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Forum Home > Steelernation58 "Game Battle Zone" > 80% Of NFL Bankrupt

GFsixShow
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Posts: 859


WOW! 3 Out of 4 NFL Players File For Bankruptcy.




NFL Hall-of-Famer Warren Sapp filed for chapter 7 bankruptcy, owing $6.7 million to creditors and back child support and alimony. Among the debts, Sapp says he owes $853k to the IRS for 2006 and another $89k for 2010. Sapp says he also owes $2,858 in medical bills for “Corrective Speech and Language Therapy.”


Sapp also claims he has lost his 2002 Super Bowl ring that he won with the Tampa Bay Bucs and the National Championship ring he won with the Miami Hurricanes.


Sapp may be the most recent NFL player to file for bankruptcy; however, he is by far not the first. Pro football players may be some of the highest-paid athletes in the country, but having lots of cash does not equal having money sense. Even though a talented player might score as much as a few million dollars per season, it’s becoming more and more common for football players to declare bankruptcy. Why are so many in debt? Whether their financial situation is due to bad investments or supporting an entourage, there is an explanation behind every Chapter 7.


Let’s begin by looking at the statistics surrounding bankruptcy. First, the average career of a pro player is approximately three years. On average, a player makes a million dollars a year. That breaks down to an average play salary of $35,000 per game. 65% of players leave the game due to career-ending injuries, and 320 veteran players lose their jobs every year. Even though they make an average of $3 million over the course of their careers, after a scant two years after retirement, 78% of all football players declare bankruptcy.


Wondering just who some of the most famous bankrupt players are in the NFL? Following are a list of the top 8 bankrupt players and the reasons behind their financial woes:


Johnny Unitas – won one championship, and earned $4 million. Declared bankruptcy in 1991 due to a bad business decision.


Deuce McAllister – didn’t win any championships, but earned $70 million. Declared bankruptcy in 2010 on account of bad business.


Dermontti Dawson – didn’t win any championships, but earned $55 million. Declared bankruptcy in 2010 due to failed real estate ventures.


Michael Vick – didn’t win any championships, but earned $130 million. Declared bankruptcy in 2008 due to legal trouble.


Lawrence Taylor – didn’t win any championships, but earned $50 million. Declared bankruptcy in 1998 due to drug abuse and tax evasion.


Mark Brunell – didn’t win any championships but earned $13 million. Declared bankruptcy in 2008 due to a series of bad loans.


Travis Henry – didn’t win any championships, but earned $20 million. Declared bankruptcy back in 2009 because of a multitude of legal issues.


Charlie Batch – didn’t win any championships, but earned $13 million. Declared bankruptcy in 2010 on account of bad real estate ventures.


So where does all the money go?


 

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May 4, 2012 at 5:14 PM Flag Quote & Reply

GFsixShow
Site Owner
Posts: 859

Wow! How could you lose that kind of money?

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November 26, 2012 at 4:19 PM Flag Quote & Reply

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