August 24th, 2012
03:45 PM ET

MBAs for pro athletes

By Larry Lazo, CNN

(CNN) - Most professional athletes are well aware of the fact that one day their careers will come to an end. Those who earn salaries in the millions of dollars are most likely financially secure for the rest of their lives provided they are wise with their money. Others are not so fortunate.

"About 75 percent of NFL players are bankrupt within 5 years of retirement," said Doug Guthrie, Dean of the George Washington University School of Business. "They have resources early in their life but they don't have the business skills not only on how to manage those resources, not lose them, but how to deploy those resources and take themselves to another level in the business community."

With that said, there is a new MBA program specifically geared toward professional athletes to help them maximize their financial potential.

"I'm living my dream right now but when this dream ends there's another one that's going to have to take place," said Brendon Ayanbadejo, a linebacker with the Baltimore Ravens. Ayanbadejo is part of the inaugural class of George Washington University's STAR Executive MBA program. It’s a customized program where students meet for 8 hours a day in two-week modules. They'll take 6 modules over two years at select college campuses across the country.

"We all have businesses that we want to do once our careers are over," said Ayanbadejo. "We need to learn the fundamental ways how to grow those businesses and do them the right way."
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