Athletes are usually looked upon as some of the highest-paid individuals. When you think of all things that are potentially added to their salaries, such as brand and endorsement deals, various business ventures, and investment opportunities, it’s no wonder why many of them live in millions. But some unfortunate athletes succumb to situations where their finances hit rock bottom. Unfortunately for some, their finances might have been the least of their issues.
Mike Tyson Was Unable To Pay His Bills After Averaging $30 Million Per Fight
Brooklyn-born Mike Tyson is a worldwide legendary figure. His boxing career is one for the books, earning him close to $400 million over 20 years, according to the New York Times. Per a report from Essentially Sports, many of his fights brought in a whopping purse within the $30-35 million range. Tyson also reportedly brought in $3 million for his 1998 appearance as a guest enforcer for WrestleMania XIV. But an extravagant lifestyle and excessive spending caused Mike Tyson to eventually file for bankruptcy in 2003. The New York Times article listed a detailed reason as to what contributed to Tyson losing much of his fortune.
A past affidavit showed Tyson admitting to being in “financial distress since 1998.” And although he could put a dent in his debts through the money he’d accrued boxing, Tyson claimed he was “still unable to pay my bills.” Included in Mike Tyson’s financial woes were two divorce settlements. Marie Claire reported that his first marriage with actress Robin Givens only lasted eight months, costing him a whopping $10 million once the couple split.
The heavyweight champion’s second marriage was with Monica Turner, lasting from 1997 to 2003. According to The Washington Post, their divorce settlement cost him $6.5 million. At the time of the 2003 article, he was said to be $18 million in debt. The Post obtained an affidavit in which his former wife stated that Tyson frivolously spent his “$140 million in boxing earnings” on things ranging from women, pet tigers, luxurious cars, and even over a thousand pet pigeons.
Mike Tyson was also millions of dollars in arrears with the IRS. He also owed millions in total to his former financial manager, trainer, law firms, and Jimmy Henchman.
But Mike Tyson has rebuilt his life, albeit not as lavish as before. During an episode of his Hotboxin’ With Mike Tyson podcast, Tyson shared that he paid his hefty debts little by little, with much of his debt eventually being canceled.
Allen Iverson Was Making $62,500 A Month With $358,376 In Monthly Expenses
You can’t talk about NBA legends without listing Allen Iverson. The former 76ers star reigned in basketball on the courts and among fans. In addition to his salary, AI’s many endorsement deals propelled his bank to a whopping $200 million by the time his basketball career was over. But according to TMZ, that was all gone by 2012. Instead, Allen Iverson was reported to have spent much more than he earned in a month’s time. This included over $10K per month, each, on things ranging from clothes and groceries, restaurants, and other entertainment.
Contributing to Iverson’s outstanding debt was his messy divorce from his ex-wife and high school sweetheart, Tawanna Turner. According to TMZ, Turner sought millions in child support and alimony payments, forcing Iverson to admit that he had no income saved for a Reebok deal. But this endorsement deal with Reebok made years ago was perhaps the most intelligent thing he’s done. According to a report from Sports Rush, Iverson’s contract with the sneaker company brings in a whopping $800K per year. He’s also set up with a trust that totals $32 million, which he will not receive until he’s 55 years old.
Rebook made Allen Iverson put $32M into a trust that pays him $1M a yr.— Black Millionaires ® (@Blackmillions_) March 23, 2022
He can’t access the money until he
is 55 so he wouldn’t go broke. “I was throwing $50K a night at strippers.” pic.twitter.com/RludAOKtl6
Warren Sapp Filed For Chapter 7 Bankruptcy
Former NFL Super Bowl Champion and 7x Pro Bowl all-star Warren Sapp once lived the dream. According to SportsCasting, the Tampa Bay Buccaneers legend once accrued over $75 million over his 13-year career. However, like those mentioned above, Warren Sapp spent money on costly things, often extending his finances. Sapp lived well beyond his means despite his big bank, from a multi-million dollar palace to a Jordans collection worth thousands. Eventually, he had to file Chapter 7 Bankruptcy in 2012, with all his assets being liquidated.
Delonte West Seen On The Street With Sign After Making $20 Million Throughout His NBA Career
Former NBA player Delonte West’s story differs from those listed above. During his NBA career, he played for multiple teams, including the Dallas Mavericks and the Boston Celtics. He also played professionally in China for two years before returning to play for the Texas Legends, a team in the NBA’s D-League.
But even though he’s said to have made around $20 million throughout his career, West suffered from many struggles. Over the years, videos have surfaced showing the former NBA player appearing homeless and down on his luck on the streets of Washington D. C. However, according to a report from Forbes, Delonte West has longtime suffered from bipolar disorder. In addition, a recent video clip surfaced showing West back on the streets, this time in Alexandria, Virginia.