Not everyone can maintain a life of ridin’ in style and those who spend more cash than they make, doom themselves to some harsh consequences. Despite pocketing huge wads of cash and living lavishly, there is a great number of sports stars that surprisingly, have zero dollars in the bank…
Keep reading as Popular Everything reveals a shocking list of 10 famous athletes that have either declared bankruptcy or gone totally broke. You may reconsider your next shopping spree or possibly contemplate opening a savings account.
1. Diego Maradona
Known as “The Greatest soccer players of all time,” Diego was a star from the ripe age of 10. During his career, he set many world records, such as the only two-time soccer team transfer in history. In the spirit of being an international legacy and legendary icon, Maradona was paid a whopping $3 million per year! Unfortunately, his financial skills didn’t match up to his athletic abilities, because he got himself into debt of $50 million as result of years of unpaid taxes to the Italian government. Not exactly our idea of money goals…
2. Derrick Coleman
Following his best years as an iconic basketball player on the New Jersey Nets, where he averaged 19.8 points and 10.6 rebounds per game, Coleman was named the most under-achieving, talented player in NBA history. However, his athletic victories and earnings were later tainted by poor investments, questionable work ethic, and numerous injuries. In an attempt towards salvaging his losses, he invested $87 million in development deals in Detroit that turned out to be an epic fail.
3. Allen Iverson
Former NBA star and 2001 MVP, Iverson managed to go broke, despite a $150 million career. His careless spendings and poor lifestyle choices were the leading causes of his later financial debt. Surprisingly enough, he is concurrently considered to be a multi-millionaire. Um… How is that possible? Apparently, Iverson signed a big contract with Reebok back in 2001 that granted him with $800k life-long yearly salary (which mostly goes to his ex-wife and child support, creditors and bills) along with a $32 million final grant! The catch is, he can only have access to the grant in 2030.
4. Sheryl Swoopes
Nicknamed the female Michael Jordan and the first female player on the WNBA, as well as three-time MVP, Sheryl Swoopes was just born for the hoops. Aside from dominating the courts, this basketball champ was the first female athlete to ever have a shoe named after her – The Nike Air Swoopes. Unfortunately, despite her earning a staggering $90,000 a season and collecting significant income from endorsements, Swoopes fell victim to financial crisis in 2004, when she officially filed for bankruptcy.
5. Vince Young
Seven years after signing a $25 million rookie contract with the Tennessee Titans, former NFL quarterback star, Vince Young, got himself into a serious money pickle. As result of financial negligence, careless spending and over-generosity, Young ended up in debt of $1,001,000-$10 million. To make things worse, he was also immersed in million-dollar lawsuits which helped pave the way to his declared bankruptcy, in 2014.
6. Evander Holyfield
Former American champion of professional boxing busts, Holyfield reigned as an undeniable champion in both cruiserweight and heavyweight divisions. This guy was paid $34 million just for the Bite Fight and earned $560 million throughout his career. His outrageous expenditures and 54-square-foot mansion (with 109 bedrooms and an entire bowling alley) were the ultimate causes of his financial failure. Fathering 11 children from nine different women didn’t make his situation any better, as he was eventually left with no choice, but to sell his precious boxing memorabilia. Unfortunately, that wasn’t enough because he was evicted from his beloved mansion, shortly after.
7. Marion Jones
Regardless of owning the title of one of the fastest women in track and field, this Olympic gold medalist was unable to run from her immense money problems. After cashing $80,000 per racing event and earning $1 million in endorsement deals, Marion’s steroid addiction sent her career down the drain. After confessing to drug abuse, she was forced to hand over her medals, along with her pride. Unable to sustain her fancy living habits, she got involved in drug money and later served in federal prison for six months. Jones finally filed for bankruptcy in 2007.
8. Kenny Anderson
Former basketball player for the Boston Celtics and multi-millionaire, Kenny Anderson went totally bankrupt by 2005. Despite his $63 million earnings and numerous endorsements, he managed to screw things up by making countless, poor financial decisions and partaking in reckless shopping splurges. In addition to being a total shopaholic, Anderson was also paying loads of money in child support and alimony to his angry ex-wife.
9. Eric Djemba-Djemba
Following four years of playing midfielder on the English football team, Manchester United, this wealthy soccer star got deep into financial debt as a result of money-mismanagement, which ultimately left him with empty pockets. Djemba lost everything he had, and consequently, he declared bankruptcy in 2007.
10. Mike Tyson
As the youngest American Boxer to win a heavyweight title at 20 years old, Mike Tyson declared bankruptcy after throwing all his cash on unnecessary extravagancies including costly luxury cars, towering mansions, and even pet tigers. Really? Regardless of his $400 million career, Mike lost it all due to his insane spending habits.