The terms “fame” and “fortune” are commonly associated with professional athletes. Many high profile athletes are regularly in the news, and with the widespread access to internet today, many fans have the opportunity to know more about their favorite stars than ever before. In terms of “fortune”, there are many athletes who make an incredible amount of money during their athletic career, but have problems managing their finances and go into the red before they know it. Here are ten high profile sports athletes that have declared bankruptcy.
Even though NFL star quarterback Michael Vick made $37 million in guaranteed money alone in 2005, according to Matt Winkeljohn of the Atlanta Journal-Constitution, Vick declared bankruptcy in 2008 while spending time in prison for operating a dog fighting venture. Among Vick’s creditors were the Atlanta Falcons, the team Vick played for at the time, ($3.5 million), Joel Enterprises, an organization that was run by his former agent, Andrew Joel, and the Royal Bank of Canada. In all, Vick’s debt was $20 million. Vick got into financial trouble because he made bad business decisions, was sued by Joel for leaving his company, received poor advice from financial advisers, and was paying family members $30,000 a month.