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12 Professional Athletes Who Went Broke – This List May Surprise You! Who Went Broke – This List May Surprise You!

Professional athletes often earn significant sums of money during their careers. However, some athletes find themselves struggling with financial difficulties after their playing days are over. In this list, we will highlight 12 professional athletes who went broke.

1. Mike Tyson

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A former heavyweight boxing champion, Mike Tyson amassed a career earnings total of over $400 million during his time in the sport. In spite of this, Tyson filed for bankruptcy in the year 2003, citing more than $27 million in debts. The extravagant spending habits, high legal fees, and high cost of divorce that Tyson engaged in led to his financial difficulties.

2. Evander Holyfield

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Evander Holyfield won the heavyweight boxing championship multiple times during his career and made more than $250 million in the process. Despite this, Holyfield submitted a bankruptcy petition in 2008, citing more than $10 million in debts. Holyfield got himself into a financial bind as a result of poor investments, one of which was a doomed attempt to get into the real estate business.

3. Allen Iverson

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Allen Iverson is a former NBA superstar who amassed an impressive career earnings total of over $200 million. Iverson, despite this, submitted a bankruptcy petition in 2012, citing debts of more than $50 million. Iverson got himself into financial trouble as a result of his excessive spending habits, which included gambling and going to parties.

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4. Antoine Walker

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Antoine Walker is a former NBA player who finished his career with a career earnings total of over $110 million. Despite this, Walker submitted a petition for bankruptcy in 2010, citing more than $12 million in debts. Walker got himself into a lot of financial trouble as a result of some poor investments, including some failed real estate ventures and a restaurant.

5.  Warren Sapp

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Former National Football League player Warren Sapp made more than $82 million during his time in the league. Despite this, Sapp declared bankruptcy in 2012, citing debts of more than $6.7 million as the reason. Sapp got himself into a financial bind as a result of several unsuccessful investments, including a restaurant and some real estate endeavors.

6. Dennis Rodman

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Dennis Rodman is a former NBA player who finished his career with a career earnings total of over $27 million. However, Rodman declared bankruptcy in 2012, citing more than $800,000 in debts at the time of his filing. Rodman got himself into a financial bind as a result of his lavish lifestyle, which included paying high legal fees and child support payments.

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7. Terrell Owens

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Terrell Owens is a former National Football League player who finished his career with earnings of over $80 million. Owens, on the other hand, submitted a bankruptcy petition in 2012, citing more than $50 million in debts. The poor investments made by Owens, including failed business endeavors and real estate ventures, were the cause of his current financial predicament.

8. Curt Schilling

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Former Major League Baseball pitcher Curt Schilling made more than $100 million during his time in the league. On the other hand, Schilling submitted his bankruptcy petition in 2012, citing more than $150 million in debts. Schilling got himself into a financial bind as a result of several poor investments, one of which was a failed video game company.

9. Vince Young

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Former National Football League quarterback Vince Young made more than $34 million during his time in the league. However, Young declared bankruptcy in 2014, citing more than one million dollars’ worth of debts. Poor decisions regarding investments and poor management of finances led to Young’s current financial predicament.

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10. Marion Jones

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Marion Jones is a well-known name in the world of track and field, having competed in the Olympics and earning a combined total of several million dollars in prize money and endorsements. However, Jones declared bankruptcy in 2010, citing more than two million dollars’ worth of debts. Due to the legal fees and restitution payments that followed Jones’ conviction for doping, she found herself in a difficult financial situation.

11. Lawrence Taylor

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Former National Football League player Lawrence Taylor made more than $50 million during his time in the league. However, Taylor declared bankruptcy in 1998, citing more than $5 million in debts as the reason for his action. The extravagant lifestyle that Taylor led, which included his addiction to drugs and the high legal fees associated with it, was the root cause of his financial difficulties.

12. Latrell Sprewell

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Latrell Sprewell is a former NBA player who finished his career with a career earnings total of over $100 million. However, Sprewell declared bankruptcy in 2004, citing more than $50 million in liabilities as the reason for the filing. Sprewell got into financial trouble as a result of his lavish spending habits, which included the purchase of multiple homes, yachts, and expensive vehicles, in addition to his failure to pay child support.

Final Thoughts

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Professional athletes are often faced with a unique set of challenges when it comes to managing their finances, including short careers, high incomes, and a lack of financial education. The athletes on this list experienced financial difficulties for various reasons, including bad investments, extravagant lifestyles, and legal fees. These stories serve as a reminder that no matter how much money one earns, it’s important to make wise financial decisions and plan for the future.

 

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Jessica is a published author and copywriter specializing in personal and investment finance. Her expertise is in financial product reviews and stock market education.