NFL rookies took a big hit last year with the latest Collective Barganing Agreement. Gone are the days of first-round draft picks like Sam Bradford making $78 million dollars over six years. Instead, Cam Newton, the first overall pick in 2011 NFL draft, signed with the Carolina Panthers for a “measly $22 million” dollars over four years.
Let’s keep things in perspective. Most NFL rookies will make more money than any of us will ever dream of. What do they do with it? Do they buy dream cars or houses? Do they take care of their families? What about the bank?
Is there a difference between how young white atheletes spend their money vs young black atheletes
Allen Iverson has reportedly gone from 11-time NBA all-star to financial deadbeat. The Philadelphia 76ers icon was recently ordered to pay over $860,000 to a jeweler, and he couldn’t cut a check. A Georgia judge has ordered the seizing of Iverson’s bank account, so the relatively little money he has left will be garnished, reports the Philadelphia Inquirer. This isn’t just another formerly famous athlete blowing a ton of cash. Iverson was among the biggest superstars in the NBA, earning more than $154 million during a professional career that began back in 1996. (This doesn’t include endorsement money and other business deals.)
Terrell Owens has always been an island of sorts. His brash personality and self-absorption routinely alienated his teammates during an NFL career that teetered between terrific and toxic, leaving him to fend for himself. Now, at 38 and out of football, he’s lonelier than ever, and running out of money. In a GQ profile, Owens comes across as wounded, broke and desperate. When people text him to ask where he is, he replies back: “I’m in hell.”
But is it his own fault? That’s the perennial debate on T.O., who had a heartbreaking childhood but continually pointed fingers at everyone but himself once he became an adult.
In the GQ story by Nancy Hass, Owens blames the media for not giving him a chance to rehab his injury, blames agent Drew Rosenhaus for not protecting him from a bad business arrangement, and — perhaps most surprisingly — blames a former team captain for his issues with former Philadelphia teammate Donovan McNabb. (more…)
Former Ravens DB Chris McAlister claims he is already broke Three-time Pro Bowl cornerback Chris McAlister(notes) has only been out of the game for a year, and already, he’s telling the court system that he’s broke. McAlister is locked up in a child support battle with his ex-wife Marlene, and is trying to get his child support payments lowered. He currently owes her $11,000 per month. In documents filed to the court, claims he can’t pay her because he doesn’t have any money. From TMZ:
In the docs, Chris — a 1st round NFL draft pick in 1999 who played in the league for 10 years — states, “I have been unemployed since 2009.
I have no income.” He adds, “I live in my parent’s home. My parents provide me with my basic living expenses as I do not have the funds to do so.”
This is a guy who’s only been out of the game for one year. Who’s giving him financial advice, Ric Flair? McAlister’s not even officially retired. He spent 10 years with the Ravens, and was once considered one of the best corners in the game. He was with the Saints, in 2009, but didn’t see a lot of playing time before being released. (more…)
Knicks scrub Eddy Curry is having trouble
paying back a $570,000 personal loan because he’s got so many bills. Like the personal chef, the Rolls-Royce, the private school tuition and $650 a month on cable TV. Not to mention the $350,000 he owes NBA star Juwan Howard and the unpaid mortgage on his mansion. Those are just some of the expenses Curry detailed in court papers to explain why he couldn’t afford to pay back Allstar Capital. (more…)