Why Colston is smarter than your average athlete (Could he part own the Saints?) (1 Viewer)

[seandroog]

I know there is a story about Colston owning the Stampede:
http://saintsreport.com/forums/f11/...eins-harrisburg-stampede-284665/#.Ua4-TZWBVoM

But this goes a little deeper.

Corey Galloway Profile: Investment Manager to Superstar Athletes | New Republic

Sometimes it's the hardest thing to decide who to trust your money with and decide who is giving you the best advice on where to invest. Interesting about how athletes should be investing their money and that Colston has aspirations about owning his own pro team one day.

Colston, lanky and graceful, chucks a football with the Stampede players, who make less than one percent of what he does for a season of play (roughly $8 million, according to the terms of his contract). He's gotten to know them, attending practices and games, but mostly sticks to the management side of the enterprise. For Colston, who's in his seventh year in the NFL, it's about setting the stage for his second act—not with the team itself, which he expects only to break even, but the business lessons and ancillary businesses that might spring from it.

Professional athletes earn more than $9 billion a year in the U.S., and a lot of that is spent unwisely on the usual: gargantuan houses, accessorized luxury vehicles, footlong nightclub tabs, and supporting hangers-on. But even more of that money is blown on ill-advised investments, which is where Galloway intends to cash in.

"Be aware of the entourage," Galloway warned. "The entourage is very powerful. Extremely powerful. Their time with each individual athlete is very influential. Whether the person hasn't graduated from high school, or has an MBA. Because they feel, Hey, I've known this person for a long time. Doesn't mean they're qualified. There is no thought process on qualifications. The thought process is, 'Do I trust them?'"

I wondered why Galloway, who has a family of his own and a whole lot of other businesses to manage, is spending his Saturdays doing odd jobs for a two-bit football team in the Rust Belt. It's practice, he explains. Someday, he'd like to cobble together enough cash to buy a major league team, either football or basketball. "A lot of that stuff is the same, you're just adding a zero," he says. "So, you're going to do all the same sponsorship sales pitches, except instead of talking to Pepsi about doing a five-million-dollar deal instead of a fifty-thousand-dollar deal. And instead of game day being one office, it's 50 different departments, running around."

How to get there, though? Galloway's idea is to rack up some acquisitions—he says Wat-Ahh!, now worth $30 million, is ripe for sale—which will attract interest from big banks and private equity funds. He can then amplify that cash with his clients' fame into the hundreds of millions of dollars it takes to be a serious contender when pro teams hit the market.

Colston is interested in that dream, too. But right now, as he's called to attend to a rank of lights that isn't working, that seems very far away. "Once the game starts, it's putting out fires," Colston says calmly.

 

[GeaxSaints44]

Colston is the ultimate Saint. Dude invests his money, dominates every year and doesn't showboat or act like a loud-mouth diva. Can't help but to love him.

 

[seandroog]

Quiet storm personified.

 

[bornnraisedwhodat]

Not sure about the Saints because Benson hasnt allowed minority investors (that I know of). Maybe that'll change when Rita takes over, who knows.

All I know is I wouldnt doubt Colston on anything. Intelligent young man.

 

[Quiet Storm]

Everytime I see a thread on this guy I feel the need to post...and contribute nothing to the thread, lol

 

[St4ever]

As far as I know Rita's not married

 

[RadsRock]

Harrisburg in the house!

 

[AARPSaint]

Colston probably has a better financial footing that Harrisburg. The last I heard, Harrisburg was bankrupt.

 

[CanadaSaint2006]

I remember hearing that his favorite subject was math. Pretty cool.

 

[MarkIngramfan16]

Colston is smart he doesn't waste money and invests it into other ventures and will have money set aside after football

 

[Madmarsha]

Harrisburg in the house!

Me, too. Well, not directly but my mom is and the roots of family line going back about 250 years, give or take. Not to mention memories of some great City Island concerts. At least I think so.

Anyway, this gives me a deeper affinity for him. He is a reason for Harrisburgites (Harrisburgeans? Harrisburgers?) to be proud. And, as someone alluded to, they need one.