Big Cash Down The Drain

A 2012 Sportsnet magazine has been hanging around at work, with an intriguing article in it that I’m going to show a sampling of.

And if you say what a lazy bastard I am, copying from a magazine, you’re probably right.

But maybe you’ll think it’s interesting! Like I do!

Mike Tyson (boxing) – won more than $400 million but filed for bankruptcy in 2003 with debts of $27 million. Blame cars, pet tigers, and a $2 million bathtub.

Terrell Owens (football) – Owes $107,000 a month in child support and mortgage. He still had to spend $10,000 a day to drop the $80 million he made since ’96.

Darren McCarty (hockey) – bankrupt due in part to gambling and divorce – and was recently seen working in a Detroit pawn shop on a reality television show.

Lenny Dykstra (baseball) – Made millions in baseball, now in prison for grand theft auto. The interim was a wild mess of bad business deals, bankruptcy and lawsuits.

John Daly (golf) – How does one lose $60 million gambling? In 2005 Daly celebrated a $750,000 tour win by dropping $1.5 million at the slots.

Antoine Walker (basketball) – Earned $110 million in his career; filed for bankruptcy in 2010, owing $12.7 million. Charged with writing bad writing $1 million in bad cheques.

Latrell Sprewell (basketball) – Turned down a three-year, $21m deal in favour of….never signing another NBA deal. Money sense that gets two homes and a boat seized.

Michael Vick (football) – Made $37.5 million in 2005. Owed $20 million by 2009. Buying his brother a new luxury car every year probably didn’t help.

Rollie Fingers (baseball) – Grew an $8m fortune in MLB (and a priceless ‘stache). Bad business deals (horses, wind farms) and tax trouble ended in bankrupty.

Allen Iverson (basketball) – After earning $154 million in his basketball career, he was recently ordered by the court to pay a debt of $860,000 to a jewellery store.

“By one estimate, 78 percent of NFL players go bankrupt or find themselves in severe financial distress within two years of retirement. Reports also suggest that within five years of retirement, 60 percent of NBA players are broke.”

4 thoughts on “Big Cash Down The Drain”

  1. It’s nothing short of amazing how so many successful athletes can fritter away their millions, but so many of them are surrounded by vultures and parasites, who only want to suck money out of them.

  2. It’s true Ian. Athletes all of a sudden have barrels of money thrown at them after having very little and they don’t have a clue what to do with it all. I like to think that I’d handle it better but it’s one of those things that I’ll never know of course.

  3. I saw something about this recently, where the author made a very good point.

    “Take a kid whose parents had no money, grew up in the projects. He was excellent at football. Gets a scholarship (where they are not allowed to get any money from anyone), eventually turns pro and went from zero money to a multimillionaire in the swift of a pen. How is he supposed to know what saving is?”

  4. That’s right, Tom. And I know we all say we’d handle things differently, but we really can’t be sure about that. I’m just not all that crazy about having a lot of bling on my neck, fingers and ears. I like cars though.

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