Golden Gloves champions financial security with mandatory investment scheme
Golden Gloves has taken the lead in guaranteeing there is life after boxing for its athletes by instituting a mandatory investment scheme for its fighters.
Boxing has historically been littered with sad stories about boxers being left penniless after their fighting days, not to speak of the collapse of the benevolent fund, leading promoter Rodney Berman to create a system to look after boxers promoted by him.
Big names like the Koopman brothers, Ricardo Malajika, Dylan Prosser, Beaven Sibanda and Roarke Knapp all contribute 10 percent of their fight purses to a tax-free investment fund run by Old Mutual.
“They are encouraged to leave it there and learn the miracle of compound interest,” said Berman. Indeed, the very concept was described by Albert Einstein as the “eighth wonder of the world”.
The only caveat is the minimum threshold of R10 000, which applies to aspirants and novices.
The only way boxers can cash out before the minimum five-year waiting period is by getting Berman’s approval, and then only in the case of an emergency.
“I won’t sign any boxer who doesn’t agree to this,” said Berman. “It is totally in their interests as it’s their money to use when they retire.”
It’s Berman’s wish that other promoters and managers take up the cudgels for their boxers, both as a sign of support and as a means to ensuring they are looked after long after they’ve cashed their cheques for boxing.
“It’s not difficult to do, but it requires an acceptance and understanding that our boxers deserve better,” said Berman. “For those who commit to it, collecting the lump sum at the end of a career is yet further proof that the punches they took counted for something.”
