Warren Sapp bankrupt

[AlohaStyle]

Former NFL player and likely Hall of Famer Warren Sapp filed bankruptcy in Florida... it's amazing to me how high profile athletes/celebrities can just blow all their money without having a plan!?! They work their asses off to make it to the big time, make big money, then end up back to ground zero!

He has filed under Chapter 7, which will result in full liquidation of his $6.45 million in assets to pay his $6.7 million in debts.

According to the filing, Sapp owes the IRS more than $900,000, and hundreds of thousands of dollars in child support.

He lists his current income as $45,000 per month from NFL Network, on a contract that expires in August 2012. (He also has worked for Showtime’s Inside the NFL. It’s unknown whether he’ll continue that assignment in 2012.)

Well I guess there's still hope... Donald Trump's a master at it!?!
http://abcnews.go.com/Politics/donald-trump-filed-bankruptcy-times/story?id=13419250#.T39tw9nhKuJ

 

[theribdoctor]

And this surprises you?

 

[AlohaStyle]

And this surprises you?

Not one bit!

 

[zirotti]

I believe the last state I heard was that 50% of NFL players are either dead or bankrupt within 10 years of retirement.

Of course, 51.4% of all stats are made up.

 

[theribdoctor]

It's not just players...One local city police department most of the cops after years of service, and extra time make over 100k...50-60% of them have filed for bankruptcy.

 

[CaTeacher]

To quote, I believe it was Patrick Ewing, "We make a lot of money, but we spend a lot of money."

Morons!

 

[Alwayslit]

In a long line of many.

 

[JNT]

I listened to Dan Lebetard talk about this a few months ago, and a lot has to do with the African American athlete, and the tendency for them to come from large, poor families. There is sense of entitlement by all the family members once some one makes it big to piggy back off the riches, and the person who made it almost always obliges.

They cited quite a few athletes who were paying out as much as $100,000 in 'support' payments spread out to their immediate and extended family members. Then they usually had some baby mama's/ex-wives/children on the side getting a cut too.

The biggest problem came when their pay was cut, went down or they retired, they never changed their spending, or told their families they need to cut the 'support'. A pride thing would get in the way, wanting people to think your still living large. They always believed another big payday would come somehow, cause thats who they lived the last 10-15 years of their life.

 

[Tnt Cigarguy]

To quote, I believe it was Patrick Ewing, "We make a lot of money, but we spend a lot of money."

Morons!

Yes it was one of my favorite quotes ever. This sickens me to think he is still making 45k a month and is broke. Crazy!

 

[BeerAdvocate]

$45k a month!!! It takes me a year to make that, and I can still pay my bills!

 

[crk0756]

It takes me a year and a half to make that much, and my bills are paid and I still can have my hobbies......

 

[pnoguy]

Hundreds of thousands in child support? Shit bag if it's true.

 

[Gravity]

I want the chance to go bankrupt making $45k per month!

 

[cvm4]

Hell I'm just surprised the NFL Network pays him over a half million a year. Never thought analysts made that much!

 

[xFreebirdx]

Dennis Rodman is also in the news today whining that he's broke..........:laugh:

 

[NCost]

Happens to many and they get what they got coming.

Seems like the NHL doesn't have that problem. When they had their lockout it really didn't hurt them that much. Could it be hockey players are smarter?

There are a few exceptions to the rule. Kobe Bryant has been smart with his money and during their lockout he was offering loans to the younger guys in the league that were strapped. Not sure how smart that was being he knows how dumb many are with their money.

 

[cartisdm]

There are a few exceptions to the rule. Kobe Bryant has been smart with his money and during their lockout he was offering loans to the younger guys in the league that were strapped. Not sure how smart that was being he knows how dumb many are with their money.

That's pretty cool. I didn'tknow that.

 

[itallushrt]

There are a few exceptions to the rule.

Yes there are! My boy Jamal Mashburn, University of Kentucky alumni, is extremely wealthy AFTER basketball. Good story on him HERE.

Another success story from this area, University of Louisville alumni, is Junior Bridgeman.

Bridgeman is #18 on this list.
http://www.therichest.org/nation/wealthiest-african-americans/


To me it is not unrealistic to believe that the majority of these guys are broke. With the exuberant salaries they begin to receive at a very, very young age it is no wonder most are wreckless, make poor decisions and allow their "entourage" to suck them dry.

 

[zirotti]

Yes there are! My boy Jamal Mashburn, University of Kentucky alumni, is extremely wealthy AFTER basketball. Good story on him HERE.

Another success story from this area, University of Louisville alumni, is Junior Bridgeman.

Bridgeman is #18 on this list.
http://www.therichest.org/nation/wealthiest-african-americans/


To me it is not unrealistic to believe that the majority of these guys are broke. With the exuberant salaries they begin to receive at a very, very young age it is no wonder most are wreckless, make poor decisions and allow their "entourage" to suck them dry.

Unfortunately, this the exception, not the rule.

 

[Burning Man]

You would think that living on a budget for most of your life would prepare you to manage your money. Every league has workshops where they are given solid advice but they just don't seem to follow it.:scratchhe