When Team Glazer Loot Goes Bad
April 3rd, 2018
Failed strip club investor.
Knowing how much free financial advice the NFL provides to players, often from some of the greatest financial minds in the western world, not to mention from NFL owners themselves who know how to make a buck or two, it stuns Joe how many bad investment deals players make.
The latest sad case comes from a former Bucs captain who cashed in on Team Glazer loot but barely made a dent with the Bucs, outside of penalties for questionable hits on defense.
Former Bucs safety Dashon “Hawk” Goldson signed a five-year, $41.25 million deal with the Bucs in 2013, with $22 million guaranteed. A good chunk of that guaranteed cash was set aflame in a shady desert transaction that any NFL player should have seen coming. Goldson invested in a Las Vegas clothing optional establishment — featuring both female and male, um, entertainers! — that went belly (?) up.
When Goldson dropped cash into the firm that bought the titillating business, per Alan Snel of the Las Vegas Business Journal, it had slot machines. Yeah, a good source of income for an investor but a massive red flag for the NFL, which not only forbids players from entering any type of sportsbook, in no uncertain terms it prohibits players from having an ownership stake in a business that features any sort of gaming device.
What is unclear is if the strip joint got rid of the slots, and if that led to the impotence of the skin store.
Joe will assume the place got rid of the slots otherwise the NFL would have suspended Goldson, who last played for the Falcons in 2016. As Snel points out in his article, Goldson’s partners in the jiggle joint received a stern letter from the NFL that either Goldson had to divest of the property immediately or make sure it was free of gaming devices.
At any rate, Goldson and the outfit he invested in was taken to court in Nevada and Goldson got slapped with a $2 million judgment. Per Snel, Goldson is out a helluva lot more than $2 million.
Goldson had increased his equity investment to the OG purchase group called Sterling Entertainment Group LV, LLC to $16,080,000 with his membership percentage to 99.988, according to Tall’s sworn testimony in the Jan. 2016 affidavit.
If Snel’s information is accurate, that means much of the guaranteed portion of the Team Glazer loot that Goldson pocketed went up in smoke in the southern Nevada sky.
And it continues to make folks like Joe wonder, with all the strong financial advice available to NFL players, why so many go through their NFL earnings so quickly?
April 3rd, 2018 at 3:11 pm
LOL…..a fool and his money….didn’t those guys that fleeced him think of telling him he could own %135 for a little more….SMH….
April 3rd, 2018 at 3:14 pm
Shoulda stuck to investing in DC action figures like Cancer93.
April 3rd, 2018 at 3:17 pm
Lol.
What an idiot.
April 3rd, 2018 at 3:25 pm
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April 3rd, 2018 at 3:36 pm
Money don’t make a person rich. It’s information, courage, and discipline that makes people rich. Our education system is designed for us to fail financially. I applaud him for trying to own a business. At least he is trying to prepare for life after football instead of spending it own cars, mansions, and etc. Hope he can own some successful businesses before retiring versus being broke from buying pointless things. I refuse to laugh at business men/women failure.
April 3rd, 2018 at 3:41 pm
Red86….that was a business in name only…he got scammed…and the scammers probably did everything legally.
April 3rd, 2018 at 3:48 pm
These guys are always mixed up in stuff they dont understand and never properly diversify their risk. They never seem to recognize that going back to poverty after football is a one way trip…..They have ZERO skills to make that type of money again, yet they risk it all trying to become a billionaire. Poor people are poor generally to lack of discipline…..You add zeros to their income and they’ll add zeros to their expenses.
April 3rd, 2018 at 3:58 pm
Man, I took a look at this story…WOW! He ups his equity in the purchasing company from 40% (with a $2M buy in) to 99.98% (and raising his buy in to $16M!!!!) in January 2016 and by the August the club was closed and filing for bankruptcy.
There are several other names that were part of the purchasing group and that were involved in the gamin community, so not all on DG, but def a majority of his funds.
Definitely wondering how this plays out and finding out “where all the money went”.
April 3rd, 2018 at 4:30 pm
When a strip club gets rid of its sluts…it is doomed to fail
April 3rd, 2018 at 4:40 pm
Red86, why did he need to invest in anything? Put $11mm in the back, or albeit low return but safe investments.
April 3rd, 2018 at 4:53 pm
The og was a legit place!
April 3rd, 2018 at 4:55 pm
This really surprises you Joe?
It’s almost a cliche.
April 3rd, 2018 at 5:21 pm
Alter Ego
No he didn’t get scammed based on what Joe reported. He didn’t know that he couldn’t own a share or a business with slot machines. That’s the problem.
Buccanr 1
Why?
He’s like everyone else isn’t going to be healthy enough to work forever. Sadly there are people that are at retirement age still working not because they want to do it.
He could pass on money from generation to generation. And stay out of the rat race aka modern day slavery.
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I get what you are saying about 11 millions, but we don’t know his expenses nor how long he is going to live. So that may work for average joes, it might not be the case for him.
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No such thing as safe investment. But, it would be wise if he own a bunch of apartment units or a business.
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Recommend Rich Dad Poor Dad by Robert Kiyosaki. I’m not a financial advisor, but I understand Gholston pain right now.
April 3rd, 2018 at 5:53 pm
Another horrible deal made by another horrible GM.
April 3rd, 2018 at 6:00 pm
“…and if that led to the impotence of the skin store.” Clever there Joes! Perhaps the Joes should be “in moderation”.
“I like Vegas. My wife plays the slots; I play the sluts.”
-Rodney Dangerfield
April 3rd, 2018 at 6:07 pm
Bobby M. “Poor people are poor because of lack of discipline”. Where did you learn that in “The Bell Curve” ? I suggest you read some real scholars on this subjust if you are really interested in educating yourself on this subject. Here are a few; Hilary W. Hoynes, Marianne E. Page and Ann Huff Stevens
April 3rd, 2018 at 6:27 pm
Every 20 something extrovert out there fantasizes about owning a bar or restaurant. No amount of advice will ever change it regardless of the fact that it’s a risky bet and will rarely succeed unless the person with the most to lose is on site and acting like it on a daily basis. A ball player doesn’t have that kind of time.
April 3rd, 2018 at 6:32 pm
BringBucsBack:
Quality Rodney reference!
April 3rd, 2018 at 6:51 pm
I’d make a statement like hey, that’s literally more money than you’re ever likely to spend, so why not spend it on something that brings you a lot of job, like a strip club. But then you say it was also a male strip club…. uh… Well we did get him from San Francisco.
April 3rd, 2018 at 8:02 pm
OMG…what a nothing story line!!
April 3rd, 2018 at 9:50 pm
Joe, all of Rodney’s material was quality, in a comedic sense. Quite possibly the best joke-teller ever! IMO
April 3rd, 2018 at 11:41 pm
It shouldn’t. But it does.
April 4th, 2018 at 5:35 am
Sterling said it on “Ballers.”
“If you can drive it, sail it, fly it, or f••• it…. lease it.”
April 4th, 2018 at 8:42 am
He could have opened up a strip club in TampaBay and done better! Losing change in a business is one thing But losing mega money like this is devasting..even when you got money. I don’t feel sorry for this guy though. Never feel sorry for a Fool!