It’s happened again.
According to this article on TMZ, yet another once-millionaire sports star is now broke.
Warren Sapp, Former Super Bowl champion for the Tampa Bay Buccaneers and national champion for the Miami Dolphins, has filed for Chapter 7 bankruptcy in Florida, joining a long line of professional athletes who have lost everything.
According to the court documents, the future Hall of Famer owes more than $6.7 million to various creditors, including hundreds of thousands in child support and alimony to four different women, and over $1 million to the IRS.
The problem is that he claims to have only $6.4 million to his name.
In the papers, Sapp lists his remaining assets, including over 240 pairs of Jordan shoes, a boxing glove signed by Muhammad Ali, a large nude women painting, Nike golf clubs, a De Grisogono watch, and a lion skin rug.
Unfortunately, among the items not listed are his 2002 Super Bowl ring, and his 1999 National Championship ring; he claims that he has lost both of them.
Though Sapp currently works as an analyst for the NFL Network earning a salary of $45,000 per month, his contract expires in August, and there is no guarantee that it will be renewed.
It’s hard to believe how anyone could be “broke” while earning $540,000 per year, but at the same time, I have no idea how one can find himself $6.7 million in debt either.
It’s very unfortunate seeing these great athletes such as Warren Sapp along with former stars Dennis Rodman and Allen Iverson just to name a few, lose everything after earning so much over their careers. However, looking at their frivolous spending, it’s easy to see why.
I know that sports organizations offer financial counseling to their players, but sadly, in many cases–such as with Warren Sapp–the advice goes unheeded. Unfortunately, these men could receive all the financial help in the world, but until they make the decision to act fiscally responsible, it will make no difference whatsoever.