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 ...
Alan Iverson is a good, glaring example. So is/was Michael Vick. Vick’s current $100M contract is mostly for repaying debt and recovering from financial apocalypse. He is actually receiving only a small percentage of that contract for himself.
There are also people like Leonard Tose who gambled away the Philadelphia Eagles.
Ok, you got a chuckle out of me.
Sure I know he would commit fraud...but his ‘plan’ seems so foolish to me.
Really, he’s going to ‘lay low’ until somebody forgets he owes them money? Why does he even bother?
I guess he may have plans to leave the country.
Sorry, all I did was post the article. :)
Probably because football players (with some obvious exceptions) don’t have as many high earners over time. A mediocre baseball or basketball player can easily earn $50 million in a career. Much more difficult in the NFL. So they have less to squander, leading to faster poverty, but less astonishing falls like the Dykstras, Iversons, etc.
U so funny. lol
My all time fave is the guy, year's ago, in NY, Curits something....who won like $50 mil and shows up the next day to claim his prize, in a limo, dressed in a tuxedo, with a bowler hat, his wife, AND his girlfriend...whe that story broke, the over/under on how long before he went broke was about 10 years..it was less.l.
In behest of our organization WTF(World Tiddlywinks Federation) I wish to inform all that we do not have any of our players on the Dole!
All our players past and present are financial secure having invested wisely in GM/GE/Obama stock.
The only thing that we have to complain about is our debilitating Tiddlywink Thumb, life threatening injuries.
WTF, Pres. Ben Tiddly
You Tiddlywink people get all the coverage. I can’t turn on ESPN without hearing some announcer saying, “Ohhh.....Ben just missed the cup with that one!” When I miss the cup, there’s liquor all over the floor. Unless it’s a urine sample, and, well, we won’t get into that.
As we grow older, all will bear that Cross. Use a wider cup! Although I have never spilled a dram of a spirit.
From our Organization to you, have WTF day.
World Tiddlywinks Federation.
I suggest his debts were discharged through bankruptcy, and that he would lay low, then stage a comeback fight in .. say..Cuba. Against some glass jawed wannabe.
He would launder the old money his creditors were entitled too in with the purse from the prize fight.
A plot so simple it doesn’t even require biting any ears off.
What's all the commotion about?
With the state of the economy as it is, including State governments looking for ways to unload debt, lump sum.
I wouldn't trust the States to honor an annuity 10-30 yrs, down the line.
David Lee Edwards, a laid-off laborer in 2001 when he won $42 million from a $295 million Powerball drawing in Kentucky and moved to Palm Beach Gardens, appears to have the kind of financial problems that he never should have faced again.
http://thetimestribune.com/editorials/x1065235794/David-Edwards-Another-lottery-loser
Edwards won a $41 million Powerball and took home $27 million in August of 2001. Six years later, the money was apparently gone.
Edwards was evicted from his $1.2 million home in Palm Beach Garden, Fla. for not paying his association dues. Shortly thereafter, Edwards was evicted from a storage unit that he was apparently living in. The items in storage were auctioned to pay Edwards’ storage fees.
That is the guy.
He was profiled as a winner and then as a real loser. lol
Now I might actually feel sorry for the guy!
http://www.browardpalmbeach.com/2007-08-16/news/powerfall/
“In the fall of 2006, David Lee Edwards and his wife, Shawna, decorated their front door for Halloween. But if trick-or-treaters made it to the couple’s home, a storage unit in Riviera Beach, no plastic ghost was as scary as what they’d have found inside: two pale, withered junkies from Kentucky living amid dirty clothes, rotting food, and their own filth.”
Yep, that’s the fool. (Not shown, his parted money)
Antoine Walker (Kentucky, Boston Celtics) is apparently broke after earning 150+ million dollars in NBA career. He is reported to have been supporting 70 families(posse) with his earnings.
I worked with a guy who knew Michael Jordan before he was a mega-star. He has pictures of him and MJ strolling down South Street in Phila. It was at a time when he could actually do it without getting mobbed. Anyway, my friend told me that as MJ started making money he would gladly help family and friends. It all started changing for MJ when the same people started coming back, again and again, looking for a handout. It soon got to the point that these parasites started acting like it was an obligation for MJ to give them some of his money. It wasn’t long before MJ cut almost all of them off. He changed his number and would resist any overtures they made to him. In the end, he still has most of the money he earned.
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