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A bird in the hand is worth more than two in the bush.
It is usually better to have a sure thing than to gamble on something that may not happen. In the legal world, we'd always counsel clients during settlement negotiations to never count it until it's in your bank account.
It was important for us to make sure that clients understood that despite what they'd read on the internet, or what someone with similar circumstances got paid, no two cases are ever alike, and there's always a chance that you'll go home with nothing.
Many athletes have turned down big contract offers, only to regret it later.
With the news that LIV Golf has now partnered with the PGA tour, it appears that the money rejected by Tiger Woods was happily accepted by the PGA Tour.
Take a look at Tiger Woods and company who set examples of turning down massive never to be replicated sums of money.
In 2022, Tiger Woods was offered a $700-$800 million contract from LIV Golf, the Saudi-backed rival to the PGA Tour. However, Woods turned down the offer, saying that he is not interested in playing in a league that is funded by the Saudi government, which has been accused of human rights abuses.
Woods' decision was met with mixed reactions. Some people praised him for standing up for his principles. Others criticized him for turning down such a huge payday.
In 2016, Nerlens Noel was a restricted free agent. He was offered a four-year, $70 million contract from the Dallas Mavericks. However, Noel turned down the offer, believing that he could get more money by signing with another team.
Noel's decision backfired. He did not sign a long-term contract with another team, and he has bounced around the league since then. He is currently playing for the Oklahoma City Thunder on a one-year contract worth $3 million.
In 2020, Dennis Schroder was a restricted free agent. He was offered a four-year, $84 million contract from the Los Angeles Lakers. However, Schroder turned down the offer, believing that he could get more money by signing with another team.
Schroder's decision backfired. He did not sign a long-term contract with another team, and he eventually signed a one-year contract with the Boston Celtics worth $5.9 million.
Latrell Sprewell
In the annals of sports history, the case of Latrell Sprewell stands as a prime example of a player who famously turned down a lucrative contract offer. In 1998, Sprewell, an NBA star at the time, declined a three-year, $21 million contract extension from the Golden State Warriors, citing it as an insult to his skills and worth. This decision stunned the sports world, as it seemed unfathomable to reject such a substantial offer.
However, Sprewell's bold move reflects the complexity of an athlete's decision-making process, highlighting the delicate balance between financial security, personal pride, and the pursuit of fair recognition for one's talents. While his decision ultimately came with risks and ramifications, it sparked a broader conversation about the value athletes place on their worth and the lengths they are willing to go in order to ensure their voices are heard and their value acknowledged.
The PGA Tour
In 2022, the PGA Tour was offered a $2 billion contract from the Public Investment Fund (PIF) of Saudi Arabia. The PIF is a sovereign wealth fund that is controlled by the Saudi government.
The PGA Tour turned down the offer, citing concerns about the Saudi government's human rights record.
The PGA Tour has since agreed to a merger with LIV, which is a new golf tour that is backed by the PIF.
The PGA Tour's decision to do business with the PIF will be met with criticism from many people as well as highlight their moral hypocrisy. However, the PGA Tour has defended its decision, saying that it is in the best interests of the tour and its players. And of course it is, because C.R.E.A.M. is the guiding principle of running a business. The LIV was interfering with the PGA's money, and now since they are willing to share, everything is kosher.
The Takeaway
The stories of Tiger Woods, Nerlens Noel, and Dennis Schroder are all cautionary tales about the dangers of turning down big contract offers. When it comes to money, it is always better to be safe than sorry.
The PGA Tour's decision to do business with the PIF is also a cautionary tale about the dangers of money. When there is a lot of money involved, people are often willing to overlook things, swallow morals, and do all kinds of things that they would normally not overlook.
The ultimate takeaway from all of this is to always take the money.
The stories of Tiger Woods, Latrell Sprewell, Nerlens Noel, and Dennis Schroder are all cautionary tales about the dangers of turning down big contract offers. When it comes to money, it is always better to be safe than sorry so that you can feed your family.
