We live in a world where today’s top athletes are making ridiculous amounts of cash and making really bad mistakes with that cash. You hear about athletes going broke and you just wonder how the hell can one person blow that amount of money within only a few years.
The stereotypical reason for athletes losing their money is because they never had that type of money growing up before (but who the hell even does), so they blow it on expensive items and automobiles to pleasure their absent financial past. Although this might be true in some cases, what most people don’t ever hear about is the bad investments players have made because of their financial advisers.
Many athletes have been advised to place their money into opportunities for financial growth but have come up short. Midway Madness presents ten athletes that don’t have much money anymore or just went flat broke.
Scottie Pippen has made his fair share of money over the years. Pippen accumulated an estimated lifetime earnings reported at around $120 millon. But he has also made his fair share of bad investments. Pippen unsuccessfully sued his former law firm for mismanaging his money which led to the loss of around $27 million of Pippen’s money. One of the more notable bad investments Pippen made was when he purchased a $4 million Gulfstream jet in 2002. The Jet missed an inspection when it was purchased, later finding out that the engine needed $1 million of work to get it running. After not ponying up the million to fix it, the aircraft was grounded and Pippen would later take his attorney to court for failing to make an inspection before the purchase. He would wind up with $2 million out of the lawsuit.
Sheryl Swoopes, the Michael Jordan of the WNBA. Three-time gold medal Olympian, three-time MVP for the WNBA and the first pro women’s basketball player when the league was established. Swoopes accumulated a worth of around $50 million. She was a marketing machine after being the first womens basketball player. But just like Pippen, Swoopes had all of the money mismanaged, and in 2004, filed for bankruptcy due to her climbing debt. Bankruptcy records showed that Swoopes owed $711,050, including $275,000 with the IRS. There is some speculation that her resurgence back into the league in 2011 was geared towards paying off all her creditors she still owed.
Remember this jabroni? Scott Eyre was a member of both clubs in the city of Chicago, first starting his career with the Chicago White Sox from 1997 to 2000. Eyre then played for the northsiders from 2006-2008 and played for a handful of other teams throughout his 12-year career. But in 2009 Eyre and a whole lot of other people got involved with the wrong man, Robert Allen Stanford. About $8 billion (which included Mr. Eyre’s money) was tied up in a massive Ponzi scheme that left all of his accounts frozen during the 2008-2009 season. Eyre was playing for the Phillies at the time and was unable to pay his bills or living expenses during the time period. After admitting he was broke, Philadelphia agreed to pay a portion of the $2 million contract he signed in the offseason in advance so he could continue to live under a roof an not on the streets.
Blackhawks fans should have a good recollection of Mr. McCarty. McCarty opened up his playing career with the Detroit Red Wings in 1992 and played 11 seasons with the Wings. In the 96-97 season, McCarty won a Stanley Cup with the wings, ending a 42-year Stanley-Cup-less stretch. But his battle through horrible decisions, divorce and alcoholism put him in bankruptcy court having just $1.9 million in assets against $6 million in debt. With all that money he owed, he would eventually find a job with the crew of “Hardcore Pawn,” a reality show that airs on TruTV. Over the course of McCarty’s career he tallied about $10 million in lifetime earnings.
The Hall of Famer is “sick” and can’t pay his child support that has risen to ungodly numbers due to not paying the monthly payments. Rodman is reported to owe his ex-wife Michelle Rodman (Michelle and Dennis share two children together) $808,935 in back child support. Rodman’s financial problems are so bad that his attorney is working for free to help sort out all of the debt. At his peak salary compensation (Bulls 96-97), Rodman was making just under $9 million. It’s hard to think with all the publicity this man has made over the years that he would be stuck in court fighting to make ends meet.
Deuce might not be broke but he lost some big coin. Over his career, McAllister has made tens of millions of dollars but is in some trouble after his Nissan dealership went bankrupt. McAllister owed Nissan more than $6.6 million while also owing $300,000 in interest on the dealership. Last summer McAllister’s house was seized by St. Charles Parish Sheriffs office and was set to be auctioned off for owing more than $1.8 million on a mortgage.
Owens has found out that all of the $80 million he has earned throughout the course of his playing career is almost gone. Forcing Owens to find a job with the Allen Wranglers (Some indoor football team, I guess). Like most of the athletes that are listed above, Owens is in the same predicament with having made bad investment deals. Owens was advised, mostly by his agent Drew Rosenhaus, to make investments that turned out to be very risky and high-venture, leaving Owens with a lot of mortgages and led to underselling his real estate. To make matters worse, Owens has four children with four different women, totaling a child support bill of $44,600 a month. With all the antics on and off the field, can you say karma?
Kenny Anderson played 14 seasons in the NBA, having 10,789 points and 5,196 assists. But the one-time all-star has blown through more than $63 million, which he tallied during his playing career. Where did all the money go? Over time his monthly expenses included paying his mother’s house payments and having child support to seven kids, which piled up to $41,000 a month. Take into account his $10,000-a-month allowance he gave himself, with the regular thousands of dollars he handed out to his friends and family, and that is how you make $60 million go away real fast.
If you Google Mike Tyson’s net worth you might be surprised that it’s only $1 million, but only if you don’t know what happened to the other $299 million he made. Over the course of his career, Mike Tyson accumulated roughly $300 million. But having had a horrible divorce, excessive spending habits (tigers and weird things) and spending three years in prison for rape, Tyson watched the large bank account quiver down to nothing.
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