Before he was in Major League Soccer, Zach Scott worked in accounting, as a coach and as a substitute teacher to pay the bills while he played in pro football’s lower division.
Scott now plays before crowds of more than 60,000 fans in Seattle with Sounders teammate Clint Dempsey, who made $6.7 million last year. Scott has started 67 games in six MLS seasons, yet he has never made more than $52,500 (DH 192,800) a year.
The gap between players like Scott and their superstar teammates is among the biggest in sports. The low minimum salary is one of the reasons MLS players were on the verge of striking before reaching agreement on a new collective bargaining agreement with the league Wednesday night.
“As a player if you love to do it, you find other ways to make ends meet, or your spouse works a lot. You’re definitely not supporting your family as a professional soccer player in the US making minimum salary,” Scott said. “Yes, it’s frustrating but ... you love to do it and you hope you are around long enough that something like this next (collective bargaining agreement) comes along and that minimum gets raised.”
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Of the 572 players in the league last September according to the players union salary report, 297 — or 52 per cent — made less than $100,000 (DH 367,300). Of those 297 players, nearly half made less than $50,000 (DH 184,000).
MLS players were fighting for free agency, but a raise in the minimum salary was also on the table as they negotiate a labour contract to replace the agreement that expired Jan. 31. There will be raises coming, with new minimums salaries of $60,000 (DH 220,000) with a provision some players could have a $50,000 minimum salary.
“That’s what we’ve been talking about all last year and obviously the beginning of this year. We’ve had a lot of meetings and stuff and just had everyone on the same page,” Real Salt Lake midfielder Luis Gil said. “We’re trying to find a way to benefit for everybody. Obviously some guys make more than others. But we’ve got to stay strong with this.”
Players from the national team like Dempsey and ageing stars who move from Europe to the MLS get millions. But to fill out its rosters, MLS clubs have paid paltry salaries to the others. The minimum salary under the old CBA for players at the bottom of rosters is $36,500 (DH 134,000).
With the league now approaching its 20th season, MLS players want an agreement that closes some of that salary inequity.
“You’ve seen in our last CBA that’s got smaller and our minimum keeps going up. That’s going to keep improving,” Real Salt Lake and US national team midfielder Kyle Beckerman said. “Of course, that’s always the goal, to get not so much of a gap, but we understand things take time.”
MLS has made a splash in recent seasons with the number of notable names signed to the league as designated players with salaries that would be competitive even in top European leagues. Michael Bradley left Italy and was listed at $6.5 million (DH 23.8m) last year with Toronto, and Kaka’s signing with expansion club Orlando City landed him nearly $7.2 million (DH26.4m) guaranteed last year.
Indeed, Liverpool captain Steven Gerrard will be among those top earners when he joins LA Galaxy in the summer, with the midfielder’s 18-month contract worth a reported $6 million a year (DH 22m).
As of last fall, 15 players in MLS earned more than $1 million (DH 3.67m). And some of those players have been the loudest voices in trying to raise the minimums and get better pay for more of the league.
“Clint is one of the first guys to speak up and say, ‘I played in some of the biggest leagues in the world and this is the way it should be and we should be going after,”’ Scott said. “He’s 100 per cent. Even if he’s OK financially he’s still absolutely looking out for everybody else.”
Scott’s been able to chase his dream of playing professional soccer in part because his wife operates a successful structural engineering firm. But it’s not just a blanket decision that he plays every year. It’s a family discussion with the couple having two young children and trying to balance two careers, albeit one as a professional athlete.
“She’s definitely the one for a long time that supported the family and it was a two-way street,” Scott said. “I would always make sure she was happy and the kids were happy and if there was ever a point where that wasn’t the case; I mean soccer is soccer. That’s going to go away at some point and she had done a lot for me to be able to get me to play for the past 13 years so if next year she said now it’s too hard, I’m working too much to try to support the family, then that’s it.”
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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Company%20Profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5