Fantasy Football Players Championship announces Prize Splitting with Co-Manager Option

Nov. 10, 2009 - PRLog -- In the spirit of “For Players – By Players”, the FFPC will once again be the first to offer something that will truly be beneficial to Fantasy Football players.

Separate Prize Reporting Amongst Owners and Co-Managers!

Here is how it will work:

The primary owner will always remain the sole legal prize winner and MUST authorize the splitting of the prize money in writing.

The primary owner will fill out and sign the authorization form indicating the name & address of his co-manager and the amount he should receive. Both the primary owner and the co-manager will each fill out a W-9. Once these documents are received and approved by the FFPC, the prize monies will be released to both parties.

At year’s end, both the primary owner and the co-manager will each receive IRS Form-1099 for their prize awards.

Limitations:

This prize split is limited to TWO persons: the primary owner and the co-manager. Under no circumstance will the FFPC issue payment to more than these two persons.

Only prize monies of $4000 or greater will be eligible to be split. This amount can be a combination of any CASH prizes won in the FFPC Main Event, Satellite Leagues, Live Ancillary Leagues or any other FFPC league or tournaments. FFPC Dollars or any non-cash prizes are not applicable.

The co-managers share of prize awards must be a minimum of $600.

There will be a $25 processing fee charged for this transaction and will be deducted from the primary owner’s share of the prize money. This fee is just for the FFPC to partially cover its additional administrative and accounting costs.

Reasoning:

• Many high stakes players are participating in multiple FFPC leagues and events and they often share ownership and team costs among two owners.

• There are often substantial winnings to report.

• Winning fantasy owners should not feel the need to calculate the tax ramifications of who owes what to whom.

• Many high stakes players want to keep their personal finance confidential, even from fantasy football team partners.

Benefits:

• Players can now feel comfortable sharing fantasy teams with owners that they otherwise may not have.

• Players do not need to worry about sharing personal financial information with a co-owner.

• Players can enjoy their winnings without needing to worry about whose name it will be under and how much they each owe to Uncle Sam.

• Players can receive separate checks and know with complete certainty that they will be paid.

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The FFPC offers a unique hybrid draft format, combines a live Las Vegas high stakes fantasy football event with online draft times. This allows fantasy players to draft from anywhere and still compete with Live drafters in the same main event.