It’s always hard to believe that even after earning millions of dollars, some people still find a way to go broke.
It is startling to hear the large contracts signed by professional athletes, but it is even more shocking to learn that a whopping 78% of NFL players have to deal with serious financial crisis or bankruptcy within the first two years of leaving the game. About 60% of NBA players face the same troubles after 5 years.
It is easy to blame them for the mess but the causes of the problem are varied. Family pressures, poor money management skills, big egos, thrill seeking, bad financial investments and so on, contribute to the bankruptcy epidemic that plagues pro athletes. We don’t know which of these apply to Vince Young.
The once promising football star has now reached rock-bottom, a sharp contrast to eight years ago when he was on top of the world. Young has already filed for chapter 11 federal bankruptcy, just 2 years after leaving the NFL despite once signing a contract worth $26 million with the Tennessee Titans.
Young was the starting quarterback for the Titans between 2006 and 2010. He then joined the Eagles in 2011 after being dumped by the Titans in the 2010 season.
According to the Houston Chronicle, his attorney Brian Kilmer filed a petition in a Houston bankruptcy court that listed his assets to be worth between $500,001 and $1 million and liabilities between $1,001,000 and $10 million.
It is alleged that his financial woes began, or was at least made worse, by a $1.8 million loan which he ultimately didn’t need. The loan has now grown to $2.5 million.
According to a Pro Player Funding (a New York based company that granted the loan) attorney, a judgment against Young in favor of Pro Player Funding was passed by a New York Court.
Meanwhile, Young has sued his financial adviser and former agent for trying to rip him off. He says they took the money he received from the Pro Player loan for themselves.
Young is only 30-years-old, he could almost certainly play football for a few more years, so why isn’t he? After all, he could use the money.
No one seems to have a clear answer for why he’s been ousted from the NFL. Young’s skills with money leave much to be desired but his skills on the gridiron are solid. Vince Young and his family and friends are perplexed as to why he hasn’t been signed. This has lead some to believe that he may have been blacklisted.
How Athletes Go Broke
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