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Money / Accounting Rules for a Keeper League (1 Viewer)

Lehigh98

Footballguy
One of my leagues has finally decided to go from redraft to keeper.

I've seen good examples of rules / constitutions but not too much detail on money.

I would think one of the most important things to keep the league healthy would be to keep turnover to a minimum and keep the same people year after year.

One thing that makes me a little nervous is that some of the guys are new to the league and only a year or two into FF at all. Some other guys are going through some big life events like getting married / having kids. The problem with that is they would not have as much problem walking away from a bad team as some guys that have been in the league for the past 8 years. I've even had a guy tell me, and I quote from his email, "I would walk away from a crappy keeper team and I wouldn't want to get in that situation since I like doing fantasy football." :shock:

I'd like to make sure I have good rules around money collection and what happens if an owner decides to split that will keep the league going.

Some things I'm kicking around...

- Initial buy in to the league will be the dues for the next 2.5 years. Before the beginning of each year, dues for one year will be due keeping each team paid up for that year and the next 1.5

- If someone decides that they want to leave the league, they have to let the commish know ASAP to give him ample time to find a replacement. If an acceptable replacement can be found in time who is willing to take on the full financial burden of the team, the original team owner will receive a full refund. If the initial owner screwed up his team so bad that no one is interested in it for full price, a new owners financial burden will be subsidized by the original owners forward payments. The commish promises to make a good faith effort to get the new owner to pay as much as possible of the fees to the departing owner will get as much of his money back as possible. The departing owner will not lose more than 50% of the money that they have paid forward.

Not sure if we're doing draft or auction yet but...

- Draft picks (or any other forms of future compensation) can only be traded for years that are paid for. If you pay for 2.5 years today (before the 2006 season) you can trade picks for the next three drafts (2006, 2007 and 2008). If you choose to, you can prepay further into the fututre to be able to trade those picks as well.

What do you think?

What am I missing?

Could you guys cut and paste your rules around this type of stuff?

TIA :football:

 
Info copied from our league constitution

Entry Fees are paid one full season in advance. The initial fee will be both 2006 and 2007 fees combined. After that one initial double payment, all further years will be just the following year’s fees only. (For example, in 2007 you will be paying the 2008 fees, etc..) After week 16 of each season a deposit of (1/2 the amount of the entry fee) towards the following season’s entry fee must be received by the Treasurer before any trades (players and/or picks) can be made. Remaining balance of following season’s entry fee is due one month before our Draft is scheduled.

An owner can retire in good standing, but they will not receive a refund. Retirement must be announced one year in advance (before our Draft) to play out final season and not lose any money already paid in advance. If payment for following year’s entry fee is not received by due date, that is informally announcing a Retirement. Once a Retirement is announced, that owner is not allowed to make any trades (players and/or picks) at any time during their final season. Retirement announcement gives the league one full year to find a replacement owner.

Owners who quit on the league unexpectedly will not receive a refund. The moneys paid in advance for that team will be used towards a new incoming owner’s fees to help in finding a replacement owner on short notice.

New Owners taking over a vacated team must, upon induction, pay balance due of present/upcoming season’s entry fee (dependent on if previous owner retired or quit), and also pay following season’s entry fee in full (entry fees are paid one full season in advance).

 
- Initial buy in to the league will be the dues for the next 2.5 years. Before the beginning of each year, dues for one year will be due keeping each team paid up for that year and the next 1.5
Personally, I don't require owners to pay in advance. During June, I just require that they confirm by email they are returning & will bring the league fee to the draft. Also, you may have problems with owners: 1-Not wanting to pay so far in advance because they might think YOU will bolt on THEM.2-Not able to afford 2.5 yrs in advance (How much we talkin' in league fees + avg transactions per team per year?)
If someone decides that they want to leave the league, they have to let the commish know ASAP to give him ample time to find a replacement. If an acceptable replacement can be found in time who is willing to take on the full financial burden of the team, the original team owner will receive a full refund. If the initial owner screwed up his team so bad that no one is interested in it for full price, a new owners financial burden will be subsidized by the original owners forward payments. The commish promises to make a good faith effort to get the new owner to pay as much as possible of the fees to the departing owner will get as much of his money back as possible. The departing owner will not lose more than 50% of the money that they have paid forward.
Are you a lawyer? :loco: 1-Work on your league by getting good owners and competitive rules that owners will feel like they have a chance. (how many keepers?)2-As commissioner, I ALWAYS, ALWAYS have a list of 2 or 3 names that want to join the league when there is an opening. If you have a competitive league that owners like, then it's even easier, but even in the offseason, I come across friends/colleagues/poker buddies and make mental notes. That way, I'm never caught offguard and if an owner "threatens" to quit.........I just say "goodbye, I've already got a replacement".
 

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