Cant believe these former NFL stars

perkdog

Former All-Pro Sapp files for bankruptcy, claims debts of $6.7M

CBSSports.com wire reports

FORT LAUDERDALE, Fla. -- Former NFL star Warren Sapp owes more than $6.7 million to creditors and back child support and alimony, according to a Chapter 7 bankruptcy filing in South Florida.

Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.

The court documents were filed in the U.S. Bankruptcy Court in Fort Lauderdale on March 30. TMZ.com first reported the filing. A phone message and e-mail left Saturday with his attorney, Chad Pugatch, were not immediately returned.

Sapp's average monthly income is $115,881, according to the filings, and includes $45,000 for a final contract payment with Showtime, $48,000 for an appearance with CCA Sports and $18,675 as an advance for a book deal. His contract with NFL Network ends in August, the filings show, and it was unknown if the contract will be renewed.

Sapp, a former defensive tackle for the Tampa Bay Buccaneers and Oakland Raiders during his 13-year NFL career, was also once a contestant on ABC's Dancing with the Stars.

He was arrested in 2010 following an alleged domestic violence incident at a Miami Beach hotel. He would have faced one count of misdemeanor domestic battery, but prosecutors declined to prosecute, saying in court documents that there were inconsistencies in the victim's statements and evidence.
Copyright 2012 by STATS LLC and The Associated Press. Any commercial use or distribution without the express written consent of STATS LLC and The Associated Press is strictly prohibited.

I hear Terrell Owens is Broke too, are these guys suckers or just plain stupid? I cant believe how many of these athletes go broke, there is such a long list its crazy..

swartz1

they live in the moment with no plans for the future...

PeteZaria

<< <i>Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500 >>



Only $27 per pair?

Please tell me it's not $6,500 for each pair.

Dboneesq

<< <i>

<< <i>Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500 >>


Only $27 per pair?
Please tell me it's not $6,500 for each pair. >>


I assume they have been worn ... the value of worn clothing is only a fraction of the purchase price. (One could argue that the value of clothing that belongs to an ex-athlete has a greater value because of idiots like us that collect that stuff.)

perkdog

<< <i>

<< <i>

<< <i>Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500 >>


Only $27 per pair?
Please tell me it's not $6,500 for each pair. >>


I assume they have been worn ... the value of worn clothing is only a fraction of the purchase price. (One could argue that the value of clothing that belongs to an ex-athlete has a greater value because of idiots like us that collect that stuff.) >>



Well Sapp best invest in a magic marker and start signing those smelly Jordans, looks like he needs the cash

WTCG

Poor, unorganized upbringing + lots of money in a short time period + bad financial management skills + image to uphold = recipe for financial disaster.

This problem is not limited to professional athletes. It affects anybody in that situation including lottery winners.

TheCARDKid

You wonder why the NFL doesn't do more about this.

-They have billion dollar owners. Certainly those guys know about money.

-A bunch of well educated executives.

-Billion dollar financial tv contracts, endorsements from major companies. Phil Knight from Nike knows something about making money.

Its funny how these guys are surrounded by smart people at the top, yet they still lose it all. Some of these players would do better, just burying their money in a matress or putting it in the backyard.

orioles93

<< <i>You wonder why the NFL doesn't do more about this.

-They have billion dollar owners. Certainly those guys know about money.

-A bunch of well educated executives.

-Billion dollar financial tv contracts, endorsements from major companies. Phil Knight from Nike knows something about making money.

Its funny how these guys are surrounded by smart people at the top, yet they still lose it all. Some of these players would do better, just burying their money in a matress or putting it in the backyard. >>




Maybe they should start doing a mandatory money management class system that each player has to go through or something. I feel like the league has enough money that they could do something like this for the players.

Tabe

<< <i>Maybe they should start doing a mandatory money management class system that each player has to go through or something. I feel like the league has enough money that they could do something like this for the players. >>


They already do. It's part of the rookie orientation every NFL player goes through.

Tabe

gosteelers

<< <i>

<< <i>Maybe they should start doing a mandatory money management class system that each player has to go through or something. I feel like the league has enough money that they could do something like this for the players. >>


They already do. It's part of the rookie orientation every NFL player goes through.

Tabe >>



I wonder how many of those guys pay attention during that class? The whole time they're thinking about smoking weed later in the day...

PowderedH2O

Maybe they should do a mandatory deal where a certain percentage of your money isn't available to you under any circumstances until you reach 50. Like 25% or so. That 25%, invested properly, would be a huge retirement for any player that played more than 5 years. Even a guy that only makes the league minimum would have $100k put into the program. Even one year of that, with 27-28 years of investment would be a big kickback at age 50. And even if the players union scoffed, can they really argue that guys can't afford to live on the money left over?

zendude

I have zero sympathy for these pro athletes that make poor financial (and life) decisions and wind up broke. It's so pathetic.

swartz1

maybe the government will bail these athletes out...

why not? they bail everyone else out...

perkdog

<< <i>maybe the government will bail these athletes out...

why not? they bail everyone else out... >>




Except for hardworking people who try to do the right thing

57loaded

<< <i>
I hear Terrell Owens is Broke too, are these guys suckers or just plain stupid? >>



his ego exponentially grew which caused the stupid cells in his brain to divide and grow uncontrollably

if you mix dumb and naive with money and fame....you get BK'd

perkdog

<< <i>

<< <i>
I hear Terrell Owens is Broke too, are these guys suckers or just plain stupid? >>



his ego exponentially grew which caused the stupid cells in his brain to divide and grow uncontrollably

if you mix dumb and naive with money and fame....you get BK'd >>





I dont feel bad for these guys other than a general compassion for anyone falling on hard times but one guy I laugh at is Latrell Sprewell and the ignorance he displayed turning down a 21 million dollar contract stating he "couldnt feed his kids on that"

57loaded

<< <i>Latrell Sprewell >>


dang haven't heard that name in a long time (FWIW)

PowderedH2O

"We make a lot of money, but we spend a lot of money too."

Patrick Ewing (noted financial expert)

Brick

When your outgo exceeds your income...your upkeep is your downfall.

goraiders

<< <i>

<< <i>Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500 >>



Only $27 per pair?

Please tell me it's not $6,500 for each pair. >>




I have a feeling its more like $65,000 instead,some of the early Jordans are thousands and even the newer
ones like gucci,lv,etc can reach $5 grand before you know it.Believe me it adds up quick,I wouldn't
even want to know what i spent on all mine,90% go unworn of course,as Im sure his are.

perkdog

<< <i>

<< <i>

<< <i>Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500 >>



Only $27 per pair?

Please tell me it's not $6,500 for each pair. >>




I have a feeling its more like $65,000 instead,some of the early Jordans are thousands and even the newer
ones like gucci,lv,etc can reach $5 grand before you know it.Believe me it adds up quick,I wouldn't
even want to know what i spent on all mine,90% go unworn of course,as Im sure his are. >>

melvin289

It kind of makes paying college athletes for playing make sense. Most graduate, if they graduate, and can't spell their names. Afterall what does a person go to college for? To be able to get a better job to make more money. Athletes are not in college to learn but to make money for the college or university. They should be required to take money management courses in case they do make it big once leaving college.

Ron

perkdog

<< <i>It kind of makes paying college athletes for playing make sense. Most graduate, if they graduate, and can't spell their names. Afterall what does a person go to college for? To be able to get a better job to make more money. Athletes are not in college to learn but to make money for the college or university. They should be required to take money management courses in case they do make it big once leaving college.

Ron >>



I dont know about paying College athletes, these players are getting scholarships and most of the time its a free ride which is huge especially when we are talking big time schools. And as the old saying goes you can take the kid out of the hood but ya cant take the hood outa the kid, when a kid comes from litteraly nothing its a huge life changer to all of a sudden have more money than the upper class did before you made it. My point of this thread was geared towards the big name players who had long illustrious careers and have made millions and have squandered it.

larryallen73

It's really sad. Most humans, and probably the majority of pro athletes, are able to be "retired" and live an incredible life that would make most of us envious from their career earnings. However, some of them just don't know when is enough. Having 5 or 6 cars is common place for these guys. Plus each car has $5k worth of wheels, a $10k stereo, etc.... They are just clueless. The pro leagues or unions should probably withhold a huge amount of their income and put into forced retirement income. 240 pairs of Jordans is about 238 more than he needs in my opinion. I personally get by with one pair of basketball shoes but I could see having two. Probably don't need 240 though!

As an estate planning attorney I have a lot of clients with a few mil who live GREAT lives. No they don't have 3 homes, 5 cars, or 240 pairs of shoes but they live very comfortable lives, play a lot of golf, travel, etc.... It's sad that pro athletes don't get better advice.

melvin289

<< <i>

<< <i>It kind of makes paying college athletes for playing make sense. Most graduate, if they graduate, and can't spell their names. Afterall what does a person go to college for? To be able to get a better job to make more money. Athletes are not in college to learn but to make money for the college or university. They should be required to take money management courses in case they do make it big once leaving college.

Ron >>



I dont know about paying College athletes, these players are getting scholarships and most of the time its a free ride which is huge especially when we are talking big time schools. And as the old saying goes you can take the kid out of the hood but ya cant take the hood outa the kid, when a kid comes from litteraly nothing its a huge life changer to all of a sudden have more money than the upper class did before you made it. My point of this thread was geared towards the big name players who had long illustrious careers and have made millions and have squandered it. >>




That was the point I was trying to make. That colleges should require student athletes to take money management couses on the perchance that they should make it big. Maybe they will learn what not to do with their money, should they fall into it. Teach them something that they can use. Philosophy is kind of wasted on most of these players.

Ron