Miami Sports and Entertainment Laywer comments on the recent Yahoo Sports Article: NFL Players may be disciplined for gaming investment
According to Resnick, at least 25 NFL players could be forced to divest and face discipline from the league in connection with an Alabama bingo and entertainment operation that is hoping to re-open late this month or in July. Resnick believes the players were victims in this matter and that they should not be punished while they try to rescind their agreements and get their investments back.
Under the NFL’s rules barring an employee’s association with any gaming operation, could be grounds for suspension, fines and even disbarrment. According to multiple sources associated with the players or the operation, the athletes in question invested approximately $20 million total in a project now known as Center Stage, approximately 10 miles south of Dothan. Boxer Floyd Mayweather was also an early investor and has legally sought a return of his money.
Interestingly, from an NFL standpoint, the league currently has no authority to discipline players while it’s in the midst of an owners-initiated lockout. However, though the NFL has yet to contact financial advisor Jeff Rubin, who guided the players to the investment and is currently working to re-open the venture, a formal investigation and/or disciplinary action is possible once a new collective bargaining agreement is reached. Any move by the NFL to force the players to divest could make it tough for players to recoup their money.