Although famous athletes earn high salaries, many have financial problems of their own.
Famous athletes are known for earning huge paychecks, but that doesn’t keep them from having money problems. You’ve probably heard of different athletes having financial difficulties, and here are ten of the highest profile athletes that have ever filed for bankruptcy:
Mike Tyson
Filed for bankruptcy in 2003. It is estimated that Tyson made over $300 million during his boxing career, but his lavish lifestyle was too much for his reduced cash flow during retirement. The magnitude of Tyson’s spending can best be understood by looking at his monthly spending during the 80’s and 90’s. Tyson’s lifestyle was costing him $400,000 a month.
Michael Vick
Filed for bankruptcy in 2008. Vick’s problems have been all over the news the last few years. He lost his NFL salary and endorsement deals after being sent to prison for his role in a dog fighting ring. He already wasn’t good with his money, so he had to file for Chapter 11.
Johnny Unitas
Filed for bankruptcy in 1991. He is arguably one of the greatest NFL players ever, and he spent his career with the Baltimore Colts. Although he was great at football, he didn’t make the best business decisions. A series of failed business decisions left him in financial ruin.
George Best
Filed for bankruptcy in 1982. He is best known for being a great soccer player for Manchester United in the 1960’s. He was one of the most famous people in London during his playing career, and as a result he earned a lot of money. He was an alcoholic though, and he ended up filing for bankruptcy shortly after receiving treatment for alcoholism.
Riddick Bowe
Filed for bankruptcy in 2005. He’s a famous boxer best remembered for a series of fights against Evander Holyfield. He had serious money problems throughout his career. In 2005, he decided to return to the ring despite being injured and out of shape. His main motivation was money, but the money was too little too late, and he had to file for bankruptcy late in 2005.
Tony Gwynn
Filed for bankruptcy in 1989. He is known for being one of the best MLB hitters of all time. He famously filed for bankruptcy during his sixth season in the league despite earning a high salary. He blamed his money problems on financial mismanagement by his accountant.
Andre Rison
Filed for bankruptcy in 2007. He played for several teams during his NFL career, and he won a Super Bowl with the Green Bay Packers. His main financial problems stem from unpaid child support, and his bankruptcy was court ordered.
Sheryl Swoopes
Filed for bankruptcy in 2004. She has been called “the female Michael Jordan”, and she is probably the best WNBA player of all time. She earned a high salary during her career, but that didn’t keep her from making bad financial decisions.
Lawrence Taylor
Filed for bankruptcy in 1998. He is still considered one of the best linebackers to have ever played in the NFL. He earned a multi-million dollar contract, but he admittedly lost all of his money to bad investments, drugs, and gambling. He filed for bankruptcy after being arrested for not paying child support.
Archie Griffin
Filed for bankruptcy in 1982. He is mostly famous for winning back to back Heisman trophies in 1974 and 1975 while playing for Ohio State. He had a failed athletic shoe business that caused him to file bankruptcy.
Bankruptcy is a good option for most people that are struggling under mounds of debt. Bankruptcy gives a debtor the chance to wipe out and restructure debts to more manageable levels. These athletes got fresh financial starts, and you should too if you’re having money problems. If you want to find out if bankruptcy is right for you, contact a bankruptcy attorney today.