Vince Young, a quarterback in the NFL, recently filed for Chapter 11, bankruptcy, just a few years after signing a contract with $25.7 million in guaranteed cash.
The petition was filed last week in a Houston federal bankruptcy court. Young listed his estimated assets between $500,001 and $1 million; liabilities were listed between $1,001,000 and $10 million.
“The 30-year-old Young is fighting a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout. A court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan.”
Young (pictured) was paid $34 million for six NFL seasons, and has not played in a regular-season game since 2011.
So what did he spend it all on? Via the Epoch Times:
“Young spent $5,000 per week at Cheesecake Factory during his rookie season, according to other reports in 2012. He once paid $6,000 at a T.G.I. Fridays. He paid a kid $200 to haul his luggage at the airport. And he would do $600 shots of Remy Martin at Morton’s after games. An adviser reportedly once said that Young once got a loan to throw himself a $300,000 party.”
Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes, told The Houston Chronicle that this was the result of terrible planning.
“(Young) invested in private, illiquid investments, and he overspent. He’s ultimately responsible for all his decisions, but the people around him should have taken better care of him,” Butowsky told the newspaper.
Young played for the Tennessee Titans for five seasons, then for the Philadelphia Eagles in 2011.
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