NFL star Vince Young files for bankruptcy
The man who was once referred to as “inVINCEable” has joined a growing list of ex-NFL stars who have filed for bankruptcy.
Vince Young, 30, the former University of Texas quarterback, and current NFL free agent filed Chapter 11 bankruptcy protection.
“If you wanted to write a manual about how to go into bankruptcy, Vince’s story would be it,” said Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes. “It’s a classic example of all the things that can go wrong.”
The Chapter 11 petition, filed late last week, estimates Young’s assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. A 2013 financial statement listed assets of Young and his wife, Candice, at $1.8 million and liabilities at $2.5 millaion, but an updated, detailed report has yet to be filed with the bankruptcy court.
According to the Associated Press, Young was paid $34 million in six NFL seasons. He hasn’t appeared in a regular-season game since 2011 and was cut by the last two teams that signed him.
The last two years, Young has been embroiled in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the lockout in 2011.
According to a study cited by Sports Illustrated, in 2009 78 percent of former NFL players are bankrupt or undergoing severe financial stress within two years of retirement. 60 percent of former NBA players are bankrupt withing five years of retirement.
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