Professional players are hero worshipped by their fans. They earn well (almost enormously) while at the peak of their career. However, it is also not uncommon for professional athletes to lose a lot of money and even go bankrupt once the playing days end.
Many successful sportsmen have experienced the ‘riches to rags’ stories. Pitfalls of sudden wealth are very common among NBA and NFL players. NHLers have also experienced significant loss after having rocking hockey careers. Many have even filed for bankruptcy while still in the league! The struggle of NHLers an addiction to alcohol or drugs is also some reasons these players lose everything they have.
Here are some of the stories of once-upon-a-time wealthy players who went on to lose everything:
A financially savvy NHLer, Modano went on to lose a significant amount of money. The loss was a result of bad investments during his career of 21 years. Modano took a risk on investment after the first decade of his career. During those years he was quite careful with the money he earned. Then he risked it all by investing in the entertainment industry. This cost him a whopping $4 million. This guy was lucky enough to recover from the financial errors. He learned from his mistakes and remained careful with the rest of his career.
This legend was responsible for one of the most iconic moments in the history of Boston sports. Unfortunately, he couldn’t make himself immune to the wealth pitfalls and fell victim to financial mishandling while still in playing career. Alan Eagleson, his agent, led Orr to the near-bankruptcy stage. Even with the $3-million contract awarded to Orr after leaving for Chicago from Boston in the year 1976, the player faced this problem. At one time, the player owed many hundreds of thousands in legal, taxes and accounting fees after his retirement owing to his association with Eagleson. Luckily, he managed to recover soon and is present, a player-agent. He wants to make sure these problems don’t occur to future NHLers.
A devastating incident took place in Spencer life which triggered financial troubles. His father was shot dead by the RCMP. This was due to the father getting infuriated for the local TV station not broadcasting his son’s game. He held the station hostage and got killed in a shootout. Spencer’s career got married after this incident. Later on, he was shot dead during a robbery involving the purchase of an illegal substance.
Once a very successful player, Johnson was forced to file for bankruptcy owing to the poor financial decisions made by his parents. Unfortunately, Johnson had assigned the most trustworthy people in his life to handle his accounts. He wanted to stay away from the tension and focus on his hockey career. The decision turned out to be wrong, and his dear parents made several poor financial decisions. As per the Sports Illustrated, the results were so bad that Johnson claimed in the bankruptcy. He filed a debt of $10 million and assets less than $50,000 worth of assets. The situation became awful. Presently, $5 million salaries drawn by Johnson is currently being garnished.