As mentioned in an earlier post, the importance of athletes and entertainers engaging qualified advisors to vet endorsement opportunities, brand ambassadorships, investments, and other similar opportunities cannot be understated. Add Brett Favre to the list of athletes who presumably did not receive proper advice. According to recent reports, Favre is being sued for $16 million in connection with a failed social media startup called Sqor. Favre's precise role with respect to Sqor isn't entirely clear, but he appeared in at least one interview on “The Street” with Sqor's founder and CEO, Brian Wilhite, in support of the startup. We'll follow developments in this case, which serves another cautionary example to athletes and entertainers to surround themselves with qualified legal, financial, and other professional advisors. Even if Favre isn't ultimately found liable, he still needs to expend time and money to defend against the suit and manage the reputational fallout.
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