Former NFL QB Vince Young is only 30 years old. Young is out of the NFL and now, he’s filed for federal Chapter 11 bankruptcy. Young’s story is a virtual guide of how to lose millions as a pro athlete. Young spent time with the Titans, Eagles and Bills – though never actually making it out of training camp with the latter.
His rookie deal included $25.7 million in guaranteed money.
“If you wanted to write a manual about how to go into bankruptcy, Vince’s story would be it,” said Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes. “It’s a classic example of all the things that can go wrong.”
Young’s assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. Young sued his financial advisers last year, but a settlement was reached.
Young is also dealing with a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout. With the interest that has accumulated, Young now owes $2.5 million to New York’s “Pro Player Funding.” The interest rate on the loan was 20%.
In his six NFL seasons, Young earned an estimated $34 million.