A bingo and entertainment operation near Dothan, Ala., has caused headaches for a number of NFL players who have invested money in the project. It’s been closed since February when the state decreed that slot-machine lookalikes in bingo halls were illegal, and the project’s developer pleaded guilty to 10 counts of corruption.
But there’s another problem for Terrell Owens, Santana Moss, Santonio Holmes, Gerard Warren and Adelius Thomas – all of whom invested in the $20 million project now known as Center Stage.
As Yahoo! Sports’ Jason Cole reports, at least 25 NFL players are facing potential discipline from the NFL because of their association with a gaming operation.
And if the NFL forces the players to bail from the project, they might have a tough time reclaiming whatever money they’ve invested.
More from Cole:
From an NFL standpoint, the league currently has no authority to discipline players while it’s in the midst of an owners-initiated lockout. However, though the NFL has yet to contact financial advisor Jeff Rubin, who guided the players to the investment and is currently working to re-open the venture, a formal investigation and/or disciplinary action is possible once a new collective bargaining agreement is reached.
“If it were to be determined that an NFL employee had made an investment in violation of league policy on gambling-related activities, that individual would be directed to withdraw the investment and it would be reviewed for potential discipline,” NFL spokesman Greg Aiello said. ...
“I know four players with $7 million in this thing,” said a source closely connected to some of the athletes. “They keep getting told, ‘It’s going to re-open,’ then it gets pushed back again and again. This is a bad situation for a lot of these players.”
Make sure to read the rest of Cole’s investigative piece. Some really interesting stuff in there.
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