Athletes that have gone bankrupt besides Chris McAlister – Otherwise known as broke ass dudes (and girls)!
Posted by mandyf on September 16, 2011
Professional athletes are known to be amazing physical specimens – usually at least – and for being very well paid. Even professional athletes riding the bench can make some serious coin. You would think that the type of money they make would not just lead to financial security over the course of their life, but the type of security that can be multi-generational. The truth is that isn’t always the case as some extraordinarily well paid athletes somehow found a way to blow through all their money and go bankrupt. Even before Chris McAlister blew through at least $39 million and had to move his broke ass back home to live with his parents and beg for a reduction in his court ordered $11k/month child support, high profile athletes have failed to listen to E.F. Hutton.
Consider this for a moment- according to a study conducted by Sports Illustrated – 78% of former NFL players are broke or at least financially stressed within 5 years of leaving the game. The same is true of 60% of NBA players. For whatever reason, perhaps career longevity of the league policy to train players about fiscal responsibility as rookies, MLB players don’t have anywhere near the same problem. Following are a few big name stars from the sports world that had it all and lost it all – or at least nearly all of it.
Rocket Ismail at one time signed the richest deal in CFL history making around $20 million just in salary during his playing days. After a string of bad investments like a movie, nationwide phone card dispensers, and calligraphy proverb kiosks just to name a few he went broke and now does a sports talk show to pay the bills.
Evander “The Real Deal” Holyfield is estimated to have made $250 million during his years in the ring. Holyfield insists he isn’t broke but rather just isn’t “liquid.” A string of baby mommas for his eleven kids weren’t buying that, and neither was anyone else. He lost his $10 million home, was behind in child support more than once, and somehow got behind $500,000 just on landscaping bills. Add in some lousy investments like the “Real Deal” record label and grill and it’s easy to see how fast it all went away.
Back before the MLB seemed to care if their stars went broke, Jack Clark was the poster boy for change. At one point the was listed as having $4.8 million in assets and $11.4 million in debt. For a guy that made his money before every Tom, Dick and Alejandro in baseball was pulling a million a year, Clark still pulled down around $20 million playing ball. Where did it go? Jack liked cars a lot and bought new ones when he got bored with the old ones. At one time back around 1990, he had 18 cars – and still owes money on 17 of them today – and has a drag racing course he built to drive them on that sucked even more money. Oh, the IRS wants their $500k still too.
Deuce McAllister made about $70 million in salary, but made the very bad mistake of investing in a ton of things he knew nothing about – like Nissan car dealerships in Mississippi. He still owes Nissan around $6.6 million, plus interest of financing he took out to run his ventures which begs the question – with the type of money he made, why did he need so many loans?
Sherly Swoopes made around $50 million in the WNBA, and while she was often called th female Michael Jordan for her on court skills, she will never be compared to him for her off court money management. In 2004 she filed for bankruptcy owing around $750k and nobody is sure where it went.
Lawrence Taylor made around $50 million in the NFL, and where a lot of his money went is well known – right up his nose. LT loved to party and he loved having a lot of people to party with which meant he was picking up the tab for it all on a regular basis. With all that partying and the need for a lot of cash transactions, LT did very little if anything at all so far as planning for the future. Then he had three possession charges, the IRS all over him for filing false tax returns, and the rumor he was heavily involved in a gun and drug running ring and it is easy to see where it all went.
John Arne Riis made over $20 million playing soccer, but still burned through it all. He claims it was not his fault, but rather the people he trusted to look after his money. Whatever the truth is, his bankruptcy case has been linked to a fraud case and the outcome of that is going to be messy all around no matter what.
Kenny Anderson was a silky smooth machine on the court when he felt like it piling up over $60 million during his NBA career. Like a few others though, he found that child support for 8 gets expensive, 8 cars in the garage isn’t cheap, and handing out a few thousand to his homey’s each month for “hanging out” money eats up a fortune fast – not to mention the gaudy bling and his own hanging out allowance that could choke a cow.
Latrell Sprewell – the same one that turned down $21 million because the offer was an insult, is now the guy you could probably get to wash your car for a five spot assuming he didn’t choke you as he did with a former coach. All told Spree made over $50 million in the NBA, and the IRS helped them self to every penny he didn’t blow on the things that couldn’t be repossessed. At last count he still owed over $10 million on a defaulted home loan, $1.3 million on his yacht he doesn’t even have anymore, and a “small” mortgage default of $1.5 million. It couldn’t have happened to a nicer more well adjusted guy.
When Michael Vick isn’t training dogs to fight, he’s racking up debt. At one point the was one of the 10 richest athletes in the world and had earned over $120 million on salary alone. Today he is for all intents an purposes broke as his earnings are rumored to be garnished to pay off his debts and legal fees. Even with huge new deals in place, he has creditors hounding him down – maybe even the Columbia Record Club guy!
Over 21 years, George Best pulled down better than $100 million playing soccer, but became such a party boy raving alcoholic he blew through it all. A few stints in jail for drunk driving and assaulting an officer, a liver transplant, fast cars and a ton of money that just went “somewhere” and there you have the demise of a fortune.
Mike Tyson with earnings that were at least $300 million – maybe $400 million – wins the all time idiot award. How did he lose it? The rape and 3 year jail sentence made a dent, the divorces didn’t help, and neither did his insatiable lust to possess the completely unnecessary and stupid. At one point he had a net worth of less than $700.00. He’s doing better now, but it seems like it’s only a matter of time until he’s fighting bums on YouTube to pay the rent.
However they lost it one thing is clear – it’s gone and it probably isn’t coming back.