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Athletes in the NFL can earn millions of dollars during their careers. Some players even exceed $100 million discounting endorsements and sponsorships. While most players today have agents and financiers to manage their investments, some have ended up wasting their wealth and declaring bankruptcy.
Most players aren't used to having that kind of money, so they overspend. They live lavishly, making big purchases and poor investments that whittle away their fortunes.
In many cases, an athlete may provide for his friends, family, and those closest to them. A few later, they realize they're in trouble and that a lot of their money went to other people.
A common theme is that they expect their careers to be longer or put off saving until a later date. Either way, they failed to secure their long-term financial future. Some fell onto hard times but were able to keep their heads above water. Others unfortunately declared bankruptcy.
Here are five players who went bankrupt following their NFL careers:
#1 JaMarcus Russell
JaMarcus Russell was the first overall pick in the 2007 NFL draft by the Oakland Raiders. He signed a six-year contract worth up to $68 million, with $31.5 million guaranteed as a rookie.
TMZ.com reported that Russell's $2.4 million Oakland hills mansion has fallen into foreclosure proceedings after he failed to make close to $200,000 in mortgage payments on the property.
#2 Chris McAlister
Chris McAlister was one of the Ravens' best defensive backs ever. The former first-round pick retired with three Pro Bowl selections and was also a First-Team All-Pro and a Super Bowl Champion.
According to spotrac.com McAlister earned $58 million in his career. However, he still struggling to make ends meet. TMZ reported a few years ago that Chris McAlister had been unemployed since 2009 and was living with his parents.
"I have been unemployed since 2009. I have no income. I live in my parents' home. My parents provide me with my basic living expenses as I do not have the funds to do so."
#3 Vince Young
Seven years after Vince Young signed a $25 million contract with the Tennessee Titans, the former first-round NFL quarterback filed for bankruptcy.
Young played in the NFL from 2006-2011 and earned around $34 million. He threw 46 touchdowns and 51 interceptions in his career.
#4 Warren Sapp
Hall-of-Fame defensive tackle Warren Sapp earned about $40 million in his NFL career. He was a Super Bowl champion, Defensive Player of the Year, a six-time All-Pro selection, and made seven Pro Bowls between 1997-2003.
Despite earning $40 million over the course of his 13-year career, Sapp filed for bankruptcy. According to TMZ, Sapp was at one point $6.7 million in debt.
#5 Lawrence Taylor
Lawrence Taylor was one of the best defensive players in the NFL during his prime. He is a two-time Super Bowl champion who won Defensive Player of the Year, Defensive Rookie of the Year, earned 10 Pro Bowl nominations and 10 All-Pro selections.
According to AOL.com, he earned around $50 million throughout his career. Taylor was known to use drugs, particularly cocaine. He failed a drug test, partied a lot and had a few drug-related arrests. He lost it all when the IRS caught him committing tax fraud. He filed for bankruptcy in the '90s.
If you use any of the above quotes, please credit TMZ and H/T Sportskeeda.
