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Advising the Olympic sports star, by Chris Belcher

3 August 2012

After a seemingly endless wait, the Olympics are now well and truly upon us, and for our athletes the quest for glory has finally begun.

I have only once had the privilege of acting for a top professional athlete; doing so was, for a sports fan like me, very exciting, and threw up some slightly unusual issues.

Cash rich

First, while many (probably the majority) of our clients tend to be ‘asset rich, cash poor’, athletes at the peak of their careers, particularly in sports such as football, can earn a substantial income, making them very ‘cash rich’ indeed.

Second, that income is derived from a number of sources, including prize money and sponsorship endorsements. The income tax implications for these types of income are considerable, particularly when the athlete in question is not ...

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