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7 Sportsmen who have blown a fortune
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Dan Fitch /
02 December 2008 /
11 Comments
Top sports stars can earn huge amounts of money, but their careers tend to be short. It is therefore vital that they invest wisely, for that rainy day when they're too old to compete at the top.
Some manage this better than others. Being physically gifted doesn't generally combine with being financially astute.
Here a 7 sportsmen who have blown a fortune.
Jimmy White - Earned 5 million pounds as a snooker champion. Now bankrupt.
As one of snooker's most successful and popular players during the eighties and nineties, Jimmy 'The Whirlwind' White made a fortune in prize money and endorsements.
But Jimmy was known as 'The Whirlwind' not just because of his fast potting, but also his fast living. White has blown millions on booze, drugs and gambling, resulting in his eventual bankruptcy in 1997.
Gambling was his major downfall. Before becoming professional, White was a young hustler in the tough snooker clubs of South London. When he lost in the final of the 1994 World Snooker Championship, White took his 128,000 pounds runners up prize and blew it at the bookies.
Charles Barkley - Basketball legend lost 10 million dollars gambling.
Though Charles Barkley is hardly down and out, he has gambled away a colossal amount of money. Barkley has admitted to have lost a total of 10 million dollars, though he claims that he doesn't have a gambling problem, as he can afford to support his losses.
The former NBA star once lost 2.5 million dollars within a 6 hour period, playing blackjack. He also blamed the football experts on ESPN, for convincing him to change his bet on the Super Bowl, resulting in a 400,000 dollar loss.
But an incident in May 2008 may have convinced Barkley to change his ways. The Wynn Las Vegas casino filed a civil complaint against Barkley, for failing to pay a 400,000 dollar debt. Having paid back what he owed, Barkley claimed "I've got to stop gambling. ... I am not going to gamble anymore. For right now, the next year or two, I'm not going to gamble. ... Just because I can afford to lose money doesn't mean I should do it."
Paul Gascoigne - Soccer's clown prince was once worth 14 million pounds. Now facing bankruptcy.
As the star of the 1990 World Cup, Paul Gascoigne had the world at his feet. Europe's top clubs were desperate to sign him and his commercial possibilities were endless.
During his playing career, Gascoigne was said to have amassed a 14 million pound fortune. He now faces bankruptcy, with a January deadline in place to repay a tax bill of 215,000 pounds.
Gascoigne has failed to make a tax return in 2 years, a period in which he has spent much time in mental health institutes and rehab clinics, as he battled an addiction to alcohol.
It is a sad state of affairs for a sportsman who retains the public's affection. Both his qualities and failings are best summed up by the tale that Gascoigne once paid 320 pounds for a chocolate bar, before telling the shocked shop keeper that the change was to spent on sweets for the local children.
Chris Eubank - Blew a 35 million pound fortune earned as a world champion boxer. Now bankrupt.
A former middleweight and super middleweight world champion, Eubank was one of the biggest box office draws in British sport. As well as possessing great skills in the ring, Eubank was a master showman, whose eccentric persona ensured that millions of people would tune into his fights hoping that he'd lose.
Eubank spoke like an aristocrat and dressed like one as well; rarely being seen in public without jodhpurs and a riding crop. The image certainly helped Eubank earn his 35 million pound fortune, but his obsession for the finer things in life, wasn't just for the cameras.
Eubank would travel everywhere first class, bringing with him a large entourage that included his own personal portrait artist. On one occasion when invited to a royal garden party, Eubank flew to New York and back on Concorde, to buy his wife a dress. He paid 140,000 pounds on a new Aston Martin, only to decide that the engine wasn't big enough, spending a further 60,000 pounds to have a larger one installed. Eubank's 32 ft American Peterbilt truck cost 54,000 pounds and a further 22,000 pounds to be shipped from the US.
In 2005 Eubank's spending caught up with him and faced with a 1.3 million pound tax bill, he was forced to become bankrupt. The Lord of the Manor of Brighton (a title which Eubank spent 45,000 pounds to procure) remains one of Britain's most foremost eccentrics. In 2007, whilst protesting over Prince Harry being sent to Iraq, he was arrested from driving his truck through central London, emblazoned with the message, "BLAIR - Don't send our young prince to your catastrophic illegal war, to make it look plausible!"
Michael Vick - Highest paid player in NFL. Now bankrupt.
Atlanta Falcons star Michael Vick was the highest paid player in the NFL, having signed a 130 million dollar deal in 2004. He had endorsements with Nike, EA Sports and Coca Cola, amongst others. In 2005 he was listed at number 33 in Forbes' Top 100 Celebrities.
Things started to turn sour for Vick when he was imprisoned for being involved with a dog fighting group. The endorsement deals were all left to expire, Vick was suspended from the NFL and he was forced to pay back a signing bonus of 19.97 million dollars to the Atlanta Falcons.
Vick was now in jail and earning just 12 cents an hour cleaning pots and pans. Most people in such a situation would tighten the purse strings, but Vick just carried on spending. Much of his money went on leeching family and friends, on whom Vick is estimated to have spent 30,000 dollars a month.
Amongst Vick's excesses, were a donation of 327,000 dollars to his mother's church and a 65,000 dollar Infiniti truck to be kept in Leavenworth, so that his fiancee would have something to drive when visiting him in prison.
In June 2008, Vick sought bankruptcy and the details of his messy finances became public. It was alleged that his business manager had wrongfully removed 900,000 dollars from Vick's accounts. A total of 1,112,664 dollars had been withdrawn as 'cash out'. That's a total of 2764 ATM withdrawals of 400 dollars a time (including the 2.50 dollar service charge).
John Daly - Golfing maverick lost 60 million dollars gambling.
John Daly burst into the public consciousness in 1991 when as a rookie, he won the PGA Championship. In 1995 he proved that winning his first major was no fluke, when he won The Open.
Daly's progress in his golfing career has clearly been affected by his problems off the green. Daly has battled alcoholism, struggled with his weight and had 4 stormy marriages. But it has been his problem with gambling that has proved the most costly.
Daly has estimated that he has gambled away a figure between 50 to 60 million dollars. In 2005 he lost in a playoff to Tiger Woods, in the World Gold Championship held in San Francisco. Picking up a runners-up cheque prize of 750,000 dollars, Daly immediately drove to Las Vegas, where he lost 1.65 million dollars within 5 hours.
Mike Tyson - Boxing's most fearsome heavyweight blew 300 million dollars.
The undisputed king of the financially unsound is the former undisputed heavyweight champion of the world, Mike Tyson. As boxing's biggest draw during a period when pay-per-view was in its ascendancy, Tyson earned a 300 million dollar fortune.
Tyson received 30 million dollars for his second fight with Evander Holyfield, in a clash which set a pay-per-view buy rate record. 3 million dollars of this purse was withheld by the Nevada state boxing commission, after Tyson was disqualified for biting off part of Holyfield's ear. Tyson later had his boxing license revoked, was fined a further 3 million dollars and was ordered to pay the legal costs of his hearing.
Iron Mike filed for bankruptcy in 2003 with debts of 27 million dollars. At this time Tyson was suing Don King for 100 million dollars, over claims that the promoter had cheated him out of millions. The case was settled out of court for 14 million dollars.
During Tyson's divorce from his second wife, it was revealed that he spent 9 million dollars on legal fees between 1995 and 1997. On top of this was 230,000 dollars spent on pagers and phones, 410,000 dollars for a birthday party and 8000 dollars for the care of his pet Bengal tigers.
Before filing for bankruptcy, Tyson's expenditure came to 400,000 dollars a month. Don't rule out another comeback...
Jordans | 04 December 2008
Tyson would be one to play around with a tiger.
Paolo Gabrielli | 04 December 2008
And what about George Best?
"I spent a lot of money on booze, birds and fast cars. The rest I just squandered."
John Deeson | 04 December 2008
I just cannot imagine having all that money then going broke. Poor management of money obviously.
jess
www.anonymity.at.tc
BoBoBo | 05 December 2008
$8,000. to care for the Bengal tigers seems like a reasonable fee.
zafner | 05 December 2008
O.J. Simpson!
don | 05 December 2008
most of it is clearly poor money management, but alot of it is the gambling problems.
there are plenty of people with 30k to their names that will go and wager away 60k and be in debt. for someone with 60 mil in their account, betting 10k, or even 100k doesnt give them the rush theyre looking for. for them betting 5 or 6 mil is the same as the guy with 30k betting a grand or two. they can afford it at the time, but if they keep losing, theyll be in the hole big time
Carl | 05 December 2008
If anyone is interested in learning how I will show you.
David Alich | 05 December 2008
A lot of talent...no brains
ran | 05 December 2008
Which proves the point, just because you can make it
doesn't mean you can keep it.Face it some people just shouldn't have too much money.
paul | 16 February 2011
vick is back baby! risen from the destitute
Jay9ball | 04 December 2011
One can say - "Well, they earned it and they can 'blow' it anyway they wish."
I agree to a point.
It's just too bad that there are people out there who read things like this and feel sorry from them.
I have no such feelings for those who blow all their money and then have the gall to claim bankruptcy.
And those who did not pay their taxes should be incarcerated to the full limit of the law.
I have to pay my taxes and they should, too.
Thank you.