Félix Trinidad Makes Debt Deal After Millions LostBy: Toni Matthews-El - April 16, 2014
The story of Félix “Tito” Trinidad Jr. and his lost millions may be sad to fans and onlookers, but the situation is unfortunately so common in sports it’s almost predictable.
It’s not at all uncommon for mega-wealthy athletes to lose their millions after their sports careers are over. The culprits are typically shady hanger-on types who turn out to have no common sense whatsoever when it comes to money and investments.
According to the El Nuevo Dia newspaper, the boxer is thought to have lost no less than $63 million thanks to someone close to him and his father, Trinidad Sr.
The 41-year-old former boxing champion is claiming that Jose “Pepe” Ramos was responsible for losing his money through bad investments. Ramos was something of an aide to Trinidad. There are reports that Ramos even acted as his English translator.
The family friend was hired to help out with managing the boxer’s millions. Ramos allegedly made the decision to gamble on Puerto Rican government bonds.
The economic situation in Puerto Rico is dire, and recently the country’s government bonds were downgraded to junk bond status. This rendered the millions invested virtually worthless.
Following the catastrophic loss of fortune, Trinidad reportedly has 9 million in assets. Unfortunately for the boxer, he also has $30 million worth of debt.
Trinidad is thought to have made close to $90 million over a boxing career that spanned roughly 18 years. He featured in 21 title fights and holds the record as the longest reigning welterweight title holder at 6 years and 4 months.
The biggest purse in Trinidad’s career came after his “fight of the century” against famed boxer Oscar de la Hoya. He made over $10 million on the fight.
That money and the majority of what he earned is now gone, leaving the boxer scrambling to pay off his bills.
On April 10th, Trinidad and his legal team asked that the Financial Industry Regulatory Authority intercede in the matter. They complained that Ramos spent the money without the boxer’s knowledge or permission. Ramos claims that the accusations against him are false.
On Tuesday the boxer managed to reach a temporary debt deal with a local bank. The agreement with Banco Popular halts a payment of $2.9 million that had been sought by the institution.
Trinidad is to be inducted into the International Boxing Hall of Fame on June 8th.
Image via Wikimedia Commons