Bernie Kosar Files For Bankruptcy

Bernie Kosar, the former Cleveland Browns’ star quarterback, declared bankruptcy today.
It was the Chapter 11 variety.
According to Patrick Danner of the Miami Herald, Kosar filed a petition that revealed he owes creditors a total of $19.5 million, including almost $1.5 million to the Browns and $3 million to his ex-wife, Babette.
During a radio interview today with Tony Rizzo of WKNR in Cleveland, per Steve King of the Orange & Brown Report, the 45-year-old former NFL star discussed his financial problems.
“I’ve tried to be generous with family, friends and ex-teammates,” Kosar said.  “I’ve tried to help people out and let people manage things for me.  I’m glad I was able to help those people and to help charities.
“But I’ve got four great kids and now I have to focus on them.  The money comes and goes.  But God has blessed me with the ability to make it.”
Per the Herald, Kosar’s restaurant — Bernie Kosar’s Steakhouse — went out of business last year.  And Kosar has been divorced for two years.
According to the report, Kosar indicated estimated assets ranging from $1 million to $10 million.  However, his estimated debt ranged from $10 million to $50 million.
Kosar also reportedly owes $725,000 to Cleveland Gladiators owner Jim Ferraro.  Kosar is the Arena Football League team’s president.
Kosar also has a lot of debt, $9.7 million, incurred through real estate investments gone bad.
Kosar, who played at the University of Miami, lives in South Florida.

25 responses to “Bernie Kosar Files For Bankruptcy

  1. Obviously, he’s not worried about his next meal – but still, I hope he gets things worked out.

  2. I bet ex-wife Babette is no longer a babette but a screaming swamp sow.
    I fell sorry for Bernie and more sorry for his children.
    I hope Babette gets stiffed.

  3. I’d have to believe MillerCoors or Anheuser-Busch would sponsor him to get sloshed on their beer(s) during Browns preseason broadcasts…

  4. Hopefully he owns up to his mistakes and comes up with a real bankruptcy plan, not the Mike Vick version where you keep all of your houses and cars, and only pay 33% of what you make over 10 million dollars (I think that was the number).

  5. Maybe he can hold a camp to teach QB’s how to scramble!
    Always thought he was a bum, now just a drunk bum! Anyone ever catch his commentary during preseason Browns games?
    WOW

  6. I always considered Kosar a very smart guy. I have to think he was leveraged too much and this economy caused assets to become liabilities.
    I always liked his plain frankness when he’d be commentating on football.

  7. Sad to see the problems Kosar has had. He was always a smart guy and a class act when he was a player. I don’t think anybody would have predicted his post football problems.

  8. I always liked Kosar but you have to be a f***ing idiot to run out of money when you’ve made as much as he did. This is just as bad as the morons who win a 100 million dollar lottery and are out of money 5 years later. Turns out they bought a mansion for every 5th cousin – or at least everyone claiming to be a 5th cousin.
    Stupid. You have life licked and turn into a financial wizard on the scale of Mike Tyson.

  9. Welcome the the National Enquirer!! And this is news, why??
    Cut the guy some slack and give him the privacy he deserves.

  10. Give him the privacy he deserves? Are you serious? He’s the one who filed bankruptcy in a public court. You know, the thing you do to keep creditors away from your “private” door….

  11. Chapter 11, not a big deal. He’ll reduce his debt burden and avoid being totally broke. This is just a writedown of a bunch of debt, not a claim that he is penniless. He will be fine.

  12. The guy was and is a class act and always represented Cleveland with pride and dignity. I’ll never forget the image of him consoling Earnest Byner after The Fumble.
    @ db3300 – While Kosar made more money in a few years of football than most people will make in their entire lives, I highly doubt he made the insanely ridiculous money 15+ years ago that top QBs make today.
    Florio, any way for you to let us know what his contract situation was when he played?

  13. Wow, This is just a sign of the times. People you would never imagine going through the struggles of this current economy. Keep your head up 19 this community supports you, and hell just blame it on Bush. Obama does it all the time now.

  14. FishRoy says:
    June 19th, 2009 at 10:16 pm Chapter 11, not a big deal. He’ll reduce his debt burden and avoid being totally broke. This is just a writedown of a bunch of debt, not a claim that he is penniless. He will be fine.
    ____________________
    I bet it’s a big deal to the people that he owes money to that won’t be getting paid.

  15. Kosar comes up short again. Only this time he can’t blame Elway and “The Drive”! Guess we should call this one “The Debt”.

  16. This would have been a great opportunity to post the clip of Michael Scott “declaring” bankruptcy

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