Money troubles come to the best of us.
Check out these MLB players who turned to filing bankruptcy when their money troubles caught up to them:
- Lenny Dykstra, former star center-fielder for the New York Mets and Philadelphia Phillies, filed for Chapter 11 bankruptcy protection this month. He has no more than $50,000 of assets and between $10 million and $50 million of liabilities.
- Bill Buckner, a former Red Sox player, went bankrupt in 2008 after his post-athletic career car dealership failed.
- Baseball Hall of Famer Gaylord Perry went bankrupt in 1987 after filing for Chapter 7 bankruptcy. Having played for an astounding eight different MLB teams over the course of his 35-year career, Perry’s post-MLB career farming endeavors failed in the mid-eighties.
- Pitcher and predicted Hall of Fame nominee Tony Gwynn filed bankruptcy in his sixth season in the league, citing back taxes of slightly over $1 million and poor investments, which he blamed mainly on his agent.
- Rollie Fingers, a Hall of Fame pitcher inducted in 1992, filed bankruptcy in 1989 after investments in pistachio farms, Arabian horses and wind turbines went awry. It’s said he owed more than $4 million and his assets were listed as less than $50,000. He was also involved in a tax scandal in 2007.
Tags: bankrupt, baseball players, celebrity bankruptcy, chapter 7 bankruptcy, filed bankruptcy, filing bankruptcy
This entry was posted on Friday, July 24th, 2009 at 10:39 am and is filed under Bankruptcy News and Events. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Hi Dennis,
For a period, Dykstra was a model for financial management after a sports-career, but his recent difficulties have cast that conventional wisdom into doubt.
It’s hard to say if professional athletes struggle with finances after their playing days over at a higher rate than the average American struggles with everyday financial difficulties. There have been no conclusive studies, although a few years back the Toronto Star wrote that a large percentage of NBA players hit the skids after leaving the league.
Is an athlete used to making $10 million a year broke if he only makes $100,000? His lifestyle will certainly change.
I think the important lesson is that even celebrities and athletes and idols can hit hard times like anyone else, and debt management is important regardless of your income level.
July 24, 2009 you posted names of 5 ex-MLB players who went bankrupt. About the same time, Washington Post financial writer Frank Ahrens described Lenny Dykstra as “one of the rare pro athletes who managed to prosper after his playing days were over.” (Frank Ahrens Washington Post, The Ticker July 8, 2009.)
I am researching the subject of pro athletes and their money, how some are “set for life” while others “make it and blow it.” How common are these two popular images? As baseball player salaries have skyrocketed since free agency began in the 1970s, are suddenly wealthy athletes “going broke at a higher level”? Are bankruptcies any less common among athletes who were rich and are now super-rich?
Thank you.
Dennis Briskin
Palo Alto CA