Summary – From Star Athletes to Failed Entrepreneurs

Many elite athletes earn fortunes that could last generations if wisely invested, yet a mix of ego, overconfidence, poor planning, and bad advice often leads them into ill-fated business ventures. At launch, the media hails these projects — gyms, academies, restaurants, real estate, clothing brands — as “visionary,” but high costs, lack of expertise, and poor management often bring them down.

Examples range from Iván Zamorano’s TV channel and Brad Friedel’s soccer academy to Ronaldinho’s nightlife businesses and Cicinho’s talent agency, all once praised by the press but ultimately collapsing. Similar past failures include ventures by Mike Tyson, Greg Norman, Lance Armstrong, Shaquille O’Neal, and Danica Patrick.

The pattern is constant: abundant money, excessive confidence, unqualified managers, and no professional oversight. While some stars like Michael Jordan have bounced back easily, many end up in debt or public scandal. The lesson — in sports and business — is that fame and charisma are no substitutes for financial acumen and long-term planning.

Most elite athletes amass unimaginable fortunes that, if simply invested wisely, would generate enough interest and capital for several generations to live in complete luxury. However, many, eager for attention and to prove that, in addition to being great athletes, they are also intelligent entrepreneurs, end up — or allow themselves to be — duped by all kinds of characters: friends, acquaintances, and especially family members who push multiple “big” business ventures. These are often run by people without the proper training to manage business projects, even if they are close to and care for the athlete.

These ventures range from large-scale animal breeding farms, aviation companies, hotels, restaurants, resorts, wineries, academies, business centers, gyms, coworking spaces, etc.

Usually, when these businesses are launched, they appear in various media outlets, highlighting the supposed visionary investments of these sports stars. Even before they begin operating, the media are already selling the success and brilliance of the venture (let’s not forget that these celebrities know major sports journalists with whom they’ve built close friendships over the years).

However, in many cases, these businesses end up in financial ruin. The millions invested hide the poor performance until, over time and as media attention fades, the truth comes to light.

The cases are endless, but here are a few examples:

1. Iván Zamorano
   The historic Chilean striker faced serious financial problems after investing in a chain of gyms and a TV channel in Chile. While he didn’t go completely bankrupt, he lost properties, cars, and even parking spaces to cover debts of around 3 million euros. It was a hard blow for someone who once earned millions playing for Inter Milan.
2. Brad Friedel
   The former U.S. goalkeeper invested in a soccer academy in the United States that turned into a financial disaster. He racked up $7 million in debt, forcing him to declare bankruptcy in 2011. To dig himself out, he had to keep playing professionally until age 44, which is rare in the sport.
3. Ronaldinho Gaúcho
   The Brazilian star went through critical financial troubles in 2018, when Brazilian authorities seized his passport and froze his bank accounts, finding only 6 euros across all of them. This was due to fines related to the illegal construction of a pier on a protected property. Although he overcame the crisis, it was a scandal that damaged his public image.
4. Asamoah Gyan
   The Ghanaian striker, once one of the highest-paid players in the UAE, faced severe financial problems in 2018. Reports claimed he had only £600 left in his bank account after bad investments and excessive spending. While he denied being completely bankrupt, he admitted to having serious economic difficulties.
5. Cícero João de Cézare (Cicinho)
   The former Brazilian Real Madrid fullback lost his entire fortune due to poor business decisions and personal excesses. At his lowest point, he collected cigarette butts to smoke. Today, he is rebuilding his life as a sports commentator.

But what did the press say at the time?

• Iván Zamorano and his TV channel
  When Zamorano launched his TV channel in Chile, the press hailed it as an example of “sports entrepreneurship.” In 2003, El Mercurio highlighted that the channel aimed to “revolutionize national sports content” with football-focused programs and exclusive interviews with international stars. Headlines described him as “not only one of the greats in sports, but a genius in business and a role model in our country.” However, high operating costs and a lack of sponsors led to the channel’s closure in less than three years.
• Brad Friedel and his soccer academy
  In 2007, outlets like The Guardian celebrated the opening of Friedel’s Ohio soccer academy, describing it as “an investment in the future of U.S. soccer.” He was dubbed a “business wizard,” which no doubt encouraged him to invest more. The academy promised top-tier facilities and a holistic educational approach. But low enrollment and high maintenance costs forced it to close in 2011, leaving him with millions in debt.
• Ronaldinho Gaúcho and his businesses in Brazil
  In 2011, Ronaldinho made headlines in outlets like Globo Esporte for his ventures in real estate and entertainment in Porto Alegre. He was portrayed as a “visionary” with themed bars and luxury nightclubs. The press called him “an icon who knows how to diversify his fortune.” A few years later, several of his businesses shut down due to poor management and legal troubles, including the pier scandal.
• Cicinho and his talent agency
  In 2010, Cicinho announced a talent agency in Brazil, and local media like Lance! promoted it as a “natural” step for a former international player. The press emphasized his aim to help young prospects reach Europe. However, the project collapsed quickly due to a lack of structure and financial issues tied to his personal excesses.

It’s striking how these projects were initially announced with great fanfare, only to be sunk by poor planning and financial troubles.

But these cases remind us of what we see today: Cristiano Ronaldo, Kylian Mbappé, Simone Biles, Ilona Maher, Naomi Osaka, Lionel Messi, Serena Williams, Napheesa Collier, etc., whose headlines echo the ones above:

• “Business wizard”
• “Entrepreneurship magician”
• “Their businesses are a gold mine”

We’re not saying these current cases are similar — and we hope they’re not — but we do warn about the overconfidence promoted by flattering journalism.

Other notable examples: Iván Valenciano, David James, Mané Garrincha, Royston Drenthe, Fabián O’Neil, Diego Maradona, Hugo “Cholo” Sotil, Cafú, Christian Vieri, Andreas Brehme, Emmanuel Eboué, Salvador Cabañas, Wesley Sneijder, Paul Gascoigne, Adriano Leite, George Best.

While some elite athletes have kept their fortunes wisely, this is often because their business ventures were modest:

1.      Michael Jordan and “Michael Jordan’s Restaurant” (Basketball)
In the 1990s, Jordan opened a namesake restaurant in Chicago. The press marketed it as “a shrine for basketball fans,” and it initially thrived thanks to Bulls mania. But over time, service and food quality disappointed, and it closed in 1999. Jordan easily recovered thanks to his empire, but it was a reminder that not everything a star touches turns to gold.

2.      Mike Tyson and “Tyson Collection” (Boxing)
In the late 1990s, Tyson launched a sportswear line. Sports Illustrated called it “athletic wear with attitude,” but unattractive designs, poor management, and Tyson’s legal and financial troubles doomed it within two years. It contributed to his 2003 bankruptcy.

3.      Greg Norman and “Greg Norman Signature Wagyu Beef” (Golf)
In 2006, Golf Digest praised Norman’s premium beef line for its quality. But high production costs and low demand shut it down in a few years, denting his entrepreneurial image, though he remained wealthy from other ventures.

4.      Lance Armstrong and “Mellow Johnny’s Bike Shop” (Cycling)
Opened in 2008 in Austin, Texas, it became a cycling hub, initially praised by Cycling Weekly. After Armstrong’s doping scandal, sales plummeted, and the shop closed in 2020.

5.      Shaquille O’Neal and “Shaq Fu” (Basketball)
In 1994, Shaq starred in his own fighting video game. Promoted as “the next big gaming hit,” it flopped badly, becoming one of the worst-rated games in history.

6.      Danica Patrick and “Somnium” Wines (Motorsport)
Launched in 2014 with Napa Valley grapes, the luxury wine brand faced slow sales due to high prices and limited distribution, closing in 2021.

A pattern that doesn’t change

The story repeats because the script is the same: abundant money, overconfidence, bad company, and no professional planning. The initial applause from the press is as fleeting as champagne bubbles at an opening party.

One day you’re on the front page for your “visionary business,” and the next you’re in the news for the ruin you’re trying to hide. The problem isn’t that athletes dream of being entrepreneurs; it’s that they confuse fame with knowledge and charisma with management skills.

In sports, as in business, the final score is written when the clock hits zero… and most don’t know how to play the last quarter.