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While Tom Brady's football team seems to be righting the ship in Tampa Bay, his bottom line is taking a big hit amid the implosion of FTX. Brady and his ex-wife Gisele Bündchen were significant investors in the collapsing cryptocurrency exchange.
According to @Jonwu_ on Twitter, John Jay Ray III, the company's appointed restructuring CEO who also oversaw Enron's infamous bankruptcy at the turn of the century, called FTX's case worse than Enron's implosion. In fact, he called it the worst case of his career:
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," he was quoted as saying.
He claimed that the company's reported $1.36 billion portfolio was almost assuredly wrong. Aside from monetary mismanagement, the company also reportedly mismanaged its tracking of employees and appeared to be in the dark when asked about basic information regarding the company.
It could not produce records identifying basic information such as a list of employees, their status, or the terms of their agreements.
Tom Brady's crisis-ridden year
It seems that since Brady lost to the Los Angeles Rams in last season's playoffs in January, he's been in one crisis after the other. He retired during the offseason. However, he was gone for just six weeks. During that time, he was rumored to be close to becoming a minority owner of the Miami Dolphins.
Instead, Brady returned to what he was already familiar with, deciding to represent the Bucs for at least one more season. That said, he wasn't done thinking about his future, as he soon signed a 10-year deal with FOX to call games for the network after his retirement.
As the season rolled around, his marriage started to hit irreparable snags.
Around the mid-season mark, Brady and Gisele Bundchen divorced. Now, his bottom line is under assault as his well-known investments in FTX and cryptocurrency are in trouble.
Will the quarterback catch a break, or could there be more bad news for him lurking around the corner?
