Rags-to-Riches Sports Star Tales

The principles of wealth securing remain the same universally when one considers the great success of the sports stars it is almost impossible to imagine how there are no financial solutions in place by the superstars. To confirm that a sound financial plan and advice needs to be in place is confirmed by the figures published and release by Sports Illustrated Magazine, showing that 78% of all the top American National Football League stars experience stress financially or have gone bankrupt only two years after retiring. Another shocking fact is that more than 60% of former superstar players are completely broke within the first five years once they retire from high-paying sports.

Boris Becker

Boris Becker, the German-born star of tennis was declared insolvent in 2017 by the British Bankruptcy and Companies Court when he was 49 years old. According to reports, Becker was once worth an estimated fortune of well over $100 million, although he is not the first and won’t be the last professional athlete to be the victim of poor planning financially.

Duncan Ferguson

The legend of Everton was declared bankrupt at the age of 44 by the High Court of London. It is shocking to think that this Ferguson once earned £30,000 per week and played once for the Rangers are now penny-less.

Mike Tyson

One of the greats of the world of boxing, Mike Tyson earned well over $250 million during his extremely successful boxing career. Tyson spent his fortune on extravagances such as pet tigers, mansions and the most luxurious cars. He filed for bankruptcy in 2003 as he had debts of £17-million, of which £5 million was owed for his divorce settlement and the IRS was owed £8.5 million.

David James

James was best known as the goalkeeper for England, earned during his career around £20 million, although he was forced to declare himself bankrupt in 2014 due to his debts that reportedly follow his costly 2005 divorce.

Evander Holyfield

Known for having his ear bitten off during the Mike Tyson fight, the former heavyweight champion had earned around £130 million during his career. His £11 million estates had to be auctioned after a defaulted loan and the financial pressure added for child maintenance by the mother of one of his children.

Michael Vick

Michael Vick became one of the highest 2004 players after signing a contract with the Falcons for ten years, which was worth £85 million. Then he participated in an illegal dogfighting ring, which led to a lack of income when it became public in 2007, this led to a lack of income and combined with the sports star’s mismanagement of his finances, he was forced in 2008 to declare bankruptcy.

Terrell Owens

During his 15 seasons long NFL career the six-time pro bowler earned £52 million, but a combination of trusting the wrong people, child support payments and bad investments forced Owens in 2012 to file for bankruptcy.