Financial Shortsight: Ten Athletes Who Went Bankrupt
We live in a world where salaries and endorsement fees for athletes are sky-rocketing. The average opening-day salary for a baseball player this year was almost $3.5 million, up over a million dollars from a decade ago. And it wasn’t that long ago (1991) when the average salary finally broke $1 million. Now if you’re like me you’re probably thinking, man if I got a million dollar raise over ten years at my job I’d be sitting pretty. And you probably would. Not so for the athletes who’ve made this list. There are plenty of examples of athletes who’ve squandered their fortune, some their fault, some not. These ten athletes, however, stood out as some of the most spectacular and mind-numbing examples of athletes who blew their bucks.
10. Travis Henry, NFL- The case of too many child support bills. The former Bill and Bronco once had a promising career on the field, even garnering a Pro Bowl spot. He made an estimated $20 million in his shortened career, a sum that would have most of us set for life. Except for that most of us don’t have nine kids. From nine moms. These, of course, are the legitimate children. Who knows if Henry also channeled his inner Shawn Kemp. Anyways Henry has child support payments that total around $170,000 a year. You read that right, more than many high-level execs make. Henry couldn’t keep up and was jailed for failing to make payments. Then he lost his $25 million contract with Denver after being arrested for narcotics trafficking and drug use. Thank God I passed him over in my fantasy draft that year.
9. Latrell Sprewell, NBA- Who knew that Sprewell actually needed more than his 3-year $21 million contract offer he turned down under the pretense that he needed to “feed his family.” Since then the former Warrior and T-Wolf has had his yacht seized, defaulted on a mortgage, had his home fore-closed, couldn’t afford to pay his employee’s in a motor sports company, and lost yet another home to default. Oh and he owes more back taxes than anyone in this country. Maybe he can make some money trying to patent the choke-slam.
8. Marion Jones, Track and Field- No its not just NBA and NFL players. No its not just men. Jones scammed her finances just like she did the sports world, famously forfeiting all her Olympic medals and records after testing positive for steroid use. She wasn’t much better off the track. She tried her best to be the next Frank Abagnale Jr. by forging and counterfeiting checks, perjured the IRS, and did illegal drugs in addition to the ‘Roids. In the end Jones couldn’t out run the law and spent six months in prison. She made a cameo in the WNBA last year, but was cut this off-season by a team that finished 3-31.
7. Lawrence Taylor, NFL- Doing coke, drinking beers, drinking beers, beers, beers, rolling fatties, smoking blunts. Who smokes the blunts? Lawrence Taylor smoked the blunts and did a whole lot more on his way to blowing an estimated $50 million in lifetime earnings. Just as LT didn’t care if he hurt who he hit, he didn’t seem to care much about the privacy of his personal life. The former Giant openly chased women, did cocaine, and drank his life away, seemingly. It was enough to keep one of the best sack artists in NFL history out of the Hall of Fame. Fortunately for Taylor, he also falls into the category of those who have made some amends. He filed for bankruptcy in 1998 and cleaned up his act. He was rewarded with the Hall a year later. Still…..how do you manage to blow $50 million on drugs and women?
6. Lenny Dykstra, MLB- A three time All-Star, one of the best catchers of his generation. Hero of the 1986 Mets World Series Champs. So broke he had to sell that ring to survive. There’s bankrupt and then there is what Lenny Dykstra did. So poorly did he spend that when he declared bankruptcy in 2009 he listed $50,000 in assets and $50 million in liabilities. I mean are you kidding me? He could and should have claimed bankruptcy probably ten times before he actually did. But it’s ok. He figures to make it all back by sponsoring chewing tobacco. Lord knows they owe him after he single-handly could have kept them afloat during his playing career.
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5. Evander Holyfield, Boxing- We could have probably done a top ten on boxers alone. As it is…SPOILER ALERT…two made our list. Even with eleven children you wonder how Holyfield managed to blow an estimated fortune of $250 million. Holyfield managed to spend enough money that he was thousands behind on child support payments. He had his $10 million home foreclosed. Of course when you owe over $500 thousand in lawn care bills that might have something to do with it. What kind of crazy stuff is in your yard that is so expensive that you could spend that in a life time?
4. Mike Tyson, Boxing- You knew it was coming. Tyson has been at the forefront of sports culture for decades in every way imaginable. In his prime he might have been the most dominant boxer of his era. He also might have been of the stupidest, at least with his decision making. He trumped Holyfield in earnings (and ear-biting) with $300-$400 million estimated. Tyson lost his money in gigantic chunks. $9 million to a divorce settlement, $13 million to the IRS (how does someone with that kind of money ever miss taxes?). Then there are all the cars, homes, drugs, and alcohol. Oh and lets not forget the hundreds of thousands spent on his pet Bengal Tigers. At one point Tyson was worth less than $700. A spoiled kid’s monthly allowance. Tyson has improved lately though, clean from rehab and plenty of down time in prison. It’s not all bad though. He got to be in The Hangover.
3. George Best, Soccer- Yes soccer. Yes probably none of you even know his name. I don’t care. I’m a soccer fanatic. And Best’s downfall is one of the most spectacular. Best made an estimated $100 million in lifetime earnings. And this is from a guy who played in the 1960′s. He was mega rich. Then came the end of his career as a soccer player and the beginning of George Best the drunk. He blew his fortune almost entirely on booze, cars, and women. Best drank so much it wasn’t long before he needed a new liver. He continued to drink anyways, even after jail time stemming from a DUI and assaulting a police officer. In his words: “I spent a lot of money on booze, women, and fast cars. The rest I just squandered away.”
2. Michael Vick, NFL- Everyone is familiar with Mr. Vick’s story. Good NFL quarterback, great Madden quarterback. First QB to lead his team to a playoff win at Lambeau Field. $120 million contract from the Atlanta Falcons. Passionate about dogs. Well dog fighting anyways. Vick lost nearly everything, including his freedom. With it went most of the money that would have been paid to him. Vick declared bankruptcy and sold his homes to pay off as much of his loans as he could. Even now, with a new $100 million contract inked with the Eagles, Vick will see no more than a couple million this year, because of all his outstanding debt. Still, it is nice to see someone make a full recovery. Next step….buy a guard dog.
1. John Daly, Golf- We have reached the ultimate athlete in terms of blowing a fortune. Daly is renowned for his ability to hit the crap out of the ball. He is also known for his deep love for booze, smoking, and gambling. He has engaged in all of them excessively, but the gambling is off the charts. Despite making between $50 and $60 million is his carer that included a couple major championships, Daly just had his home foreclosed. Why? Well you’d be in trouble too if you lost more than $1.6 million in five hours on slots. And then followed that up by losing $1.2 million in less than three hours. But it’s okay, because John doesn’t play the $5000 slots anymore. He sticks to the petty $100-$500 machines we can all afford. Some of the athletes on this list have either recovered or are recovering. Don’t bet on Daly joining that list.
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You forgot former giants,cardinals,and red sox slugger jack Clark. His was the first I really remember and the fans waiving 100 dollar bills at him was funny. Antoine walker and Kenny Anderson were also financial disasters.
Clark was definitely a consideration….in fact he was on my original list. As was Anderson. Others that got serious consideration: Scottie Pippen, Dick Lane, Rockey Ismail, Sherryl Swoopes, Deuce McAllister, and Muhsin Muhammad.