Posted on 02/21/2012 8:47:46 AM PST by doug from upland
Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time.
(Read about Scottie Pippen, Evander Holyfield, Lenny Dykstra, Latrell Sprewell, John Daly, Jack Clark, Mike Tyson)
(Excerpt) Read more at sports.yahoo.com ...
When you buy a 50,000 sq ft house, what are you going to do?
Don’t forget former Ravens CB Chris Mcalister. He has already blown through a $55 million dollar contract he signed in 2004.
Jets QB Mark Brunell is also broke, having gone through close to $50 million during a 18-year career with numerous bad business decisions.
Some athletes probably would wish that it was JUST their money/fortune that they lost... like Thurman Munson.
Not true for all sports. Those of us in the NHA, National Hopscotch Association, have been very successful at retaining our earnings. We “Hoppers”, as we’re called, don’t fritter our winnings away on fast women and expensive cars. Last year’s champion, Suzie Johnson, tucked her prize money away into a piggy bank. Contrary to popular belief, you don’t have to be from Scotland to play hopscotch. I’m presently serving a four tournament suspension for being drunk at a tournament. I thought the idea was to jump over a bottle of scotch and then take a drink. I guess they changed the rules or something. Probably hometown refs.
Wish DC would figure this out.
I remember seeing a show about lottery winners and one guy in Florida had bought a nice house, vehicles, statues of the Blues Brothers and other “art”. Yep, he was living the life.
A while later I saw another show about the lottery winner horror stories.... guess who was on it after losing everything??
This is the first line of the entire story, and yet after that in all the examples not a single NFL football player is used.
I think a lot of these losers keep a number of their assets...they are not poor by normal standards...just less rich....I have no pity for any of them...
If these guys would have lived below their means, even for a while; in a manner of lavishness that the would not even notice as lacking: they would still be in luxury.
Apparently this message was either not delivered or adhered.
When they were building that mansion, we all thought that it was a college or an apartment complex.The size is stunning.I wonder what will happen to it when he loses it.
turn it into a vacation resort and rent out rooms
lol.
lol.
No kidding. It’s not like they are hard to find I bet.
Too many baby mammas to feed.
If you’re talking about the person I think you are, I am loosely related to that guy. (My mom is his second cousin, I think). He won over $42 million in 2001 and is, as we speak, bed-ridden, ruined from a life of heroin and meth use. (I can’t confirm, but I think he lost his legs - as in amputated - from the drug abuse). He’s literally penniless.
He lost his multimillion dollar, Florida home because he failed to pay the home association dues and they auctioned it, per the regulations.
Man, even if I bought everything I ever wanted I don’t think I could blow through 154 million bucks.
He must have some expensive hangers-on (aka posse)
You can’t possibly believe that a convicted rapist would commit fraud or file false documents or commit perjury can you?
As somebody said on a Whitney Houston thread, “Cocaine - When wealth and fame just isn’t enough.”
Beyond that, I know of many non-athletes who made it into upper middle class and higher via self employment or corporate ladder climbing only to find themselves 50 and unemployed with kids in college, mortgages to pay and a spouse filing for divorce.
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