Athletes Who Lost All Their Money

Athletes Who Lost All Their Money


Professional athletes seem to have it all:
fame, adulation, and riches. But once an athlete retires, it’s a different
story. According to Sports Illustrated, 78 percent
of retired NFL players go broke after two years off the field. Within five years, more than half of all professional
NBA players have nothing left. Bleak, right? It seems hard to believe, but here’s a look
at some top-tier athletes who lost all their cash. Vin Baker He was an NBA All-Star and an Olympian, but
Vin Baker was also an alcoholic. Despite earning nearly $100 million over the
course of his career, Baker lost it all. Drinking his way out of the league, Baker’s
house was foreclosed on and he eventually sold his gold medal to pay the bills. After hitting rock bottom, though, Baker was
able to get sober. He reached out to an old boss, former Supersonics
owner Howard Schultz, who offered him a job. Baker told WBUR, “We met and we came up with a plan. And we exercised that plan, and part of the
plan was to make caramel macchiatos and serve coffee at Starbucks.” It doesn’t sound like much, but Baker told
The Providence Journal it was the chance he needed. “I get energy from waking up in the morning
and . . . not depending on alcohol, and not being embarrassed or ashamed to know I have
a family to take care of. The show’s got to go on.” Since then, Baker has moved on and up, working
with the Milwaukee Bucks as a commentator. Way to go, Vin! William ‘The Refrigerator’ Perry In the mid-80’s, no NFL star was bigger than
William “The Refrigerator” Perry, either literally or figuratively. A defensive lineman who moonlighted as the
heaviest player to ever score a touchdown, the Fridge was, as one Chicago Sun Times columnist
put it at the time, “The best use of fat since the invention of
bacon.” By 2015, though, Perry had lost both his health
and his fortune. According to a Sports Illustrated profile,
Perry lives in a retirement home, plagued by severe diabetes and cognitive issues. He also had to sell his Super Bowl ring, and
subsists below the poverty line on social security checks. His old Bears coach, Mike Ditka, told SI, “It’s tragic. I think he’s given up. And the question in my mind is, Why?” Evander Holyfield There’s no easy exit strategy from the fight
game, something Evander Holyfield found out the hard way. Despite earning what the BBC estimates to
be $230 million over his career, including a $33 million purse for fighting a famously
violent Mike Tyson… “I’m sorry Evander. It’s your ear.” Holyfield has spent a decade battling financial
collapse. With a lavish lifestyle that saw him a regular
in the casinos of Vegas and Atlantic City, and having 11 children by five different women,
Holyfield found that even a fortune can disappear when everyone’s coming for it. From the heights of Olympic glory, and heavyweight
championships, ESPN reported that Holyfield found himself unable to pay $3,000 alimony
checks. His house was foreclosed on, and all his sports
memorabilia was put up for auction. This massive debt forced the pugilist to hold
on long past his expiration date, fighting and losing matches into his 50s. In 2012, Holyfield told The Independent, “These are difficult days. Dealing with all the mothers of all my kids
–- there ain’t no winning here, man, no winning at all. I’ve had no money to pay lawyers and had to
fight on my own in court and that ain’t easy.” He finally retired in 2014 at the age of 51. Bernie Kosar Cleveland browns legend Bernie Kosar was an
All-pro superstar who earned millions over the course of his career. And yet according to court documents, when
he filed for bankruptcy in 2009, he had amassed millions in debt, and his checking account
had all of $44 in it. “You once told me that you’ve had $300 million,
and you’ve had zero.” “Yup.” “How is that possible?” Kosar told the Pittsburgh Post-Gazette that
financial advisers mismanaged his money, and too many people came looking for handouts. He estimates he gave out over “eight figures”
to ex-teammates, plus another eight figures to friends and family without ever seeing
a dime repaid. And according to the ESPN documentary Broke,
Kosar’s own father siphoned off a fortune for mortgages and car payments. As a result, Kosar at one point owed millions
to both his ex-wife – and his ex-team. “I’m really good at makin’ it, good at spending
it, great at giving it away.” Antoine Walker Over the course of his all-star NBA career,
Antoine Walker earned over $110 million. But just two years after he retired in 2008,
Walker declared bankruptcy. Besides a number of bad business investments,
Walker blew his fortune on clothes and cars. According to the Las Vegas Sun, it got so
bad that Walker was convicted of passing bad checks to casinos in 2010. A plea agreement kept him out of jail and
served as a wake-up call. Nowadays, Walker works as a consultant for
Morgan Stanley, advising young athletes on what not to do with their money, a topic he’s
an expert in. He told CNN Money, “I thought I was set for the rest of my life. My story is sad. It’s sad to see other guys work so hard throughout
their life — and then they just lose it.” “I want to share those things, but also tell
my story so people can see it as a learning example.” Delonte West From being arrested carrying loaded weapons,
to an incident in which he was filmed wandering outside a Jack in the Box in a hospital gown,
when former NBA star Delonte West pops up in the news, the stories are often concerning. During the 2011 NBA lockout, he applied for
a job at Home Depot, and told ESPN that he was hoping to get another job selling knives. And while he earned $16 million over his eight-year
career in the league, by 2012 he was using space heaters to keep his Maryland mansion
warm because he couldn’t afford to heat it. In 2017, West, who has been diagnosed as bipolar,
was photographed panhandling, sparking fears that he was homeless. While he denied the rumors, it’s no wonder
fans are worried for West once again. Lenny Dykstra For 80’s baseball icon Lenny Dykstra, retirement
actually seemed like a good thing at first, as he turned a car wash franchise into an
empire complete with a mansion and private jet. In 2009, though, he was forced to declare
bankruptcy after a magazine start-up went off the rails. And that was just the start of his legal trouble. In 2011, he was arrested for grand theft auto,
possession of narcotics, federal bankruptcy fraud, and indecent exposure. By the end of the year, he was in jail. After being released in 2013, Dykstra told
The New York Times, “I became addicted to money. Money was my drug.” Thanks for watching! Click the Grunge icon to subscribe to our
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