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Interview with Sports Agent Hadley Englehard

Aired May 22, 2003 - 15:38   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


KYRA PHILLIPS, CNN ANCHOR: Well, If anybody is having a bigger day than Sorenstam, it might be 18-year-old LeBron James. Talk about slam dunk. The high school basketball superstar has it all over Michael Jordan and Tiger Woods. He is not even signed with the NBA yet. The talented teen has just swooshed a 7-year, $90 million endorsement contract with Nike, the shoe maker and stands to snag a $1 million signing bonus with upper deck.
James is expecting to command $16.5 million green backs from whichever NBA team drafts him next month. Compare that to James Idol, Michael Jordan, whose initial contract with Nike in 1984 amounted to a half mil. Well, Tiger Woods' first contract with Nike amounted to $40 million over five years.

Hadley Englehard is a contract lawyer specializing in sports related agreements.

Lets talk about this deal. Wow!

HADLEY ENGLEHARD, SPORTS AGENT: Big deal.

PHILLIPS: Are you shocked?

ENGLEHARD: Yes and no. I think it's fantastic for the sport. Talk about a comparison of what Michael used to make. If it wasn't more what Michael has done for the sport, LeBron James wouldn't have these opportunities.

PHILLIPS: So tell us about this 18-year-old.

What is it?

Why would Nike want to take this young man on?

What do you see, as a sports agent, looking into a crystal ball and you're think, OK, this kid's got a future here why?

ENGLEHARD: They look at what he's done in high school basketball compared to what some of other greats have done. Like Lew Alcindor, Kareem Abdul Jabar, Michael Jordan, you know, Kevin Garnett, and this kid has everything. I had a chance to see him play once, he's really special. It's a big risk, though. There is no doubt about it.

PHILLIPS: Lets about the risk. I mean, Nike's taking a big gamble here, yes? ENGLEHARD: I think a big gamble. A lot will depend what happens tonight. We have the lottery tonight. And I know, Nike's crossing his fingers that he goes to a larger market like Atlanta, like a Los Angeles, maybe in like a Chicago. If you go to a smaller market, like Cleveland or maybe Toronto, it may limit his marketability and visibility as well.

PHILLIPS: But then again, If a kid like this is getting so much attention, he is getting such a big deal, no matter what team he goes to, won't that bring a lot of attention on that team?

ENGLEHARD: It will. At the same time, if the team doesn't win, the networks won't cover them, so therefore he won't be as exposed. So again, he's a great athlete. I think he will do real well. But again, it's a big risk by Nike there is no doubt about it. I think his agents wanted to get it done before the draft, because they don't know where he's going to go.

PHILLIPS: Let's talk about the fact that he's 18 years old, $90 million.

As a sports agent, how do you keep a young man like that humble?

How do you keep him from blowing all the money. I think back when I was 18, wow.

ENGLEHARD: No one gave you $90 million?

PHILLIPS: No one gave me $90 million dollars. I wasn't that good of an athlete.

But seriously, how do you advise a young man like that to just keep it in check.

ENGLEHARD: Whether it's $90 million or $90,000, any young man, whether he is age 18 to 22 who is going to play professional sports, that's something that you do is educate them. And that what we do at our firm especially is, you have educate them that's it's not for a lifetime. So you have to work hard and surround yourself with good people who are really going to look after your best interests and help put you on a proper budget and hope that it lasts forever. It's for life after the sport, not while you're playing.

PHILLIPS: Lets say if he gets injured, oh, boy.

ENGLEHARD: Well, that's for Nike. It's his money. It's a shoe deal that's a guaranteed contract. His basketball contract will also be guaranteed. So, it comes down to Nike taking that big risk, like I said. And the good thing about Nike is they got not only LeBron James but Carmelo Anthony, who is probably going to be the number two pick. So they've got the top two players. And that's a bold move by Nike.

PHILLIPS: As a sports agent and attorney, I have to ask you about Annika Sorenstam.

Were you watching today, what do you think? ENGLEHARD: I'm was -- I don't know Annika but I'm very proud. I think it's fantastic for the sport. I think it's fantastic for Annika herself. And as she's said over and over again, she's not competing against the men. She's competing against herself and the golf course and she's doing fantastic, she really is.

PHILLIPS: Thank you very much. Do you wish you had her as a client?

ENGLEHARD: Heck, yes, I wish I had her as a client.

PHILLIPS: Hadley Englehard, well, we just said on national television, maybe she's watching.

ENGLEHARD: Maybe. Annika, we're here.

PHILLIPS: Maybe she will track down. Yes really, love you baby. All right, thank you so much. Appreciate you stopping by.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired May 22, 2003 - 15:38   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Well, If anybody is having a bigger day than Sorenstam, it might be 18-year-old LeBron James. Talk about slam dunk. The high school basketball superstar has it all over Michael Jordan and Tiger Woods. He is not even signed with the NBA yet. The talented teen has just swooshed a 7-year, $90 million endorsement contract with Nike, the shoe maker and stands to snag a $1 million signing bonus with upper deck.
James is expecting to command $16.5 million green backs from whichever NBA team drafts him next month. Compare that to James Idol, Michael Jordan, whose initial contract with Nike in 1984 amounted to a half mil. Well, Tiger Woods' first contract with Nike amounted to $40 million over five years.

Hadley Englehard is a contract lawyer specializing in sports related agreements.

Lets talk about this deal. Wow!

HADLEY ENGLEHARD, SPORTS AGENT: Big deal.

PHILLIPS: Are you shocked?

ENGLEHARD: Yes and no. I think it's fantastic for the sport. Talk about a comparison of what Michael used to make. If it wasn't more what Michael has done for the sport, LeBron James wouldn't have these opportunities.

PHILLIPS: So tell us about this 18-year-old.

What is it?

Why would Nike want to take this young man on?

What do you see, as a sports agent, looking into a crystal ball and you're think, OK, this kid's got a future here why?

ENGLEHARD: They look at what he's done in high school basketball compared to what some of other greats have done. Like Lew Alcindor, Kareem Abdul Jabar, Michael Jordan, you know, Kevin Garnett, and this kid has everything. I had a chance to see him play once, he's really special. It's a big risk, though. There is no doubt about it.

PHILLIPS: Lets about the risk. I mean, Nike's taking a big gamble here, yes? ENGLEHARD: I think a big gamble. A lot will depend what happens tonight. We have the lottery tonight. And I know, Nike's crossing his fingers that he goes to a larger market like Atlanta, like a Los Angeles, maybe in like a Chicago. If you go to a smaller market, like Cleveland or maybe Toronto, it may limit his marketability and visibility as well.

PHILLIPS: But then again, If a kid like this is getting so much attention, he is getting such a big deal, no matter what team he goes to, won't that bring a lot of attention on that team?

ENGLEHARD: It will. At the same time, if the team doesn't win, the networks won't cover them, so therefore he won't be as exposed. So again, he's a great athlete. I think he will do real well. But again, it's a big risk by Nike there is no doubt about it. I think his agents wanted to get it done before the draft, because they don't know where he's going to go.

PHILLIPS: Let's talk about the fact that he's 18 years old, $90 million.

As a sports agent, how do you keep a young man like that humble?

How do you keep him from blowing all the money. I think back when I was 18, wow.

ENGLEHARD: No one gave you $90 million?

PHILLIPS: No one gave me $90 million dollars. I wasn't that good of an athlete.

But seriously, how do you advise a young man like that to just keep it in check.

ENGLEHARD: Whether it's $90 million or $90,000, any young man, whether he is age 18 to 22 who is going to play professional sports, that's something that you do is educate them. And that what we do at our firm especially is, you have educate them that's it's not for a lifetime. So you have to work hard and surround yourself with good people who are really going to look after your best interests and help put you on a proper budget and hope that it lasts forever. It's for life after the sport, not while you're playing.

PHILLIPS: Lets say if he gets injured, oh, boy.

ENGLEHARD: Well, that's for Nike. It's his money. It's a shoe deal that's a guaranteed contract. His basketball contract will also be guaranteed. So, it comes down to Nike taking that big risk, like I said. And the good thing about Nike is they got not only LeBron James but Carmelo Anthony, who is probably going to be the number two pick. So they've got the top two players. And that's a bold move by Nike.

PHILLIPS: As a sports agent and attorney, I have to ask you about Annika Sorenstam.

Were you watching today, what do you think? ENGLEHARD: I'm was -- I don't know Annika but I'm very proud. I think it's fantastic for the sport. I think it's fantastic for Annika herself. And as she's said over and over again, she's not competing against the men. She's competing against herself and the golf course and she's doing fantastic, she really is.

PHILLIPS: Thank you very much. Do you wish you had her as a client?

ENGLEHARD: Heck, yes, I wish I had her as a client.

PHILLIPS: Hadley Englehard, well, we just said on national television, maybe she's watching.

ENGLEHARD: Maybe. Annika, we're here.

PHILLIPS: Maybe she will track down. Yes really, love you baby. All right, thank you so much. Appreciate you stopping by.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com