Tuesday night on ESPN, their 30for30 series resumes with the first episode entitled “Broke,” which details the stories of several professional athletes that lost the millions made in their playing days. For NFL players 3 years after playing, 78% end up broke. So it comes as no surprise to hear Eagles QB Michael Vick blew through $29 million.
$29 million isn’t a small number to sneeze at but, at least Vick knows exactly where that money went. Vick earned $31 million dollars prior to his bankruptcy (included in that number was his initial Eagles contract plus his first contract with the Falcons.)
From there, it’s “simple math” as TMZ puts it:
Vick had to pay a total of $29.6 mil — $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses.
That would be the end of the story for most people, athletes included. But Vick signed a $100 million contract with the Eagles in 2011. Of that amount, $40 million is guaranteed.