The NFL, the NFLPA and the NFL Players Association (NFLPA) have jointly announced a new policy to reduce foreign exchange exposure for all players and coaches.
The policy, which the NFL announced today, will help prevent the exposure of NFL players to foreign exchange and financial risk in the event of a foreign currency crisis.
“We want to make sure our players and fans know the risks associated with exposure to foreign currency risk,” NFLPA President Tony Wyllie said.
“We are committed to preventing the NFL from losing valuable opportunities to protect our players from foreign currency risks in the future.”
Players should not be exposed to foreign risk without the knowledge and consent of their agents and the owners of the team.
“The NFLPA said the policy applies to both domestic and international players.
The NFL announced its policy last year after the NBA adopted its own policy.
It was announced on the heels of the release of the NBA’s 2018-2019 Global Financial Report, which showed the league’s foreign exchange exposures rose to $5.3 billion from $3.7 billion the previous year.
The league has been hit with several foreign currency crises in recent years, including a wave of bad weather in the Middle East in 2019, and the 2016 Olympics in London.
The new policy takes effect immediately and requires teams to report to the NFL when foreign exchange reserves are depleted.
The policy applies only to teams not participating in the 2017-2018 season.”
The NFL and the leaguePA are committed not to be a beneficiary of a global currency crisis,” NFL Commissioner Roger Goodell said.”
Our players, our fans and our sponsors deserve the security and privacy they deserve.
“The policy is not new for the NFL.
In May 2018, the league announced that it would require all NFL teams to have foreign exchange controls on their books.
In the past, the policy has focused on players and the teams they are on.
The 2018-19 league season is now less than two weeks away.