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Friday, October 24, 2014

Vince Young has filed for bankruptcy

Vince YoungIn a move that was probably long overdue, former NFL quarterback Vince Young has reportedly filed for bankruptcy. According to the Houston Chronicle, Young filed for Chapter 11 bankruptcy protection last week in a Houston court. His estimated assets were listed between $500,001 and $1 million and his liabilities between $1,001,000 and $10 million.

Young’s financial struggles throughout his disappointing NFL career have been well-documented. He reportedly blew about $60 million in career earnings and ended up suing his financial adviser. The adviser, Ronnie Peoples, claimed Young took out an extremely high-interest loan during the NFL lockout because he needed finances. Young claims he was misled and did not know what he was signing.

Peoples said that Young took out the seven-figure loan in part because he had committed roughly $300,000 to throwing himself a 28th birthday party. At the time he turned 28, Young had gone several months without receiving a paycheck from the NFL.

As we mentioned before, we don’t doubt that Young didn’t fully understand the loan that he was signing for. He probably felt that he had unlimited funds and would never get into financial trouble, as evidenced by the thousands of dollars a week he supposedly spent at TGI Fridays and other places.

Young was released by the Green Bay Packers before the start of the season and said in October that he was shocked an NFL team hadn’t come calling. He was never able to fulfill the potential he displayed during his incredible career at Texas, yet he still spent money like he was Tom Brady or Peyton Manning. It’s a story we have heard all too often with professional athletes.



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