With their six-figure salaries, lavish homes, expensive cars, and superstar status, many professional athletes seem like they have it all. But guess what? Amassing a fortune doesn’t mean you’re immune to financial troubles. Our friends at Rebound Finance (your go-to place for relief from your own debt and credit problems) put together a list of 5 pro athletes that lost it all after having it all.
Throughout his nearly 30-year boxing career, which spanned over a total of 58 fights, the illustrious Mike Tyson won 44 of those fights by undisputed knockout. During that time, he also earned well over $300-million in revenue and royalties. Unfortunately, because of a run of bad luck and a few questionable decisions, Tyson was forced to declare bankruptcy in 2003 and has been climbing his way back up the ladder ever since.
Dorothy Hamill, unfortunately, fell victim to some financial turmoil in the years following her rise to stardom after she received the gold medal for figure skating at the 1976 Winter Games in Innsbruck, Austria. Even after her $1-million a year contract and co-ownership of the Ice Capades, Hamill declared bankruptcy in 1996 due to a string of ill-advised business decisions.
Another reputed millionaire, Michael Vick rose to the height of his career as the starting quarterback for the Philadelphia Eagles from 2009-2013. While his career reached beyond those years, Vick was arrested in 2007 for his part in an illegal dog fighting investigation. The following year, he too lost much of his millions when he had to declare Chapter 11 bankruptcy.
Dennis “The Worm” Rodman has another professional sports story that features both distinction and deficit. Reaching fame and fortune over a 30-year basketball career, which included playing alongside Michael Jordan with the Chicago Bulls, Rodman is known for his expensive taste and controversial antics. While he has never had to declare bankruptcy, those two factors led to many years’ worth of debt for the reputable basketball legend.
NHL player and 4 time Stanley Cup winner Darren McCarty earned over $1 million a season over a 15 season career, McCarty earned a reputation as an “enforcer” for teams like the Detroit Red Wings and the Calgary Flames. In 2006, however, McCarty declared bankruptcy and was also accused of owing taxes to the IRS sometime later.
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