By Chris Broadfoot
THE WELCOME
Thank you for opening these. Over the last four editions, on average 51% of you opened each one, and the last three have all been at 50% or better. A typical email newsletter open rate sits around 23 to 27%, so 50% or better is something I'm genuinely grateful for.
This week: South Melbourne's cup win and the US dollar question that comes with it, a simple market update, a warning from former NBL player Kevin Owens, and what overseas athletes tell us worries them most. Jon Aspro is back from the pod too.
THE MAIN STORY
South Melbourne's cup, and the US$300,000 question
On Saturday 10 October, South Melbourne beat Melbourne Victory on penalties at AAMI Park and became the first club from outside the A-League to win the Australia Cup. Denis Genreau put Victory ahead in the 95th minute, Max Mikkola equalised in the 117th, and South won the shootout 4-3 in front of a record 29,911.
Football Australia's Cup rules say the winner qualifies for the 2027/28 AFC Champions League Two. Qualifying isn't the same as being entered. South still need an AFC licence through Football Australia, a nomination to the AFC by 31 May 2027, and the AFC's acceptance. In May the AFC ruled NPL side Heidelberg United ineligible for this season's slot, but Heidelberg were Cup runners-up, and the rule that stopped them doesn't apply to Cup winners. So it looks likely, but pending.
In 2025/26, the last completed competition, the AFC paid each group-stage club a US$300,000 participation fee, plus US$50,000 per group win (nothing for a draw), then US$80,000 for the round of 16, US$160,000 for the quarter-finals and US$240,000 for the semis. The 2026/27 rates are the same.
Take Macarthur, the latest Australian side in it. In 2025/26 they won four of six group games, topped their group and went out in the round of 16 in February. On the AFC's published rates, that run comes to US$580,000.
That's paid in US dollars, while club costs here are in Australian dollars. Over the last 12 months, US$580,000 was worth about A$903,000 at the best point and about A$797,000 at the worst. That's a gap of about A$106,000 for the same results.
Payments also go through the member association and can be withheld if anything is owed, so there's a gap between earning the money and having it.
Our approach
How I'd think about it with any club in this position:
First, work out which costs are actually in US dollars. Away clubs pay their own international travel and hotels, some of it priced in US dollars, so holding some USD for those bills avoids converting twice.
Second, for known Australian dollar costs like extra wages, decide how much to convert and when, rather than converting everything the day it lands.
Third, where the board needs certainty, a rate can be locked ahead for a known amount and date, accepting that you don't benefit if the rate later moves your way. And use regulated payment rails, comparing the Australian dollar amount you actually receive, not just the fee.
Fourth, use multi-currency accounts, so the club can receive, hold, convert and pay at the best time, and only convert what actually needs converting.
The outcome
A plan gives the club a fixed number to budget against, in Australian dollars, before the money arrives. For anyone paid in one currency and spending in another, the number in the contract isn't the number you can spend until it's been converted.
Illustrative maths only, not a forecast or advice. Macarthur figure calculated from the AFC's published 2025/26 rates and their results, not a reported payment. Sources: Australia Cup, AAP, Football Australia, AFC Entry Regulations (Edition 2026), AFC Champions League Two 2025/26 Competition Regulations (Art. 51 and 52), the-AFC.com, Macarthur FC, TradingView AUD/USD daily data.
BEFORE YOU SIGN
The currency clause most contracts don't have
Your contract names one currency. You might be paid in another, and you'll probably spend in a third back home. A contract lawyer we spoke to this month says he sees a currency clause in under 5% of the player contracts he reads.
It matters more than it looks. Say a player signs for €200,000 a year and lives on Australian dollars. At EUR/AUD 1.60 that's A$320,000. At 1.75 it's A$350,000. Same contract, about A$30,000 apart, just on the rate. Convert it through a bank charging a 2 to 3% margin and another A$6,000 to A$9,000 a year can go missing.
Five questions to ask before you sign:
Which currency is the contract written in?
Which currency will I actually be paid in, and into which account?
If it's converted, at what rate, and who decides that rate?
Who pays the bank and transfer costs?
What happens if the local currency drops sharply during my contract?
Take these to your agent or lawyer before you sign. If you want to know what your contract is worth in your home currency, or how to protect part of it, that's what I do. Book a 15-minute chat
Illustrative maths only, not a forecast. General information, not legal, tax or financial advice. Clause wording is a matter for your lawyer.
MONEY MOVES
A simple market update
The US dollar had its first weekly loss since early September last week, as US interest rates eased back after a stronger inflation reading. The Australian dollar has been pulled between signs the Reserve Bank is still worried about inflation and a weak jobs report, with unemployment up to 4.7%. Sterling was one of the better performers late last week, while the euro dipped close to its lowest level since May 2025 before recovering, with political tension in France weighing on it.
Two events to watch this week: UK inflation (CPI) figures on Wednesday 21 October, and New Zealand's September quarter inflation figures on Thursday 22 October.
Here is what the range of the last 12 months means for a contract paid in one currency and spent in another:
Pair | Contract a year | Best point | Worst point | Gap |
|---|---|---|---|---|
AUD/USD (high 0.7278, low 0.6421) | US$100,000 | A$155,700 | A$137,400 | A$18,300 |
US$500,000 | A$778,600 | A$687,000 | A$91,600 | |
US$1,000,000 | A$1,557,300 | A$1,374,100 | A$183,200 | |
GBP/AUD (high 2.0709, low 1.8540) | £100,000 | A$207,100 | A$185,400 | A$21,700 |
£500,000 | A$1,035,400 | A$927,000 | A$108,400 | |
£1,000,000 | A$2,070,900 | A$1,854,000 | A$216,900 | |
EUR/USD (high 1.2083, low 1.1113) | €100,000 | US$120,800 | US$111,100 | US$9,700 |
€500,000 | US$604,100 | US$555,600 | US$48,500 | |
€1,000,000 | US$1,208,300 | US$1,111,300 | US$97,000 |
Illustrative maths only, not a forecast or advice. 12-month intraday highs and lows to 20 October 2026, TradingView daily data. For AUD/USD the A$ amount is highest when the rate is at its low. Rounded to the nearest 100.
ON THE COURT
Kevin Owens on the two-week promise
Kevin Owens is a former pro basketballer who played in Australia's NBL for the Cairns Taipans. These days he helps players who are heading overseas, and when we spoke on Monday he described a pattern he keeps seeing.
A US agent places a player, then passes them on to a local agent network, mostly in the Middle East and South America. The offer is two weeks, and if it doesn't work, we'll fly you home. Then the player is moved to another team for a bit more money, and the flight home quietly disappears. "These teams are working with the agents, knowing that they're not going to have to fly them home," Kevin told me.
Where it ends is hard to hear. "Now they don't get paid for either team, and now they don't have a flight home, and now they're getting kicked out of the apartment."
Two things I'd take from it. You should never have to pay for a trial. And always get a second opinion before you sign or get on a plane.
If you're an overseas basketballer, reach out to Kevin at theoverseasx.com.
What overseas athletes tell us worries them most
We've spoken to a large group of overseas athletes, and the same three concerns keep coming up. The first is money and banking: getting paid, opening accounts and moving money between countries. The second is moving countries itself, from housing to visas to settling in somewhere new. The third is life after sport, and what comes next when the contracts stop.
What helps with all three is the same thing. Get the right team around you, and do it as early as possible. That might be someone for your money, someone for your contracts, someone for your tax, and someone who knows the country you're heading to. The earlier they're in place, the fewer decisions you make in a rush.
When you're looking, always get two or three recommendations rather than going with the first name you hear. Don't be scared to ask questions, even ones that feel basic. Ask how they're paid, who else they work with, and what happens if something goes wrong. Be curious. The right people will be happy to explain.
On our side, we're always working on finding the right person to help with each of these, so the people around you are people you can trust.
FROM THE POD
Jon Aspro: The First Overseas Contract, the 10-Week Test, and a Korea Cup
Jon Aspro came up through the A-League with Western Sydney, Central Coast, Perth, Western United and Macarthur, then signed for Pohang Steelers in Korea in 2023.
Months into his first season in Korea, Jon was taken off at half-time and left out of the squad for around ten weeks with no explanation. He was ringing his agent asking whether he should come home. When he finally got back in, he gave away a last-minute penalty in an away game and went back to the hotel alone. Five minutes later the captain called and asked him to come and play poker with the Korean players. Jon was the only foreigner in the room. The captain told him: "We know what you've gone through. You're a foreigner, you're in a different country, and we're sorry about tonight. It's not your fault." Jon says that was the moment he knew he was in with the group. That season ended with a Korea Cup.
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The Athlete Newsletter is written by Chris Broadfoot, founder of SportsFX, the currency and payments partner for professional sport. If moving money between countries is part of your career, book a 15-minute chat with me below.
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