Former NFL QB Vince Young files for bankruptcy

[Sportsguy9695]

Former NFL and University of Texas quarterback Vince Young has filed for Chapter 11 bankruptcy protection.

The petition was filed last week in a Houston federal bankruptcy court, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. The Houston Chronicle reports no specific details on Young's assets and liabilities were immediately available.

The 30-year-old Young is fighting two lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout.

A court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan.

Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but those efforts remain pending.

Source: ESPN

 

[DaBoltsNIsles]

Cry me a river. This guy got a 300K loan to throw himself a party. I hope he gets zero help from anybody & has to deal with the REAL world.

 

[fearthepelicans]

Sad, sad, sad.

 

[NinerSickness]

 

[R.J. MacReady]

The filing might not mean that he is down and out.

If he has some money ...filing is actually the right move.

 

[Davis_Mike]

Why doesn't he just take out another large lockout loan to tide him over till a team comes crawling to him asking to put the "Dream Team" back together?

 

[FaCe-LeE-uS]

The Dream Team? Jesus I forgot about that already…

He should take a page out of the Favre playbook. He would be better off texting dick pics to reporters

 

[Yankee Traveler]

He blew threw $80 million worth of salary/bonus and endorsment earnings (before taxes).
Excuse me, $79.5 million.

Stories in Nashville include $5000 nightly tabs at TGI Fridays, that $300,000 birthday party, and my favorite...

He bought EVERY ticket on a Southwest flight so he could fly alone to Texas.
It would have been cheaper, and exponentially nicer, to charter a private jet.


Wonderlic of 6.

And who says Wonderlic doesn't mean anything.

 

[Yankee Traveler]

I mean really...TGI Friday's ????

It is LITERALLY across the stree from Ruth's Chris Steakhouse.

 

[RobToxin]

"Martha Stewart broke? Or MC Hammer broke?"

"MC Hammer broke!"

"Noooooooooo!!!!!"

 

[HammerDown]

He blew threw $80 million worth of salary/bonus and endorsment earnings (before taxes).
Excuse me, $79.5 million.

Stories in Nashville include $5000 nightly tabs at TGI Fridays, that $300,000 birthday party, and my favorite...

He bought EVERY ticket on a Southwest flight so he could fly alone to Texas.
It would have been cheaper, and exponentially nicer, to charter a private jet.


Wonderlic of 6.

And who says Wonderlic doesn't mean anything.

For about 15 minutes, VY was the very definition of nouveau riche.

What absolutely astounds me about these cases of these guys coming from the ghetto and suddenly making millions of dollars is that there's nothing mandatory in place by the union to lock some of that money up for retirement. The player's union should make the first million untouchable. It should go into a retirement account that can never be touched and will invested in conservative mutual funds and only begin to pay out upon the retirement of the player.

It's truly beyond belief that a person can be this dumb. It boggles the mind.

 

[Midnightangel]

It doesn't surprise me, really.

He won us a national championship at UT but he seemed to not be cut out for the NFL.

You come in thinking that you're going to have a 20 year career with that kind of money and you spend it like crazy...then it ends all to soon and you wake up one morning broke.

He should have taken better care of his money.

I wonder what he got his degree in.

 

[CaptainStubing]

boy, i didn't see this coming. quite a surprise.

 

[SoCalWizFan]

How Did Former NFL QB Vince Young Blow $26 Million? Here's Some Of His Spending Habits | BallerStatus.com


This explains part of it. A lot of this was already posted by some of you. I also love the fact that he was downing a lot of $600 shots - WTF? How much should you tip on a drink like this? Maybe he truly believed that the world was going to end in 2012. Not too smart.

 

[RobToxin]

I'm not one to pass blame but I do have a few questions ....

Where was his agent? These guys are parasites. Leeches of the worst kind. Just use athletes to make their own money and then toss them away like garbage when they are done.

Where was the Player's Union? Why don't they have something set up to help these guys manage their money?

Thing is ....

VY is not an isolated case. We read about broke former athletes all the time.

And, when there are agents and player unions at their fingertips any time they dial a phone....

I wonder if these players ignore them when it comes to financial matters....

or if it is the other way around.

 

[Nasty_Magician]

As somebody that works in wealth management, I can tell you there are some people that just don't listen. Nobody can physically hold his money hostage and say you can't spend this, they can try to tell him what to do and break everything down for him, but at the end of the day if he's spending his money then that's on him.

 

[RobToxin]

As somebody that works in wealth management, I can tell you there are some people that just don't listen. Nobody can physically hold his money hostage and say you can't spend this, they can try to tell him what to do and break everything down for him, but at the end of the day if he's spending his money then that's on him.

Makes sense.

But, to be honest and fair about it ...

if I had a million dollars dumped in my lap at the age of 20, there's a good chance I would have been broke by the age of 30 too.

 

[Naughtymax]

The questions about the players' union are valid. If the purpose of the Union was to look out for the well-being of its members, then the collective bargaining agreement would include a section forcing 1/2 of all rookie contracts to be placed into a pension fund. Then, 1/2 of future contracts would also be paid into said fund until the player had, say, $3MM protected, at which point contributions would become voluntary.


The problem is twofold: One, leeches associated with agents want to access ALL the players' money and get them to 'invest' it with them. Two, more importantly - the players clearly don't want it, and the union is there to serve them, not babysit them. It can advise, but not enforce.


I look forward to 'Vince Young dead at 31' headlines in about 6 months.

 

[R.J. MacReady]

The questions about the players' union are valid. If the purpose of the Union was to look out for the well-being of its members, then the collective bargaining agreement would include a section forcing 1/2 of all rookie contracts to be placed into a pension fund. Then, 1/2 of future contracts would also be paid into said fund until the player had, say, $3MM protected, at which point contributions would become voluntary.


The problem is twofold: One, leeches associated with agents want to access ALL the players' money and get them to 'invest' it with them. Two, more importantly - the players clearly don't want it, and the union is there to serve them, not babysit them. It can advise, but not enforce.


I look forward to 'Vince Young dead at 31' headlines in about 6 months.

If I had a dead pool ...he would be in it.

 

[phantomfoul88]

I mean really...TGI Friday's ????

It is LITERALLY across the stree from Ruth's Chris Steakhouse.

I had to read that again and make sure it was the same TGI Fridays.