Vince Young files for bankruptcy

AP

Eight years ago (yes, it’s been that long), Vince Young was on top of the world.  Now, it’s all hitting rock bottom.

Out of the NFL for two full regular seasons, Young has filed for federal bankruptcy protection, according to David Barron of the Houston Chronicle.

Young lists his assets at between $500,001 and $1 million, and his debts at anywhere from $1 million to $10 million.  His financial problems began with, or were at least exacerbated by, a large lockout loan that he ultimately didn’t need.

The third overall pick in 2006, Young was the AFC offensive rookie of the year.  The honor capped a 12-month period that began with Young leading Texas to a thrilling victory over USC for the NCAA championship.

Dumped by the Titans after the 2010 season, he joined the Eagles in 2011 as the backup to Mike Vick.  Young’s biggest contribution may have been coining the term “Dream Team” in his introductory press conference.

Other former NFL players who have filed bankruptcy in recent years include Warren Sapp, Jamal Lewis, Charlie Batch, Mark Brunell, and Vick.

66 responses to “Vince Young files for bankruptcy

  1. Sad………

    Earned over $50 Mil in his career. Only 20-25 after taxes & commissions…..but still……that’s a boatload of money!

  2. Cue the haters (and I’ve been one myself) – but VY has always been a generally good guy.

    Sure, he had a lot of money nearly all of us never see – but VY never showed a mean-spirited side or any trace of malice ….. the kind you can see Dick Sherman *repeatedly* inflicting upon the Skip Bayless(es), Michael Crabtrees and even the Tom Brady(s) of the world.

  3. First of all this isn’t surprising. Second any player with an NFL contract who ends up bankrupt is either wreckless stupid or both but with that said instead of pretending to give a damn about concussions and turning the current game into flag football, the league should devote some time and money to providing legitimate financial counseling to players upon entering the league so they don’t end up penniless. I’m not suggesting financial advice to the point of telling players where to invest but to make viable efforts of informing players what NOT to do with their money. Too many players are ending their careers as financially broken as physically beat up.

  4. 1 little ole bankruptcy filing?, no problem. Call up DTrump, file 2 more times and then fleece a few people by having and giving a few seminars and you’re back on top……

  5. Maybe hes the NFL’s version of the Wolf of Wallstreet!!!

    He might have millions over in Switzerland!!……

    Well… probably not!! I might be giving VY too much credit!!

  6. In all seriousness….

    This is exactly why the new rookie wage scale is the best thing to come around for anyone involved.

  7. He bought every ticket on a SWA flight so he could be have some time alone. He didn’t charter a plane, or even find a private jet that would have cost so much less. He’s an idiot. Travis Henry was only worse with his money.

  8. “the kind you can see Dick Sherman *repeatedly* inflicting upon the Skip Bayless(es)”

    There’s more than one? God help us.

  9. Sounds like the same situation most americans are in. Owing about double what you have in your savings account.
    If you really think about it, he’s still rich. A million is still a million!!

  10. At least we don’t have to deal with the “Vince-ophiles” in Houston anymore. You know, all the UT grads who think that VY can still play and win and want the Texans to sign him.

    Now we have to deal with the “Manzielots”.

  11. It isn’t just professional athletes – a LOT of Lotto winners also end up penniless. It just goes to show that having a lot of money doesn’t mean that you’re smart with money.

  12. Bankruptcy is a tool available for all citizens to use. If Mr. Young and his advisers think it’s best for him, he should use it.

    He will not be the first, athlete on non athlete. Just google how many times King Combover, Donald Trump has filed. It happens. Move on.

  13. DeSean: Are you paying attention? You are at the point where there is LESS time rather than MORE time left for gainful employment. Remember, VY’s contract was MUCH larger than your contract.

  14. You know who else filed for bankruptcy?

    How about Honest Abe. How about Thomas Jefferson. How about US Grant. How about Walt Disney. How about Henry Ford and PT Barnum and Mark Twain and Burt Reynolds!

    Keep your head up Vince and if you need assistance in the future with your money just let me know. I know a Nigerian Prince that is always trying to help people out – he might be just the guy for you!

  15. It is amazing that folks are so bad with money. With $500 after taxes I could retire, pay off my house, get a used SUV because I live within my means and I don’t buy useless trinkets like diamonds (is there anything more useless than a diamond?). With the money that he has made in his NFL career I would have been able to start my dream business because I am neither greedy nor materialistic (it still may happen). Hard to have sympathy for someone who blows money throwing a party for themselves.

    I would have done things a whole lot differently. I don’t need a mansion and neither does my mother. I don’t need more than 3 cars (I’m not really a car person, anyway). Well, there is always Walmart and McDonalds, because he probably didn’t get the degree that he received the scholarship to Texas to work toward. Such is life for a young man who doesn’t fully understand the value of a dollar.

  16. Imagine Vince Young declaring bankruptcy in the same way as Michael Scott did in The Office and this story becomes way better….. “I DECLARE BANKRUPTCY!!!!”

  17. “And what’s your story, grandpa?”
    “Well, son, I made it to the NFL, and then blew 20 million on cars, women, and having a good time.”
    “Golly.”

    Kinda jealous, to be honest.

  18. Obviously Vince was no financial genius. However what about his financial advisers? I’m no VY fan but those guys screwed him over big-time. They should be investigated for fraud and theft

  19. I wonder what % of people who throw themselves Bar closing birthday parties end up in the poor house?

    100 %?

  20. A lot of people are put into bankruptcy. Even hard working people that some how get sacked by medical bills, but most people don’t have 25 mil to start with. Sorry, VY..

  21. Only surprising part is I swore there was an article months back saying he’d already filed back then. That must have been around the time it came out that he’d borrowed like $300 grand to throw himself a birthday party. Guessing that poor sucker didn’t see a dime of that back.

  22. it is nobody’s fault but his. it is not the NFL’s job to tell you what to do with your money that is what agents are for but that does no good if you do not listen to them. yes anyone can file for bankruptcy but not everyone had 25 million to start with. my brother had to and felt terrible doing it but it was not his fault the company he worked at for 20 years closed down and moved the jobs to mexico. he lived within his means and paid his bills on time but if you have no job you can’t and have no choice after using your savings and 401k money trying to pay the mortgage and bills that come with having a family. excuse me if I do not feel sorry for Vince especially if he still has a million bucks left.

  23. A lot of these guys try to do too much for thier family and friends. The kid has a good heart and yes he made typical mistakes. ($600 a shot for liquor is truly absurd). Most of these kids want help every friend they have but they only realize these people are not truly his friends until it’s too late. Bad investments that offer to yield high profits are also the reason these guys get into trouble as well. It’s sad.

  24. Maybe he needs a little charity. The NFL is a “non-profit” organization and one of the requirements is that they have to give to charity. $23mil is all they gave.

    Plus the NFL commissioner gets a $29mil salary, maybe he could give some new players some financial advice.

  25. To an extent I feel bad for him, to an extent.

    And to those that keep saying Donald Trump filed for bankruptcy, he has never declared bankruptcy, his companies have. He personally has not. While, I can’t stand him, he is smart enough to insulate his personal money from the businesses he runs.

  26. Don’t blame the league. Part of the mandatory rookie symposium are financial planning sessions.

  27. They said the average period for going broke when quitting football was 5 years. Vince did it in 2. He raised (or lowered) the bar.

  28. The things I could do with $300,000 let alone millions and millions. These guys who go bankrupt are a joke to society.

  29. Maybe the NFL will hire him to make speeches at the rookie symposium and warn them what not to do with their money. The other thing is, I still believe he was better than some of the QBs who are actually starting today. Maybe Canada will call him before his skills disappear.

  30. The person I am today is different than the person I was at 22.

    At 22, I probably would have blown all of that money and then some. It took me a few years to grow up and learn responsibility.

    Where no one else is to blame for his predicament, you certainly can’t put a young head on old shoulders.

  31. I really hate hearing about stories like this. It makes me angry that I work fairly hard for a modest salary and pay my bills and yet people who’ve made millions more than I’ll ever make in my lifetime can blow it all and still end up living a pretty upscale life style post bankruptcy.

    Here’s a thought Vince, why don’t you take that University of Texas education you received via a full scholarship (I’m sure) and get a job with whatever your major was and work like the rest of us do to pay our bills. Yes I know he has debt beyond his means at this point, but at some point you need to step back and realize the millions aren’t always going to be there for you.

  32. When I worked for the NFLPA, we worked diligently with union approved financial advisors, and offered these services to the players. They almost never utilized it. Hell, about 30% of them had to be hounded to pay their union dues, much less be financially responsible.

    This is no one’s fault but Mr. Young’s.

  33. So the guy pisses away $50+ million dollars in just a few short years. Dennis Rodman has done the same darn thing. People that are too stupid to be millionaires become millionaires. They buy houses and cars they don’t need they have everything gold plated from teeth to testicles and when it’s all gone they wonder why and probably blame everyone else. Sorry I have no sympathy for any of them.

  34. How do you lose all that money? Pay cash for a decent house and car, and your only expenses are keeping the lights on and the property taxes. You could afford that bagging groceries. People are dumb.

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