With the national team training camps just around the corner, the Lithuanian Basketball Federation (LKF) has already insured most of the players, selected to represent Lithuania during the summer.
“We usually spend from around €150,000 to €450,000 for the insurance of our players. This year, that sum is going to be around €150,000 [until the end of the pre-Olympic Qualifying Tournament in Venezuela],” Mindaugas Balciunas, the General Secretary of the Lithuanian Basketball Federation (LKF) told the daily newspaper Lietuvos Rytas.
Although Linas Kleiza is by far the highest paid player on the Lithuanian roster, earning $4.6 million a year with the Toronto Raptors, his insurance, even despite the recent injury, cost only around €11,500.
That is a rather small amount, comparing to the €87,000 that the insurance of Rimantas Kaukenas is likely to cost. The player has had a long injury history and only returned on the court at the end of last month.
Although LKF has already taken care of the insurance of some players, others are still on the waiting list, as documents are being sorted. Such is the case with Rimantas Kaukenas and Jonas Maciulis.
However, the main head-scratcher for the federation isn’t the two Montepaschi Siena players, but rather the contracts of Donatas Motiejunas and Jonas Valanciunas, who are both looking to make the leap to the NBA.
Both of the players cannot sign contracts, with the Houston Rockets and the Toronto Raptors respectively, before 1 July. Therefore, LKF will be looking to insure Motiejunas’ contract with Asseco Prokom and Valanciunas’ deal with Lietuvos Rytas.
Since the values of both contracts are rather small compared to the money in the NBA, the federation has taken extra initiative to insure the contracts with extra clauses.
“We are offering them the maximum insurance sum available and an extra option, according to which the pay-out in case of an injury would be up to €580,000 ,” said Balciunas.
If the Lithuanian national team gets through the pre-Olympic Qualifying Tournament in Venezuela, the insurance for the actual Olympics is going to be at least as much, which could put the overall tally to around €300,000.
Source: Lietuvos Rytas