A player signed what amounts to a future’s contract, and now wants out:
A top Cleveland Indians prospect is suing a company he claims gave him $360,000 in exchange for a 10 percent stake in his future earnings that could amount to millions of dollars.
Catcher Francisco Mejia claims in a federal lawsuit filed in February that the agreement is unfair and unenforceable, and that he didn’t understand the extent to which he was mortgaging his future when he signed the contracts to get the money.
Mejia, who is from the Dominican Republic and has the equivalent of a ninth-grade education, claims in the suit filed on his behalf that Big League Advance Fund issued three separate “loans” to him in 2016 “under unconscionable terms and conditions and through unconscionable means,” once when his mother was sick and the family needed money for medical treatment.
Reading the deal, it doesn’t seem so bad to me:
Mejia was given money he doesn’t have to pay back if he doesn’t make a career out of major league baseball, said Schwimer, who described it as an investment in the player’s potential to sign a lucrative contract a few years down the road. He said he urges players to have their agents and lawyers involved, which Mejia did when he signed the first contract. Later, Mejia came back and sought the other two deals on his own.
He pays the company 10% of his major league earnings. I’m guessing most career minor leagues would have trouble making $360,000. We’ll see.
from baseballmusings.com https://ift.tt/2EVkvGB
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