According to a 2009 Sports Illustrated article, 78% of National Football League players are either bankrupt or under financial stress within two years of retirement. Additionally, an estimated 60% of National Basketball Association (NBA) players go bankrupt within five years, according to the same article.
Below we’ve come up with our top ten list of athletes who shockingly went broke despite multi-million-dollar salaries. Most citing bad investments as the primary reason for their financial troubles. Additionally, drugs, gambling and criminal activity have also played a role in some of these situations.
If you are looking to file bankruptcy or going through a difficult financial time, it’s a good idea to consult an attorney to at least weigh your options.