Given that old stat from Sports Illustrated that said 78% of NFL players were broke after a couple of years and 60% of NBA players were broke after 5, it would be interesting to see what it's like in the AFL. Why just be humble and stick your short term ballooned salary in index funds when you're the Mayor of Geelong and need to be a player about town?
Adding insult to injury, looks like Lingy got stitched up by old Frank.
I'm sure there's someone here who knows a bit more, was he truly cleaned out?
GEELONG champion Cameron Ling has spoken of his desperation to get out of a disastrous business deal on the city’s waterfront that sent him on a downward spiral and cost him his family home.
The premiership-winning captain was in a partnership that suffered devastating financial losses after taking over a sublease of Cunningham Pier in 2009.
The pier — which had been leased out by a company owned by former Cats president Frank Costa — went on to become the home of a convention centre, bar and a high-end dining restaurant.
Ling and his partners spent $4.5 million renovating the site, but the business faltered amid rising debts and rental costs that were more than twice the market value.
A recent ruling from the Victorian Civil and Administrative Tribunal has revealed Ling’s plight and how he became “desperate” to exit the “stifling” conditions of the lease.
In evidence given to the tribunal, the former All-Australian said he practically needed to beg Mr Costa’s right-hand man, Carl Schokman, to get out of the deal in 2015.
Ling said the financial burden forced him to sell his home and investments, before approaching Mr Schokman, who dictated the terms of his release.
He claimed Mr Schokman also brought pressure on his wife and young family.
“When Carl effectively yelled at me and my accountant and demanded certain things, I’ll never forget that meeting, probably for the rest of my life,” Ling told the tribunal.
“I haven’t had to beg too many times in my life, but it felt like I was in that meeting.”
The tribunal heard Ling later regretted his “foolishness” in entering into the sublease on terms that he did not understand.
He said he naively went ahead with the deal based on the advice of Mr Costa and Mr Schokman, who described it as an opportunity at “the best location in Geelong”.
Adding insult to injury, looks like Lingy got stitched up by old Frank.
I'm sure there's someone here who knows a bit more, was he truly cleaned out?
GEELONG champion Cameron Ling has spoken of his desperation to get out of a disastrous business deal on the city’s waterfront that sent him on a downward spiral and cost him his family home.
The premiership-winning captain was in a partnership that suffered devastating financial losses after taking over a sublease of Cunningham Pier in 2009.
The pier — which had been leased out by a company owned by former Cats president Frank Costa — went on to become the home of a convention centre, bar and a high-end dining restaurant.
Ling and his partners spent $4.5 million renovating the site, but the business faltered amid rising debts and rental costs that were more than twice the market value.
A recent ruling from the Victorian Civil and Administrative Tribunal has revealed Ling’s plight and how he became “desperate” to exit the “stifling” conditions of the lease.
In evidence given to the tribunal, the former All-Australian said he practically needed to beg Mr Costa’s right-hand man, Carl Schokman, to get out of the deal in 2015.
Ling said the financial burden forced him to sell his home and investments, before approaching Mr Schokman, who dictated the terms of his release.
He claimed Mr Schokman also brought pressure on his wife and young family.
“When Carl effectively yelled at me and my accountant and demanded certain things, I’ll never forget that meeting, probably for the rest of my life,” Ling told the tribunal.
“I haven’t had to beg too many times in my life, but it felt like I was in that meeting.”
The tribunal heard Ling later regretted his “foolishness” in entering into the sublease on terms that he did not understand.
He said he naively went ahead with the deal based on the advice of Mr Costa and Mr Schokman, who described it as an opportunity at “the best location in Geelong”.
