Kenyan stars to benefit from Sports Finance Conference
The 2015 Safaricom Sportsman of the Year (Soya) winner Julius Yego (centre) is presented with the trophy by Sports Cabinet Secretary Hassan Wario as, (from left) former Cameroon International football star Patrick M’Boma, Safaricom Director, Consumer Business Sylvia Mulinge, and Soya award founder Paul Tergat look on during the gala night at Kenyatta International Convention Centre on January 15, 2016. PHOTO | CHRIS OMOLLO |
What you need to know:
- Omino said that majority of sportsmen have challenges upon retirement because of poor professional support during their active days.
- Corporates have often cited poor governance as the major reasons why they don’t want to sponsor local clubs.
Financial sector services players will meet during the inaugural Sports Finance Conference to devise strategies for financial empowerment for the country’s celebrated sportsmen, who despite winning global acclaim, lead poor lives.
The conference that will be held from July 14 at Safari Park Hotel, Nairobi, will discuss among other things sports banking, sports insurance and sports investment services.
“This event will bring together key stakeholders in the sector from the Cabinet Secretary Hassan Wario to our world beaters in various sporting events,” Stanley Omino, the conference director, said on Tuesday.
Various sportsmen have hailed the conference which they hope will catalyse the commercialisation of sports.
Omino said that majority of sportsmen have challenges upon retirement because of poor professional support during their active days.
“They make good money during their years of active sports life. However, the problem is that majority don't access financial services to plan for the future,” Omino added.
The conference is also set to expose sportsmen and women to corporate endorsements and prepare clubs and federations for sponsorship.
“Majority of Kenyan sportsmen get raw deals when securing endorsements. Some don't even know the value of their brand. We will seek to structure conversations around endorsements so that sportsmen get a very high return on their investment.”
Corporates have often cited poor governance as the major reasons why they don’t want to sponsor local clubs.
“They are afraid to commit resources because they fear they will be misused. Club managers rarely want to open their books for scrutiny and no firm will want to invest in such an entity,” Ndindi Nyoro, an economist, said.
