Pro sports players earn a lot of money. Some of these players get so much money for their talent that it doesn’t seem like they could ever spend it in one lifetime. But there is actually a high percentage of pro sports players that don’t know how to curtail their spending and they wind up spending themselves right into court to file for bankruptcy. If you have ever wondered who some of the biggest spenders were that found themselves broke and in the poorhouse. Here are top 10 high paid athletes who went completely broke-
1. MIKE TYSON- Mike Tyson is one of the biggest names in the boxing arena. He has won multiple championships and made a fortune, boxing. His career was tainted by many different issues, including battles with drugs and alcohol. He was involved with multiple women, and in those relationships, had five children. Tyson not only had a love for boxing, but he had a love for spending his money frivolously, and because of that, he hit rock bottom financially, and eventually made the announcement in 2003, that he was destitute – completely broke, with no money in the bank. On the flipside, Tyson said that despite having no money, he was completely happy. He claimed he was happily married to a woman he didn’t deserve, Lakhia Spicer, had a daughter with her and four other children with other women, whom he loved, and was just happy to be given a second chance at life.
2. DIEGO MARADONA - One of the world’s greatest soccer players, Diego Maradona, hails from Argentina and played in four World Cups in four consecutive yeas. He finally won the championship in 1986, scoring the most controversial goals in the history of soccer. He made a great living, playing pro soccer, unfortunately, Mardona had a history of not paying taxes and the Italian Tax Authority caught up to him in 2009 and demanded that he pay a $54 million, back tax figure. This put Maradona in the poor house and he was force to file bankruptcy.
3. DENNIS RODMAN- Former NBA player, most recognized for his time on the Chicago Bulls, though he played short stints with various other teams. He is remembered as one of the most flamboyant and distracting players in the NBA and now, is remembered as one of the NBA players who wound up going broke, to add to his list. He went to court to file paperwork, claiming that he could not make his back child support or spousal support payments due to being sick and broke. He owed a whopping $800,000 in back child support, and $50,00 in back spousal support. Although he didn’t earn what some NBA players may earn in their career, Rodman had an incredible wealth between his NBA contracts and many other ventures he embarked on, including TV shows, ads, endorsements, and movies.
4. SHERYL SWOOPES - It is estimated that Sheryl Swoopes had a total earning of $50Million during her professional career with the WNBA. NBA players have one of the biggest problems with overspending, and are a sport that experience a large number of their players that wind up having to file for bankruptcy. Swoopes was one of the biggest faces used to represent the WNBA and her incredible earnings did not last her lifetime. She claims to have had terrible representation and made bad investments, as well as she has said that she also played a role in her loss of money. Swoopes wound up having to sell Olympic medals and her Naismith trophy in order to satisfy creditors, which also included a $250,000 debt to the IRS.
5. OJ SIMPSON- If you don’t recognize the name from pro football, surely you know the name from the big murder scandal and trial of the century with accusations and charges that Simpson murdered his ex-wife and her boyfriend, Ron Goldman. He had a net worth of $11Million, but for obvious reasons, with a murder trial and all the legal fees that go with it. He was ultimately found not guilty in the murder charges, but was found responsible for the killings in a civil suit and was ordered to pay compensation and punitive damages to the Goldmans that totaled $33.5Million. Today, Simpson sits in jail on unrelated charges, as a broke man.
7. LENNY DYKSTRA- This former pro baseball player for the Mets, Lenny Dykstra, not only went broke, but he went to jail. He spent three years in the state penitentiary for grand theft auto. He had filed for bankruptcy in 2009, saying that he owed more than $31 million with only $50,000 worth of assets. After he filed for bankruptcy, the Federal prosecutors claim that Dykstra went and sold about $400,000 worth of his possessions from his $18.5 million mansion that was bought from pro hockey payer, Wayne Gretzky.
8. ALLEN IVERSON- In spite of his relatively tiny stature for an NBA player (Iverson measures about 6 feet), this former shooting guard was once the league’s MVP, not to mention one of the highest-earning basketball players in the world. During his 2008-2009 season with the Detroit Pistons, Iverson’s salary was just under $21 million. But when Iverson’s wife Tawanna filed for divorce in 2010 after eight years of marriage, a different financial picture came to light. Iverson was apparently broke, in debt, and incurring monthly expenses—rumored to include the cost of buying new clothes when he traveled to avoid carrying luggage—that greatly exceeded his earnings. At a 2012 divorce proceeding, Iverson reportedly pulled out his pant pockets and shouted at his wife, “I don’t even have money for a cheeseburger!”
9. DARREN MCcARTY- Known for his time on the Detroit Red Wings pro hockey team, McCarty made some poor business deals during his career and wound up having to file for bankruptcy a few years ago, causing him to lose his, over $15 million, that he earned during his professional career. He claimed that $6 million of what he owed was to creditors and despite having been a very successful hockey player, just a few years into his retirement, McCarty found himself bankrupt and not in near the financial position he had grown accustomed to.
10. WARREN SAPPOne of the most acclaimed names in the NFL, Warren Sapp has one of the most memorable bankruptcy stories ever. Sapp had to sell off all of his belongings, and it was a lot. Sapp earned $82,185,056 during his NFL career, at the end, when filing for Chapter 11, his bank account was like many other people’s in the real world, with $826.04. At an auction at his $4.1 home, all of his expensive taste items were being auctioned off. It was hard to imagine how someone so famous and wealthy, could wind up with so little. Well, that is, until you saw his huge, expensive tennis shoe collection, lion-skin rug, among other high-cost items found throughout his home. He clearly had more expensive taste than he could afford.
