How did Vince Young waste $25 million?

The former NFL star files for bankruptcy after years of spending wildly.

By InvestorPlace Jan 23, 2014 3:32PM

Credit: © Rick Stewart/Getty Images

Caption: File photo of Vince Young #10 of the Buffalo Bills in 2012By Burke Speaker


"Vince Young Broke" screams the headlines -- as the NFL's 2006 Offensive Rookie of the Year filed for Chapter 11 just a few years after signing a contract with $25.7 million in guaranteed cash.


The petition was filed last week in a Houston federal bankruptcy court.


Young listed his estimated assets between $500,001 and $1 million; liabilities were listed between $1,001,000 and $10 million.


From The Associated Press:

"The 30-year-old Young is fighting a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout. A court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan."

Young (pictured) was paid $34 million for six NFL seasons, and has not played in a regular-season game since 2011.


So what did he spend it all on? Via the Epoch Times:

"Young spent $5,000 per week at Cheesecake Factory during his rookie season, according to other reports in 2012. He once paid $6,000 at a T.G.I. Fridays. He paid a kid $200 to haul his luggage at the airport. And he would do $600 shots of Remy Martin at Morton's after games. An adviser reportedly once said that Young once got a loan to throw himself a $300,000 party."

Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes, told The Houston Chronicle that this was the result of terrible planning.


"(Young) invested in private, illiquid investments, and he overspent. He's ultimately responsible for all his decisions, but the people around him should have taken better care of him," Butowsky told the newspaper.


Young played for the Tennessee Titans for five seasons, then for the Philadelphia Eagles in 2011.


Young joins Warren SappDennis Rodman and Allen Iverson among notable athletes to go broke in recent years.


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463Comments
Jan 23, 2014 5:23PM
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That is sheer stupidity and recklessness to blow 25 million.
Jan 23, 2014 5:30PM
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A fool and their money are soon parted...cmon 5 grand a week at Cheesecake Factory that's insane!
Jan 23, 2014 6:24PM
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That's so rediculous; that kind of money should last a realistic person a life time.

 

$25,000,000 divided by $250,000 a year = 100 years

 

Probable last me 400 years..........lol

 

Jan 23, 2014 5:45PM
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I guess he didn't major in accounting or common sense
Jan 23, 2014 5:51PM
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If he's looking for sympathy it's where it's always been in the dictionary between "Sh*t & syphilis"


Typical NFL Neanderthal!!!

Jan 23, 2014 6:21PM
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Most of these are black guys growing up very poor.  All of a sudden they're millionaires and they think the money will keep on coming in, which it does not.  They have entourages/leaches that claim to be their friends with their hands sticking out until the money is gone and then the sponges are too. The article mentioned sapp, inverson and rodman but another one comes to mind for me is antoine walker, who played hoops for the celtics and heat. He pocketed over 100 million in his career and he's broke.  Very sad. Very pathetic.
Jan 23, 2014 5:32PM
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Well I guess that Degree he worked on a University Of Texas will come in handy now.  My mistake he never received a Degree. Bet someone will blame the school. Sad

Jan 23, 2014 6:22PM
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This absolute foolishness and despicable waste of money won't stop until our

school systems quit passing athletes from grade to grade without a clue of

an education. 

Jan 23, 2014 5:53PM
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...a fool and his money is soon parted...so true...
Jan 23, 2014 5:40PM
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The correct question is; How many wives and children are out there he is supporting?
Jan 23, 2014 6:07PM
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There are a lot of millionaires on the streets because of bad choices and poor spending habits.Vince is young enough to get a real job and pull himself out of this mess.Football is only a game.It should be used to jumpstart your retirement and set the groundwork for your future.There should be an after life ...once being a pro is over.LOOK ahead...we are all ageing.
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"How did Vince Young waste $25 million?"

I think I know how...I believe V. Young only got his name right on the wonderlic test.
Jan 23, 2014 5:36PM
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God I wished I know before, he could have given me the money to put it to better use. Thanks Bro!
Idiot, he deserves everything he gets.  He could have given the money to Charity for the Needy in this country.  Priorities are all wrong. Next!!!***
Jan 23, 2014 6:01PM
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Do you see now what concussions are doing to football players? It is making them spend money without even thinking about it, wait a second, they do that anyway. Spend the money now and to heck with the future I guess...

Jan 23, 2014 5:25PM
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"How did ex-NFLer blow 25 million?"  Who is 25 million? Sounds like a rappers name to me.  I don't even want to know the details of why they had to explain how.
Jan 23, 2014 5:44PM
Jan 23, 2014 6:26PM
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Really? I never heard of an athlete blowing millions before!!!
Jan 23, 2014 6:10PM
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I love to hear these kind of stories.  This is where Obama gets his "spread the wealth" ideas from.  This is just another example of what kind of idiots the colleges are turning out just to get a player.
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