12 Athletes Who Went From Riches To Rags - Page 2
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Being a pro athlete sounds great unless you’re stuck on the sidelines when the checks stop coming in. Just ask former NFL defensive back Will Allen, who may be looking at some time after allegedly being involved in a Ponzi scheme.
If you’ve watched ESPN’s Broke, then you already know the drill. Bad investments, leeching family members, and a lack of discipline, and other factors can eat up a fortune real quick. These 12 athletes who went from riches to rags found out the hard way when they became headlines.
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Photo: Miami Dolphins YouTube screen capture
Mike Tyson
Despite raking in over $300 million as a pro boxer, Mike Tyson is no longer among the rich. A 1992 conviction for rape cost him millions, and what he described as a bad love affair with the coco didn’t help. Racking up $20 million in debts on everything from jewelry to cars and more lawsuits quickly diminished Iron Mike’s stacks.
Allen Iverson
It’s unclear if A.I. exaggerated his circumstance when he reportedly told a judge he couldn’t afford a cheeseburger or not. He’s said to have some additional Reebok money on the way, so while claims of being broke are exaggerated, Iverson is far from the multimillionaire he used to be.
Michael Vick
NFL QB Michael Vick is the ultimate redemption story. After being implicated in a dogfighting ring, Vick was imprisoned and lost it all. He was forced to file for bankruptcy after banking more than $40 million in his playing career, but he slowly got back on top thanks to a comeback with the Philadelphia Eagles and an aggressive repayment plan.
Terrell Owens
You knew it was bad when T.O. was playing Arena League Football and doing reality shows. Child support, failed real estate investments, and being to eager to help friends and family members left T.O. broke. He detailed his struggles in a 2014 interview with Forbes.com.
Warren Sapp
Even though he made $82 million in the NFL, Sapp’s monetary struggles have been well documented. When he filed for bankruptcy in 2012, watches, women, and 240 pairs of Air Jordans were among the indulgences listed. When you’re allegedly haggling with prostitutes over the prices, that’s a very bad sign.
Marion Jones
Lying to a grand jury meant bad news for Olympic track star Marion Jones. She was not only stripped of her medals but also drained in legal fees, and sentenced to six months in prison. In 2007, ESPN reported Jones had about $2,000 after various fees and lawsuits. Jones proved her resiliency and athletic prowess by launching an impressive WNBA career, which brought in some additional cash to ease the burden.
Curt Schilling
The game of baseball was great to Curt Schilling, but the gaming industry nearly drove him to the poorhouse. His $50 million dollar pet project, 38 Studios, failed and Schilling was looking up from a massive pit of debt.
Ricky Williams
Child support and a desire to no longer play football left former Miami Dolphins running back Ricky Williams on the sidelines. In 2004, he filed for bankruptcy and was ordered to return $8.6 million in contract money to the Dolphins. Unlike other athletes living in struggle, Williams came back, succeeded and made more money.
Travis Henry
Nine children from nine different women left NFL running back Travis Henry in serious debt. After getting cut from the Denver Broncos before he could cash in on all of his $22 million contract, Henry was busted for allegedly trying to be Pusha T. He and an associate were arrested in 2008 for intentionally conspiring to distribute and possess with intent to distribute cocaine.
Latrell Sprewell
The man they called “Spree” turned down a guaranteed $21 million deal from the Minnesota Timberwolves in 2004 by infamously saying he wanted more to “feed his family.” By the time Sprewell had his house foreclosed on and his boat auctioned off in 2009, there was probably a lot of humble pie on the menu.
Antoine Walker
Former Boston Celtics, Miami Heat, and Dallas Mavericks Antoine Walker made over $110 million during his NBA playing career. Being overly generous with his cash, gambling, and a series of terrible investments left him bankrupt. But “Employee #8” bounced back in 2012, and he has since downsized his lifestyle.
Will Allen
If Allen is indeed guilty of co-running a Ponzi scheme, it will mark a fall from grace that just happens to be disguised in a white collar. Allen’s final contract with the Miami Dolphins called for him to make $10 million in guaranteed salary.
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