Vince Young reportedly owes $1.69 million for lockout loan

AP

We learned earlier this week that Ravens tackle Bryant McKinnie will be paying half of his 2012 salary to an outfit called Pro Player Funding after failing to repay a loan he took out from them during the lockout.

He might not be the only player on Team Pro Player Funding. TMZ reports that they have court documents showing that Young owes the company $1.69 million after taking out a loan of his own in 2011. Per the documents, Young took out a loan for $1.876,876.88 that came with the high interest rates and penalties common to these types of loans. The terms of the loan held that the company could call in the entire amount due, plus interest, if Young missed a payment.

According to the report, Young did just that in May and the company moved quickly to get a judgment against Young. Young is set to make just under $2 million for the Bills this season, assuming, of course, that he winds up beating out Tyler Thigpen for the backup quarterback job.

This isn’t Young’s first brush with financial issues this year. He’s suing his former agent and financial advisers for a variety of alleged improprieties with the money he’s earned over the course of his career.

37 responses to “Vince Young reportedly owes $1.69 million for lockout loan

  1. What’s with those stupid new jerseys that make it look the players are wearing polo shirts under them?

  2. I dont get it!, how do these guys end up spending 10’s of millions of dollars?!!. . .just imagine hiw broke he would have been if he would have been drafted when the new rookie wage scale was implemented!

  3. Wow, so many guys get taken by so called friends & financial fiends, not to mention that they don’t seem to have any concept of fiscal responsibility. It’s a shame so many guys end up broke, as yesterday’s hero’s with no skills to earn a living.

  4. Had he actually gone to class at Texas, he could have maybe managed his own money. He has no one to blame but himself. Any athlete that is afforded a full ride at ANY college, should at the very least learn to set aside a large chunk of a windfall salary that they soley control. How can he be this dumb and still get into Texas? NCAA entrance for athletes is ridiculous.

  5. Its astounding to me that these players who already made a good deal of money, were willing to take out loans with astronomical interest rates.

    Its like seeing the commercials on TV for loans from the Souix reservation, and the fine print on the bottom shows a total of 84% interest over a 1 year period.

    If you cant afford something, dont buy it.

  6. When are we going to hear the story about a player saving his money and making a good investment instead of a player losing everything and is broke and it’s obviously not their fault?

  7. How do you need nearly 1.9 million bucks for a lookout that was only in effect during the offseason??!?!?!??!??? I’m blown away!! What kind of lifestyle where you living as a backup QB?? And why the hell didn’t you turn around and give some of the money back right when the lockout ended? The economy is hitting everyone hard, but time to man up like “us” normal people and learn to budget.

  8. He has made so much money in endorsements and salary that for him to take out a high interest loan is nuts. He should have been able to go to any bank and get a loan, if he really needed it, which he shouldn’t. I thought that this kid was less flash and more country. I guess he bought a lot of chickens.

  9. Yup, no surprise at all. I bet T.O. can’t even afford to buy #81 from Golden Tate if he wanted to.

  10. Every article related to this guy’s finances should link to a list of articles pointing out the mistakes he made when hiring an agent and making that jump into a professional contract.

    From destined to succeed to destined to sign autographs in Austin at a car lot, maybe this year lol.

    Wonder if he left anything on the table last year to play for the dream team? He really benefitted from that year of expert Andy Reid coaching. Kolb too lol

  11. Young is set to make just under $2 million for the Bills this season, assuming, of course, that he winds up beating out Tyler Thigpen for the backup quarterback job.
    ______

    That’s a mighty big assumption.

  12. calibear831 says:Aug 10, 2012 12:54 PM

    I dont get it!, how do these guys end up spending 10′s of millions of dollars?!!. . .just imagine hiw broke he would have been if he would have been drafted when the new rookie wage scale was implemented!
    ———————————————————-
    He actually might have been better off if he was paid under the new wage scale. That would have forced him to save some money and actually work hard to get a second contract.

  13. biggestredmiami says:
    Aug 10, 2012 1:03 PM
    When are we going to hear the story about a player saving his money and making a good investment instead of a player losing everything and is broke and it’s obviously not their fault?

     ———————-

    Go read up on what Jamal Mashburn has been doing. Owns like 40 Papa John’s, 30 Outback’s, and a car dealership. Don’t know why athletes don’t try to model after him.

  14. million dollar talent with a 10 cent brain, will be living in a cardboard box under a freeway overpass before long.

  15. Wait…the season started on time. Players don’t get paid during the offseason (bonuses aside, in some cases). It sounds like he’s just broke. And did he really need that much? He had to have known the season would not be lost. We all knew that.

  16. This is being taught to us as a society from the federal level, what do you expect?

    Bush and Obama have turned us into a credit card nation. Why shouldn’t young people think that’s an acceptable lifestyle.

    Our federal goverment(both repubs and dems) are financially stupid. Why should it be any different for today’s athletes following the same live beyond your means lifestyle?

  17. He played so badly as a QB in the pre-season game yesterday that the announcer could only utter the “Tebow” word in his defense (ie. because he ran around a lot).

    He is not a sure thing on that roster. He had better get his act together, if he needs the money.

  18. @mrplow3,

    We’ve been a credit card nation since the 80’s when Ron Reagan and Don Regan “turned the bull loose” and changed the tax code to favor corporations and the financial industry in particular.

  19. Apparently none of you on this site are smart enough to know how expensive a gigantic “VY” gold and diamond structured necklace costs.

  20. @mrplow3,

    We’ve been a credit card nation since the 80′s when Ron Reagan and Don Regan “turned the bull loose” and changed the tax code to favor corporations and the financial industry in particular.

    That’s a nice theory you have their, but mathmatics is not your friend in this argument. Sorry.

  21. Didn’t he hire a guy with no experience to negotiate his first contract? Then also hired him as a financial advisor? At least he didn’t have Master P as an agent like Ricky Williams.

    Could be worse he could’ve had Lenny Dyskstra as an advisor.

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