How to lose $8 million in 6 minutes
Last-minute negotiating, a slow fax machine and a tight deadline caused Elvis Dumervil and his agent to drop the ball on Friday.
Now Dumervil's future is in doubt, his agent has been fired and people are wondering again why the fax machine still has a place in the business world.
Here's what happened: Dumervil agreed to a restructured contract with the Broncos that would pay him $8 million for the upcoming football season. That was down from $12 million.
Dumervil's agent, Marty Magid, said he didn't get the final paperwork from the Broncos until 3:30 p.m. ET on Friday -- just 30 minutes before the league's deadline to fax the new contract.
That left a mad scramble to get Dumervil to a fax machine -- a Kinko's in Miami, according to reports. The first fax number Dumervil tried wasn't working, so the Broncos gave him a second fax number, Magid told USA Today. Dumervil finally sent the fax at 3:55 p.m. ET -- five minutes before the deadline.
But the fax didn't come through to the Broncos until 4:06 p.m. Too late. The Broncos had already formally released Dumervil and ended all contract negotiations.
The Broncos have a different story, saying that Dumervil declined the $8 million offer and changed his mind with just 35 minutes to go before the deadline. Dumervil just cut it too close and missed his window.
Dumervil has fired his agent and is now looking for a new team. There isn't a lot of free money left out there to pay him with at this point, although the Broncos and other teams are reportedly interested in getting something done.
Plenty of lessons here for Dumervil and his former agent. And why is the NFL relying on the fax machine in this age of high-speed communication? Grantland's Bill Barnwell rants eloquently on the subject:
Can it be time to move on from fax machines already, NFL? It's incredible that a sport worth so many billions of dollars is incapable of employing some Web-based solution to allow players and teams to process these sorts of things in moments as opposed to minutes. It's 2013! PDFs are a thing!
when we stop paying athletes outragous salaries and start paying scientists and mathmatcians, physicists and
others who are far more valuable then maybe our kids won't be so hung up on friday night football and they
will go to school to learn..this is a lot of nonsense
Pay em' $120,000 and put the rest towards finding a cure for Cancer!
6 million , thats nothing we all lost 6 trillion the day obama was elected .... who cares about this guy really?? we have much bigger issues in the usa that some fool playing ball
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages have taken another step back following the news of forthcoming EU sanctions against Russia. The S&P 500 is now lower by 0.1%, while high-growth names continue showing relative strength as evidenced by modest gains in the Nasdaq Composite (+0.2%) and Russell 2000 (+0.4%).
The tech-heavy Nasdaq has received a measure of support from biotechnology, while chipmakers also trade ahead of the broader market (PHLX Semiconductor Index +0.1%). The iShares ... More
More Market News
'We're not exactly in a uniformly strong market,' says the notably pessimistic newsletter publisher.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'