Michael Vick files for Bankruptcy? Owes up to $50 million?
July 8th, 2008 | What's Smackin'
On December 23, 2004, Vick signed a 10-year contract with the Atlanta Falcons worth $130 million with a $37 million signing bonus, making him the highest paid player in NFL history at that time and one of the highest paid ever in sports. Michael Vick, former Atlanta Falcons quarterback, is filing for bankruptcy. He seems to be owing somewhere between $10 million and $50 million to creditors.
Vick is currently serving a 23-month prison sentence. He is at the U.S. Penitentiary in Leavenworth, Kansas. For those that don’t know yet, (I wonder why) he pleaded guilty last year to bankrolling a dogfighting ring. Now he is suspended indefinitely without pay from the National Football League and has lost all his major sponsors, including Nike.
Seven of the largest of the creditors owed, are owed a total amount close to $12.8 million. Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday.
Even the Atlanta Falcons are part of the debtor list as they seek to recover amounts close to a $3.75 million prorated signing bonus.
Rich today, broke tomorrow!
A common trend with oh-so-many professional athletes.
Who will be the next NFL or NBA star to file bankruptcy?
Reef
July 8th, 2008 at 9:27 am
What a damn shame. I feel sorry for the guy, I really do. I guess this serves as a lesson to who you choose to associate with in life. This is very unfortunate. I hope when he gets out that the NFL will reinstate him and maybe he can earn a few million before he leaves the game.
Chris Lee
July 8th, 2008 at 10:08 am
How unfortunate. I hope this serves as a lesson to all that money can make one do crazy things. I’m sure Vick could’ve found something much more entertaining to occupy his time with all the money he [had].
Will
July 8th, 2008 at 10:03 pm
Why would he even bankroll Dog fighting?? They pay you all that money so you don’t have to do stupid stuff like that.
Me
August 20th, 2008 at 2:34 pm
He probably has millions in the bank, but doesn’t want to come out broke or almost broke due to paying creditors while he’s sitting in jail not earning that NFL salary. Hopefully, his millions are drawing interest somewhere.
Me
August 20th, 2008 at 2:38 pm
If he’s not able to make it back into the NFL for whatever reason (skillwise or because the NFL doesn’t want him) then he should consider professional boxing. Being a natural athlete, he would be able to pick it up ok, and he would probably have a good punch. It would take him years to even think about being world champion, though. But given his notoriety and dogfighting history, it would help him make some money. Some people would watch just in hopes of seeing him get a taste of his own medicine (feeling what it’s like to be in a prizefight and having to take blows).