Chewin the Fat
When the Levee Breaks………..or the Bank
It really seems to be the trend as of late, for current or retired sports stars to come out and either file for bankruptcy, or to let it be known that they are in financial ruins.
How can this be???
Allen Iverson the former NBA All-Star, League MVP and another probable Future NBA Hall of Fame player, earned 154 million in just NBA Contracts, not including his endorsements, etc. Many are saying Iverson’s downfall was keeping & paying his entourage to be around him at all times. This entourage grew to at times close to 50 people including a personal hair stylist who traveled on the road with him. Recently to earn a paycheck has had to play ball in Turkey & Puerto Rico.
Warren Sapp, the former Super Bowl Champion, Pro Bowl player, and probably one of the Greatest Defensive Lineman in last 10 years, made easily over 50 million in just NFL Contracts not including his endorsements, and his book deal. He was also on Dancing with the Stars, and is an analyst on the NFL Network, who looks to be getting the boot. Seems the NFL is not too happy that he is 1 million behind on child support. He recently filed for bankruptcy
Dennis Rodman the Former NBA Champion, NBA All-Star & now NBA Hall of Fame player. He is also called the best rebounder to ever play the game. The most flamboyant player to play the game, who marketed himself to be like a rock star, and made his star rise to the top with his crazy antics & his Hall of Fame style play on the court. Dennis made close to 30 million in 13 years, not including endorsements, book deals, etc. He now owes over 800,000 in back Child Support, to his 3rd wife. His lawyer claims he is broke & sick (An Alcoholic)
Mike Tyson the former Heavyweight Boxing champion of the World. Iron Mike earned well over 300 million dollars, has had run in’s with the law, gone to jail, lost his boxing license & all his money, and was in debt close to 40 million at one point. Mike has 3 ex-wives & 8 children, plus instead of having a dog or cat or even fish for a pet like normal people, Mike had pet tigers.
Terrell Owens former NFL Pro Bowl Receiver who was probably the best receiver since Jerry Rice, made around 80 million in the NFL, not including endorsements, etc. T.O. Lost millions in the Real Estate crash, as well as having 4 different baby mamas, and also supposedly had a friend basically steal money from him. This has left him virtually penniless and in financial ruins, and has said himself he is in hell. He now is a member of the Indoor Football League……not even the Arena Football League, where he makes around 250 – $500,000.
Lenny Dykstra former World Series Champion & MLB All-Star who earned millions of dollars throughout his baseball career, and earned even more money after baseball when he became a financial advisor, and business man built an empire and over the last few years with many run ins with the law, slowly crumbled & is now serving 3 years in prison, with more criminal charges against him.
That is 6 of the top Athlete’s to play their respected games in the last 15 years. This is only 6 of probably hundreds more, Hundreds of people who basically hit the lottery, and now have their lives in ruins.
A few weeks ago was the biggest lottery payoff in history with over 600 million, where the odds where 1 in 175 million. Well the odds aren’t that high in becoming a professional athlete, but it is still a pretty hard feat to accomplish, especially to be successful as these 6 players were. These 6 players combined probably earned as much as that winning lottery ticket.
Something I learned a few weeks ago was that when players are drafted into NFL, the NFL actually puts these rookie players through classes to help prepare them for the money they are to earn, so they don’t end up as T.O. said “in hell”
Now I would not be surprised if MLB, NBA & NHL do something similar for their rookies as well.
The NFL tells these players, a few very important things to not do. Do not have multiple wives & do not have a lot of children.
Which out of these 6 players, all have been married at least once, and divorced or in midst of divorce. Some of these 6 players had had numerous ex-wives.
I also think between these 6 players, you have over 20 children.
Twenty children, that these players now cannot support, and I will also bet, have not been the best father for these children as well.
So what can be done, where is these players managers, advisors, lawyers, agents when they are buying houses, and 20 cars, and jets, and tigers and worrying more about being on MTV’s cribs that being a champion in their sport, a husband to their wives & a father to their children.
These leagues have players associations, who are there to help, these players agents, are also there to help. They are set up with a financial advisor, which if it wasn’t Lenny Dysktra within the past 4 years, I’m sure someone in the league can refer an honest safe financial planner.
It is a sad state of affairs to see these one-time larger than life stars, who children around the world look up to, and want to be like when they grow up…………unfortunately when these players grow up, those children’s parents usually end up being better off, and should be the true role models those kids look up to, because these stars still have a lot of growing up to do themselves.
This has been Bay Ragni, and this has been “Chewin the Fat”
You can email me at Bayragni@Gmail.com