Originally posted on The Sports Bank  |  Last updated 11/22/11

The NBA lockout is one of the worst things to ever happen to the league. At first, there was some public sympathy for the players, as it was not them, but the owners who were doing the “locking out.” But since the players rejected the last offer; now they’re vilified as well.

Considering this comes off a season in which the league had record television ratings, this lockout’s timing will do irreparable financial damage when you consider opportunity cost.

A financial advisory institution based in Beverly Hills, California, has teamed up with two former NBA stars to provide loans and long-term financial planning advice to current NBA players affected by the labor crisis.

Paratum Inc., has allocated $50 million to assist NBA players needing loans during the lockout and beyond.

Paratum Inc. is committed to providing top-notch financial coaching to NBA players eager to ensure that their basketball accomplishments translates to long-term financial security.

The current economic climate is challenging forcing everyone to restructure and plan for the future. While some NBA players have received sound financial advice and planned for the extended lockout, too many have been caught unprepared for their own personal market crash precipitated by the league shutting down. This situation is further exacerbated by the current severe economic recession forcing many companies, celebrities and high net-worth individuals to restructure and better plan their financial futures.

Paratum Inc. believes it is critical for athletes and others to hope for the best but plan for the worst. It is therefore committed to educating NBA players that even giants on the court are capable of falling on bad economic times. A great three-point shot does not protect players from global economic uncertainty and the lockout is forcing NBA athletes to even further reevaluate their planning needs.

Paul M. Banks is CEO of The Sports Bank.net, a Google News site generating millions of unique visitors. He’s also a regular contributor to Chicago Now, Walter Football, Yardbarker, and Fox Sports.

A Fulbright scholar and MBA, Banks has appeared on live radio all over the world; he’s also a member of the FWAA, USBWA and SPJ. The President of the United States follows him on Twitter (@Paul_M_BanksTSB) You should too.

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