Adviser: Vince Young got a loan to throw himself a $300,000 party

AP

If you’re wondering how a football player can sign a contract at age 23 that guarantees him more than $25 million and be broke by age 29, Vince Young’s spending habits may help you understand.

Young, the quarterback who’s currently out of the NFL but was the third overall pick of the Titans in the 2006 NFL draft, is currently embroiled in a lawsuit with his former financial adviser. And that adviser testified that Young once took out a loan because he didn’t have enough money to throw himself the kind of birthday party he wanted. That party must have been something a little fancier than the birthday parties I used to have at Chuck E. Cheese’s, because Young spent $300,000.

Ronnie Peoples, president and CEO of Peoples Financial Service Inc., said in a deposition that between the end of the 2010 season and the start of the 2011 season, Young decided that he had to have a huge 28th birthday bash. And when Peoples told Young that he didn’t have the money, Young instructed Peoples to place a phone call to take out a loan.

“I think we still would have been OK to go ahead and survive until the next season, but he had a birthday event coming up that he paid 300 and some thousand dollars for,” Peoples testified. “That’s what prompted that call.”

Young’s lawyer disputes Peoples’s accounting of the situation and accuses Peoples of mismanaging Young’s money. Young is openly lobbying for another shot in the NFL, but so far has found no takers.

119 responses to “Adviser: Vince Young got a loan to throw himself a $300,000 party

  1. Here’s a great bit of advice from John Wooden that Vince Young apparently never heard and/or certainly never heeded:

    Talent is God-given. Be humble. Fame is man-given. Be grateful. Conceit is self-given. Be careful.

  2. Anyone ever notice that Vince Young and Jamarcus Russell have never been spotted together at the same time. Maybe they are like Clark Kent and Superman.

  3. I guess advisors don’t actually give advice.
    I wonder if this financial services company only existed to separate Young from his cash?

  4. Dang dude 300k for a party?!?! Couple handles of captain and 4 cases of brews is like 120 @ the most. Smh can’t believe I make 42k a year and probably have more money in my savings account Than vy. That’s pretty sad.

  5. Vince Young and 16 year old girls….that’s the full list of people who throw themselves birthday parties.

  6. If I had made 25 mil in my lifetime, my grand kids would own homes before they were born…

    You can’t fix stupid…

  7. His and Jamarcus’ IQs together might be double digits.

    Talk about stuck on stupid.

    Good in the college game but unsuited for the pros, even on a dream team.

  8. Huh…? My birthday meant I got a stuffed crust pizza with an extra topping instead of plain pepperoni.

  9. Who’s the idiot that signed off on that loan and gave him the cash?

    I was living in TX when he came out of college – so many were sure he was gonna blow up the league. Some fans, smarter fans, realized that when he scored lower than a ham sandwich on the Wonderlic – he was destined for this EXACT outcome…

  10. When do we as a country start questioning the system that year after year keeps producing these guys? When do we have a conversation about changing the environment, culture and education systems that continue to produce individuals like Vince Young and countless other athletes?

  11. He must think he’s Vince Chase instead of Vince Young. Vince Chase got his birthday party sponsored and made $100k…

  12. shouldve just went to dave and busters, SMH!!! maybe vince and jamarcus should make their own show on CBS, 2 broke fools!!!

  13. I’m not sure there are enough ways to say stupid to describe Vince Young.

    Mentally deficient chipmunks everywhere are thanking Young for making them look like rocket scientists.

  14. My birthday was last week and it consisted of a couple sushi rolls and some $5.50 tickets to a minor league hockey game with some friends who paid for my beer. C’mon, son.

  15. The fortunate thing is that college ball is becoming increasingly complex like the pro game. Hopefully, this will wean out the stupid-athlete, and we’ll just have student-athletes.

  16. How do you even spend that much money on a party??? Did he rent out a football stadium so he could pretend to be an NFL quarterback?

  17. This man needs Dave Ramsey or Clark Howard in his life!! People wonder why all the other countries laugh at us Americans. Well this idiot is one reason why.

  18. My first question is why in the heck didn’t his agent protect him? My second question is why the NFLPA doesn’t set up some type of trust fund players can opt into to protect their money and set NFL players for life? Aren’t Unions suppose to protect their members? You would think the Union would certify financial advisors to prevent players fro getting robbed. I understand its our individual responsibility to keep our finances in order, but history and stats prove a very good portion of professional athletes are bankrupt 5 years out of the league. Between agents, and the players union you’d think someone would look out for their client.

  19. And I bet that party was full of sweaty, shirtless black guys, just like Vince’s party from a few years back.

  20. He actually borrowed 1.9 mill at 20% interest. The real crime is that interest rate. Don’t forget that Bryant McKinnie of the Vikings borrowed 4.3 mill from Pro Player Funding also and never missed a paycheck to the lockout but somehow spent it all.

    Yea the players are idiots, no doubt but Pro Player Funding is definitely a predatory lender.

    I have no doubts that having a $300,000 birthday party was more important to Vince Young than being fiscally responsible.

  21. Unbelievable.

    From now on, stupidity is going to be graded on a curve because of Vince Young.

    He’s far more entertaining off the field than he ever was on it.

  22. Young is the proven disaster that many clueless and totally ignorant Cardinal fans desperately wanted the team to sign him during last season in order to bring his brand of cancer to the team.

    Its a good thing the Cardinals resisted the demands and pleas of the dumbest segment of their fan base.

  23. “shouldve just went to dave and busters, SMH!!! maybe vince and jamarcus should make their own show on CBS, 2 broke fools!!!”

    *********************

    Dave and Busters?

    That place is overpriced on the games and the beer is stale…

    And they don’t even have any good games like Defender, Joust, Donkey Kong, Galaga, Star Gate, Karate Champ or Missile Command…

    But usually a bunch of drunk cougars on Friday after happy hour…

    Oh yeah and Vince Young, although you bought one home for my Longhorns, you my friend are a knucklehead

  24. Gee, and to think I’m going to a family reunion on my birthday. VY’s gonna be flipping burgers until he’s 80 in order to pay that off.

  25. “The Eyes Of Texas” are no longer on you Vince.
    Wake up, grow up, or wilt.
    Right now I think your going to burn out rather then bust your head and get in shape and LEARN AND WORK.
    Nobody respects your game anymore Vince.
    You ain’t got none.
    You got money you never earned because of the system.
    I wish you all the best.
    You have no discipline and your busted.
    Sorry Vince.
    Your natural talent ran out and so did your $.
    Now you’ll have to earn it.
    I know you can… do you?

  26. Anyone else tried of these salaries pro’s make? People can not even afford tickets anymore and barely pay their bills… hopd they all go broke…then they can be like the rest of us!

  27. $300 big on the 28th. B-day? Wow wait till you see the bash he throws when he turns 40, it will be epic.

  28. Maybe in the next CBA, the players union ought to ask that contracts be changed so that all of them include at least a portion of the money be deferred. While most players likely do okay, far too many find a way to blow millions of dollars (often while fathering way too many kids they can’t afford). If even a small portion of those contracts were deferred, they would be assured of having at least a little money going forward so they didn’t end up a drain on society.

  29. Please imagine how different this story would be if that money was actually donated to the USO.

    Where it would have impacted an unknown amount of people who defend us everyday, there families, help them to recover, and help them to recover from there sacrifice.

    That is the real true sad story here.

  30. That does it, what team will step up and give this guy a QB slot?.
    Young certainly needs a high paying job to support the high level of entertainment he puts on.
    Come on now….!

  31. kind of off topic but I’ve noticed that alot of you guys on blogs, Yahoo type comments sections, super bowl nation sections, etc don’t make a lot of money.

    There is no shortage of hot air coming out in these comment sections but apparently there is not alot of talent and ambition at this party.

    I’m not putting you guys down, it’s just weird that guys that talk the most smack about pro athletes seem to be the least successful guys in the country.

  32. I still can’t believe that a team like Arizona or Kansas City didn’t at least give Vince Young a shot, even at the minimum with incentives, when they had nothing worthwhile throwing the ball. Larry Fitz really suffeed this year from inadequate QB play. Perhaps VY could have helped, even if it was temporary.

  33. So here is what I don’t understand. This great, righteous guy People’s, the “financial advisor”, told Young he didn’t have the kind of money to throw the party he wanted but Young instructed this “financial advisor” to take out a 300k loan to cover the cost and this financial wonderkin People’s went ahead and secured Vince the loan. Is that what he is saying??

    I truly believe Vince wanted a ridiculously expensive party but People’s seems shady too.

  34. ” If you’re wondering how a football player can sign a contract at age 23 that guarantees him more than $25 million and be broke by age 29…….”

    I don’t think anyone wonders HOW money is spent, more like HOW someone can be so stupid.

  35. I kind of like the idea of requiring that in every NFL contract (or any pro sport) that something 5% of the money be withheld from the player and held in some kind of trust or annuity that would pay the player that money over the next 10 or 20 years. That way guys like Vince Young would have something left when their careers are over and the fat NFL player game checks are gone. If the NFLPA really wanted to help their membership they would work with with management and make this happen. But that will never happen because the NFLPA would have to admit that a significant percentage of their members can not manage their enormous wealth, even with professional help. If you have not seen ESPN 30 for 30 episode “Broke”, it is shocking how many athletes are truly broke.

  36. Vince knows his style is the future of the NFL. He’ll be starting somewhere this year and making 20 million a year soon. LOL. He must have been reading PFT and witnessed the hype of the sucess of Kaepernick and figured his style was the future.

  37. I’m trying to understand why Jamarcus Russell’s name is referenced in regards to this article. This article is about going broke. Call Jamarcus a lot of things, but I’ve never heard of him going broke.

    Just Win Baby!!!
    Al Davis Forever!!!

  38. I really wanted an AFX race track for my 8th birthday…Should have looked into a loan instead of bother my parents.

  39. Dumb…yes, Irresponsible…. yes, unbelievable…. not at all.

    People are thinking about this in the terms of what you and I make. This guy was at the end of his rookie first round pick contract meaning he was probably making more than $300,000 a game. Spending that much compared to what his yearly salary was is the equivalent to you and I getting a payday loan for a weeks pay (Keep in mind NFL players get paid weekly and not in lump sums outside of bonuses).

    If you want to find out why he’s broke you need to figure out where the other 24.7 million went. In this case if his financial advisers mismanaged his money he very well might have believed that he was financially ok to do all this when he really wasn’t. The advisers throwing this out there could very well be a smoke screen to make him look like he squandered all his money but one $300,000 party for someone who’s made as much as VY had shouldn’t bankrupt him. Especially if this is the only example they have of extravagant spending from that 8 month period (ask your local congressmen in Washington how much they spend to throw dinner parties, it’ll probably be much more than $300,000).

    The biggest issue is why exactly Young didn’t question his advisers the second they told him he couldn’t afford a $300,000 party coming off of making $6.25 million dollars a year for 4 years. According to this statement he wasn’t in any major debt (as they said they had enough to “survive” till the following season) so had he fired them all and got some better people to handle his money he could have banked the money he made in Buffalo and Philly instead of waiting till the well ran dry then crying fowl.

  40. If I was broke and had the Impulsive behavior as VY does that he has to blow 300g’s, I would try to blow it on something I could enjoy for more than one night like a good couch, chances are that’s where the rest of his life will be spent.

    Imposter Vince Young should file suit for defamation, he is making him look bad.

  41. Young: I need $300,000.
    Loaner: For what?
    Young: A party.
    Loaner:What kind of party?
    Young: A birthday party.
    Loaner: For who?
    Young: Me. Wanna come?
    Loaner: Sure…waaaiiiittt a second, aren’t you the dummy who called the Eagles the “Dream Team”? I lost a lot of money betting on your team that year.
    Young: I’ll pay you to come.
    Loaner: How much?
    Young: $1,000.
    Loaner: Ok, I’ll be there.

  42. I love this story. 20% interest on a 1.9 million dollar loan, for a 300k party? haha. Maybe you should have went to a finance class while you were at Texas, Vince.

  43. I used to think if I won the lottery I wouldn’t know what to do with all that money. Now I know step 1 is to hire Vince Young. He’ll know what to do with it!

  44. This is dumb, but I don’t understand why people get so pissed off about it, lot’s of people got/are getting rich from Vince Young’s stupidity. It’s his money, he can do what he wants, and the lender stupid enough to give him the money must have collateral more valuable.

  45. I guess those seminars that the NFL has for the players when they enter the league about how to save money didn’t take with VY. It sounds like one of the few guys that “got it” was that OL for the Cowboys( Tryon?), he kept his dough, and tossed all the money grubbers(including those in his family), out of the way.

  46. Throwing yourself a birthday party and paying for it with money you don’t have???

    When did VY become one of the Housewives of Atlanta?

  47. That is just sad… sad. I hate to kick a man while he’s down but c’mon. He probably thought he’d play well enough to milk another decent contract or two… and blow that. I don’t claim to be a saint, I lost well over $100K gambling in my life but I smartened up and found GA and AA too. Hope he learns alot from this. Good luck to him.

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