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Bryant McKinnie owes $4.3 million after taking out lockout loan

Minnesota Vikings tackle Bryant McKinnie blocks Detroit Lions defensive end Kyle Vanden Bosch in Minneapolis Reuters

Ravens offensive tackle Bryant McKinnie has been ordered to pay $4.3 million to a company that gave him a loan before last year’s lockout.

Pro Player Funding, a company that specialized in “lockout loans” last year, has obtained a judgment against McKinnie ordering him to pay $4.3 million, TMZ reports. McKinnie got a loan for $4 million just before the lockout began, and he’s been ordered to pay it back in full, plus fees and interest.

According to the report, the loan had a high interest rate and a clause that allowed Pro Player Funding to call in the entire amount due if McKinnie missed one payment. Once the lockout ended in August, McKinnie planned to have his paychecks go directly from the Vikings to Pro Player Funding, but he missed a payment when the Vikings cut him in training camp. McKinnie is now with Baltimore; it’s not clear whether his paychecks from the Ravens are going directly to Pro Player Funding.

Any player who took out a “lockout loan” is in serious need of financial counseling. The lockout didn’t cancel any games and therefore the lockout didn’t cost any players any game checks. A player whose financial situation is so precarious that the mere possibility of losing a paycheck had him scrambling to find a loan has made horrible decisions with his money. And a player like McKinnie, who made tens of millions of dollars in his nine years with the Vikings, should have enough money socked away that he never has to take out a loan again for the rest of his life.

The players’ union spent $44 million on insurance to help players get by in case the lockout had cost them a year of NFL paychecks. What players really need is financial planning for the 50 or so years that they’ll go without NFL paychecks.

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56 Responses to “Bryant McKinnie owes $4.3 million after taking out lockout loan”
  1. jenniferxxx says: Apr 12, 2012 9:49 AM

    How does someone take out a loan … and not figure they have to repay it? Don’t they understand the meaning of the word?

  2. ajknox88 says: Apr 12, 2012 9:49 AM

    Who has a yearly budget of $4 million… Asinine

  3. dionoil says: Apr 12, 2012 9:53 AM

    Dude was hungry.

  4. ckirklin79 says: Apr 12, 2012 9:54 AM

    I’ve been tooting this horn for years now. What do they actually teach at these rookie symposiums? From the least paid to the highest paid, there’s ALWAYS ways to grow your money. As a draft prospect, if I’m in search for an agent, how astute his financial guys are would have to factor in my decision in picking them as an agent. These athletes HAVE to get educated on this. They make too much money not to.

  5. expertop says: Apr 12, 2012 9:54 AM

    And then he showed up to training camp pushing 4 bills.

    “What I Did Last Summer”, by Bryant McKinnie.

  6. thankheavenfornumberseven says: Apr 12, 2012 9:54 AM

    He spent it all on donuts.

  7. theshakeweight says: Apr 12, 2012 9:56 AM

    Not sure who is dumber, McKinnie or the place that gave him the loan. Amazing!

  8. toolkien says: Apr 12, 2012 9:57 AM

    Clearly the Pro Player Funding outfit is predatory. These poor players are victims. I think the only proper thing to do is let these players off scott free, and depending on how big the outfit is, they either are closed down and they are sent to prison, or they are given one of those “too big to fail” bailouts and give themselves raises and bonuses. Either way, it should be the middle class who bears the burden of any fallout from this.

  9. trollhammer20 says: Apr 12, 2012 9:57 AM

    Jocks can do a lot of things that some of us can’t, but then again, a lot of us can do things some of them can’t…like balance a checkbook.

  10. brownicus says: Apr 12, 2012 10:05 AM

    For all the millions he made so far in his career, if he had to take a $4 million loan already to make sure ends meet thats a bad sign for his future.

  11. axespray says: Apr 12, 2012 10:09 AM

    Jared Allen could have taught him how to “Live off the land” or something…. probably would’ve kept hiim in shape… moneywise and weight wise.

  12. vetdana says: Apr 12, 2012 10:14 AM

    No amount of Financial Counseling is ever going to help a person who wants to ” Live for today” and surround himself with “bling” and other material possessions !Counsel him ” tell the cows come home” and it wont make any difference…he is still going to blow it as fast as he makes it !!

  13. benh999 says: Apr 12, 2012 10:17 AM

    This kind of misses the point. What did he do with the $4 million that he took out to replace income that he never missed? Why couldn’t he immediately repay that? Did he manage to blow through it?

  14. mnajb says: Apr 12, 2012 10:17 AM

    Bryant McKinnie is unreliable???

  15. purpleguy says: Apr 12, 2012 10:18 AM

    How is this at all surprising? This is the same guy that skipped all the Pro Bowl practices becasue he was up late spending $10K a night partying at South beach. In 5 years we’ll be reading about his bankruptcy, and in 10 years he’ll be the star attraction on NBC’s biggest loser.

  16. nomoreseasontix says: Apr 12, 2012 10:24 AM

    If his checks were going to the loan outfit, what was he gonna live on?
    He needed the loan to get by without actually missing any paychecks in the first place.
    This guy is an imbecile….

  17. furedmccombs says: Apr 12, 2012 10:27 AM

    And that was just for his grocery bill!

  18. lovestheravens says: Apr 12, 2012 10:34 AM

    not sure why people are saying the NFL should be teaching these players what to do with their money. This is America, and people can do whatever they want with their money. My boss does not give me counseling as to how to spend and invest my paycheck and I would not expect the NFL to take responsibility for that. It is exactly that attitude that excuses people from responsibility for their own actions. No one is responsible for Bryant McKinnie except Bryant McKinnie. Trust me, he earned more than enough to hire a financial planner or 2 to help him and if he did not, and outspent his means then he is a moron.

  19. Steeley McBeam says: Apr 12, 2012 10:36 AM

    The Ravens have the best OL in football!

    Oh wait…

  20. fargovikesfan says: Apr 12, 2012 10:42 AM

    McKinnie is dumber than a stump. Why put any money away? Just spend everything you make (and then some) on big ass parties, making it rain at the clubs, paying court costs and restitution for hitting a bouncer with a pipe, helping plan the Love Boat, etc. Lazy, undisciplined, and extremely overrated during his entire career. Glad he’s the Ravens’ problem now and not ours.

  21. canuck54143 says: Apr 12, 2012 10:44 AM

    You would think the players union who is suppose to look out for these players would have the best finacial planners in the world available to teach money management, and set each player how to make sound investments, or have 401k type options for them. if I was a player I would expect my dues to fund these types of programs.

  22. chocopoppy says: Apr 12, 2012 10:48 AM

    As I’ve said before, the player’s union would be doing these guys a big favor by mandating that a certain % of each contract be paid in the form of lifetime annuity payments rather than all in form of upfront cash. I’m sure too many people would bitch though.

  23. purplepridehasadownside says: Apr 12, 2012 10:51 AM

    toolkien=too funny

  24. 11jlacy says: Apr 12, 2012 10:51 AM

    B mac need to get it together period

  25. cleverbob says: Apr 12, 2012 10:56 AM

    How do you go on making that kind of money for a decade, and still not know a thing about budgeting?

    A one year contract for $5 million should mean you bought yourself a nice home and invested the rest, so that money can work for you once your career is over. It doesn’t mean that it’s time to buy 3 $100k cars and burn $10k at the club every weekend during the off season. It’s too bad these guys surround themselves with vultures and parasites – both through entourages and shady business managers/accountants/financial planners – that would stand to gain little from a cash cow that doesn’t give any milk.

  26. mizzouram says: Apr 12, 2012 11:00 AM

    This really is tragic. All the NFL can do is educate these guys and rest is up to them. You are never going to stop some people from being young and stupid with money.

  27. nflofficeadmin says: Apr 12, 2012 11:01 AM

    don’t make it rain with borrowed money… ya big dummy.

  28. duanethomas says: Apr 12, 2012 11:04 AM

    Another Drew Rosenhaus client. T.O, Warren Sapp Bryant McKinnie. He just gore Dez Bryant anybody wanna guess how that will turn out.

  29. packerswambulance says: Apr 12, 2012 11:11 AM

    Not a lot of sympathy here. Why did you show up for work at 400 plus? To screw your team into cutting you. Yeah, the one that gave you the huge contract in spite of your off field BS. …And in spite of your on field lack of effort. Ask Bert Favre, you didn’t block anyone in 2010. I’m glad this guy is gone.

  30. beavertonsteve says: Apr 12, 2012 11:16 AM

    If McKinnie starred in Brewster’s Millions the movie would have been over in 15 minutes.

  31. kane337 says: Apr 12, 2012 11:20 AM

    The guy has been making millions but needed to a loan for $4.3 million more? He is falling Warren Sapp’s footsteps. I predict bankruptcy in his future.

  32. bass1717 says: Apr 12, 2012 11:22 AM

    Just another football player with ZERO common sense….guess The Love Boat parties cost alot of money

  33. svanablak says: Apr 12, 2012 11:24 AM

    excuse me… tell a friend that helped from MAKING a complete arse outta yourself!

  34. pftcensorssuck says: Apr 12, 2012 11:24 AM

    So he took out a loan that he didn’t really need, because he never actually missed a single paycheck, as well as the NFLPA having lockout insurance; and then he didn’t repay the loan after he missed one payment after being cut for being a fat lazy slob……. is that about it?

    Annnnnd what happened to the 4 mil you borrowed but never really , Bryant?

  35. coleman121280 says: Apr 12, 2012 11:44 AM

    I’m so glad the Vikings got rid of this bum. It’s the only thing Frazier did that I agreed with.

  36. kingraven75 says: Apr 12, 2012 11:49 AM

    Dear Ozzie
    This is the guy you want to play left tackle?

    My guess he shows up in shape for mini camp and then announces right away that he wants a new contract and if he does not get it he is holding out! Cannot be disrespected don’t you know.

    BTW no way he makes it 5 years before bankruptcy gets him. I figure Aug 1 of this year.

  37. joewilliesshnoz says: Apr 12, 2012 11:55 AM

    Welcome to the investment firm of Sapp and McKinnie

  38. wwwfella says: Apr 12, 2012 11:55 AM

    If he took out a loan to cover lost income and then didnt actually lose any income shouldnt he have still had the 4 mill. Why didnt he just give it back with whatever interest he owed?

  39. dawsonleery says: Apr 12, 2012 11:55 AM

    More money, more problems.

  40. juicebox129 says: Apr 12, 2012 11:57 AM

    McKinnie is a locker room cancer drunk fat idiot.

  41. doe22us says: Apr 12, 2012 12:04 PM

    “A fool and his money are soon parted”, many of these kids sorry to say are too un-educated to handle money. When you come from nothing and on to something, add a lack of education and exposure to this, you will get this endemic problem. Saw an article sometime back that he blew through a $100,000 bar tab, and there it is.

  42. roamingabriel says: Apr 12, 2012 12:18 PM

    Is BM the one guy giving the thumbs down on these posts?

  43. andyreiddoublecheeseburger says: Apr 12, 2012 12:21 PM

    Pro Player Funding, whoever they are, are just getting their just desserts. If you’re stupid enough to finagle a 4.3 million dollar loan from one of these dimwitted athletes who blow through money like it’s candy, this is the price you pay.

  44. 69firebird says: Apr 12, 2012 12:23 PM

    I think Ryan Leaf has some money set aside that he can loan him.

  45. jmsieli says: Apr 12, 2012 12:26 PM

    I’m sure they quailfy for the fed bail out program, “Solindra” “Fredy Mack” lets give them our tax dollars, so they can give our money to people who don’t know how to take care of their money.

  46. imongo says: Apr 12, 2012 12:32 PM

    Another victim. Poor guy, Sven and Ollie took all his money and invested it in ice fishing futures. The warm winter ruined them.

  47. Deb says: Apr 12, 2012 12:49 PM

    jenniferxxx says:

    How does someone take out a loan … and not figure they have to repay it? Don’t they understand the meaning of the word?

    ———————————————–
    Did you read the article? He had his paychecks going directly to repay the loan, then he was cut by the Vikes and missed one payment. A clause in the contract said the loan company could call in the full payment if one payment was missed. He was handling the matter responsibly and did not anticipate being cut.

    Now that he’s with the Ravens, I hope they can help him work it out.

  48. doe22us says: Apr 12, 2012 1:15 PM

    roamingabriel says:
    Apr 12, 2012 12:18 PM
    Is BM the one guy giving the thumbs down on these posts?

    Lol probably one of the best comments i have read on profootballtalk.

  49. lovestheravens says: Apr 12, 2012 1:23 PM

    Deb-

    I hope this is the exact thing that gets his rear end motivated to elevate his play. If he wants to collect any more paychecks to take care of this he better play his butt off and show he is still above average so he can get another year of pay. Any slacking this year and he will be out of work and not be able to make any money.

    Perhaps the poor house is just the motivator he needs breathing down his neck…

  50. fijabbersman345 says: Apr 12, 2012 1:27 PM

    He should have just switched to DirecTV and this would have never happened!

  51. vikingdoode says: Apr 12, 2012 2:31 PM

    Another reason college players should never be paid. Stay in school. Manditory cash management class.. When peeps live on 50k per year with restraint and you read this……no compation for foolishness

  52. bobnelsonjr says: Apr 12, 2012 2:32 PM

    He was a problem ever since the vikings failed to get a card to the podium with his name on it. He claimed he was owed the type of contract as if he had been drafted where the vikings selection was not where he was actually drafted by the time the vikings got their card to the podium.

    He held out 1/2 a season so he could be worthless that year.

    After a number of assault arrests he was finally for public nudity/indecency on the viking criminal cruise. Right afterward the vikings gave him a huge new contract.

    Nothing happened to him when arrested for beating a bouncer with a pipe after being asked to leave for being too drunk.

    He is the one who failed to make the block on the play that ended Brett Favre’s career.

    He got kicked off the Pro Bowl team for failing to show up for work.

    No matter what happens in the future he will always be a considered a viking.

  53. thankheavenfornumberseven says: Apr 12, 2012 3:32 PM

    bobnelsonjr says:Apr 12, 2012 2:32 PM

    He was a problem ever since the vikings failed to get a card to the podium with his name on it. He claimed he was owed the type of contract as if he had been drafted where the vikings selection was not where he was actually drafted by the time the vikings got their card to the podium.
    __________

    You’re so wrong. The Vikings had the 7th pick that year and McKinnie was chosen 7th. The issue was that Kansas City was late getting their card up and the Vikings didn’t jump ahead of them. Somehow that became the Vikings didn’t get their pick in. They got who they wanted instead of the bust KC picked.

  54. atthemurph says: Apr 12, 2012 4:10 PM

    I’ll bet McKinnie just needed that 4M to make the payments on ______ (fill in the blank). It’s a cultural thing. It doesn’t matter what anything costs, doesn’t matter the economics as long as some people can “make the payments” it’s done deal.

    McKinnie is already broke, it’s just not yet official.

  55. granadafan says: Apr 12, 2012 4:10 PM

    FYI, the NFL and the Players Union DO have financial classes and testimonials from broke players urging the rookies to save the money. However, you can only lead the horse to water, not make it drink. These players aren’t the brightest people in the world and are often led around by people who a) are out to take their money or b) have no clue themselves. They’re surrounded by posses who just have their hands out. If they ignore their possess, they’re accused of selling out and not taking care of their “boys” from the hood.

  56. backindasaddle says: Apr 12, 2012 6:43 PM

    His Alma Mater must be proud. Is he capable of adding 2+2 ? I hope he doesn’t reproduce.

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