought by the Premier League. It also huge repercussions for FFP and the ability to apply it in any meaningful form. One of the criticisms is that you can't really legislate for what someone is willing to pay for something so you shouldn't attempt to do so. However, this is somewhat naive and clearly if that party is related then this changes everything. In the wider business world, these transactions would be seen more clearly for what they are. Without wishing to get into the motivations for paying in excess of commercial market value, this and possible future legal victories for the City Football Group changes everything and there are other clubs waiting in the wings to do similar. I imagine interesting discussions are taking place at Newcastle for example. This cannot be good news for the Premier League football product and the competitiveness therein which underpins much of its model. #footballfinance #businessofsport

Fair Play? - Is it? John Textor Crystal Palace's largest shareholder speaking on Financial Fair Play and Premier League profit and sustainability rules after addressing the FT Business of Football Summit in London. Let me say something else about [chairman] Steve Parish. Do you know how hard it is to do his job? Look at Nottingham Forest. This is a club with an owner that has an incredible amount of capital. And he comes in the Premier League and he's told you can't spend it. If you spend it and it falls into a category of losses then we are going to sanction you and we may send you back to the league you came from. It's not about financial sustainability, it's not about financial fair play, nobody is protecting the little guy. This is [expletive]. This is people making sure that you can only spend a percentage of your revenue. Steve has to run his club with a top line of revenues which is driven by television. If we want to put in a bunch of money to buy more players we're not allowed to. So you have to watch your losses and you have to find a way to live between the eighth spot and 17th spot or you go back to the second division [the Championship]. If anybody thinks that I have a problem with the way that Steve is running the club, and [how he] has stayed up for 12 years, just because we have difference of opinion on things... try being Forest owner Evangelos Marinakis right now. #NFFC #crystalpalace 🤗

What’s advertised as a $1.23 billion jackpot only comes if a winner chooses to be paid through an annuity with 30 annual payments. Winners almost always prefer the cash option instead, which for the next drawing Saturday night would be an estimated $595.1 million (or less than half the advertised $1.23 billion jackpot). 37% of that goes to the IRS for federal income taxes (only 24% of which is automatically withheld for some reason, then the winner better save that extra 13% to pay come April 15th of next year or he or she's got problems), or $220.2 million. Of the $374.9 million remainder, the winner may have to pay state income taxes as well, depending on what state they live in. Some states have no income tax (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) while other states exempt lottery winnings from taxes (California, Delaware, Florida, South Dakota, Tennessee, Texas, Washington, and Wyoming). If you’re in Florida, Texas, or Tennessee, you’d keep all of that $374.9 million remainder. If you’re in New York, for example, you’d have to pay another $41 million in state taxes. Either way, what’s advertised as a $1.23 billion jackpot is really only 30% of that 𝘢𝘵 𝘮𝘰𝘴𝘵 if you take the cash option, and maybe even less depending on what state you live in.

We sat down with retired footballer Jack Mackreth who has UK's largest accountancy firm within sports. In next weeks episode, Jack of Kyzen Sports explained the importance of a dual career and how it empowers professional sportspeople to cultivate skills beyond the field, ensuring a well-rounded foundation for their future. He also has some horror stories on how not understanding your taxes can have huge implications financially and personally. If you value your hard earned money, then this is an episode you don't want to miss..... #tax #taxes #taxadvice #football