Davis, however, is trying to look on the bright side. He had enough money invested elsewhere that he could afford to lose $9 million, and he now says, "I've survived. I don't waste a lot of time thinking about it. It's gone, I realize that. I just try to move on."
Former Browns quarterback Bernie Kosar is in a similar situation to Davis. Kosar made millions on the field and was once viewed as an even bigger success story in the business world. But much of Kosar's money was tied up in the Florida real estate market that has now gone bust, and Kosar recently filed for bankruptcy and put his 9,900-square foot mansion up for sale (he's not the only ex-athlete putting his/her house up for sale).
And yet Kosar, like Davis, is expressing optimism that he can put his financial difficulties behind him. Not every ex-athlete who has been affected by the recession feels as fortunate.
Athletes With Money Woes
Former NFL quarterback Bernie Kosar files for bankruptcy protection in Miami. Kosar's Chapter 11 filing lists liabilities of between $10 million and $50 million, including almost $1.5 million in "unsecured debt" to the Cleveland Browns. Click through the gallery to see more sports stars who have dealt with money trouble.
Jamie-Andrea Yanak, AP
Mets legend Jerry Koosman could face up to one year in prison after pleading guilty to federal tax evasion. Koosman defrauded the government out of as much as $90,000, assistant U.S. attorney John Vaudreuil said. Sentencing is set for July 21.
Rich Pilling, Getty Images
Michael Vick, once the NFL's highest-paid player, is finishing a nearly two-year sentence under house arrest for dogfighting charges. He agreed to pay the Atlanta Falcons $6.5 million as part of his bankruptcy case, clearing the way for the team to release him.
Haraz N. Ghanbari, AP
Tennis legend John McEnroe was one of the many victims duped in a sophisticated $88 million art investment scam. McEnroe reportedly lost $2 million after investing a half share in two paintings, Arshile Gorky's "Pirate I and II."
Nathaniel S. Butler, NBAE / Getty Images
NFL running back Deuce McAllister allegedly owed Nissan more than $6.6 million in a dispute over his car dealership. In March, Nissan Motor Acceptance Corporation filed suit against McAllister's dealership, and federal marshals reportedly targeted its inventory.
Bill Haber, AP
New York Yankees' Johnny Damon, left, and Xavier Nady were among the investors whose finances were previously frozen because of money they had with a company affiliated with Robert Allen Stanford.
Jim Rogash, Getty Images
In January, ex-slugger Jose Canseco battled against Danny Bonaduce in a boxing match because he's strapped for cash and claims to have squandered nearly $45 million. Canseco also tried his hand at mixed martial arts in May, but lost his debut in embarrassing fashion to giant Korean fighter Hong Man Choi.
Louis Lanzano, AP
According to a Chicago Sun-Times report, Knicks center Eddy Curry was sued by Casual Male Retail Group in December 2008 for $41,000 in unpaid clothing bills.
Rocky Widner, NBA
In May, former Oakland Athletics first baseman Troy Neel pleaded guilty to charges that he fled to a tiny South Pacific island to avoid paying about $725,000 in child support for his kids in Texas. Neel now faces as much as two years in federal prison and a $250,000 fine.
Texas Attorney General / AP
Evander "Real Deal" Holyfield, shown here in 2002, is reportedly in financial trouble with multiple sources. In October 2008, Holyfield was back in court, again facing the possibility of jail time in a child-support case, but a settlement was reached.
W. A. Harewood, Getty Images
Harry Carson, a Hall of Fame linebacker for the New York Giants, does charitable work with former players who have lost their post-football jobs and are now struggling just to make ends meet. Carson explains that for the players who played in the days before multimillion-dollar salaries were commonplace, the recession has hit especially hard:
"They're the guys who made the transition to life after (sports). They did the right things; they just went on with their lives," Carson says. "They haven't bothered anybody. They haven't asked for anything. All of a sudden: Bam! They're out of a job. ... Those are the guys my heart goes out to. ...Carson has worked to support the NFL Alumni Dire Need Fund, which is financed by NFL owners and helps pay the bills of players who are out of work. NFL Alumni President Frank Krauser says it's a cause not unlike those that support people struggling from all walks of life.
"You can hear the desperation in their voice."
"Retired players experience the same economic problems that everybody else in America has," Krauser told USA Today. "Whatever goes in the general population also affects our membership."
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Reader Comments (Page 1 of 5)
6-30-2009 @ 2:06PM
dcbrandtpd said...
Hmm, you have millions. Rather than living within your means, go out and buy up all of the real estate that you can, in order to make even more money. It seems to me like greed is finally getting a bitch slap.
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6-30-2009 @ 3:22PM
haledav said...
Hmmm ... it seems to me you are a naive little moron who is jealous that there are those who do well and try to prudently invest in vehicles like real estate to grow their income. That's not greed, genius ... it's called acting responsibly.
6-30-2009 @ 3:38PM
j4playze said...
EXACTLY...dont you just feel sorry for these overpriced overpaid people...they should have to survive like the rest of us.
6-30-2009 @ 5:51PM
lkr12345 said...
Haledav, your name calling discredits anything you have to say. If you disagree with the poster you're responding to, a modicum of respect would go a long way toward letting other readers take your comment seriously.
6-30-2009 @ 6:07PM
Michael said...
"Greed"? What a bunch of frikkin' morons you people are.....THESE people risk their money to keep idiots like you in a job. Without the wealthy investing their money, there would be no economy.
Job? What am I saying....you probably live off the system.....Oh, I'm sure you do your best to keep Anheuser Busch in business when your monthly government check comes in, but this isn't a beer-based economy.
6-30-2009 @ 7:20PM
hookmrl said...
good call how many people would blow millions you reap what you sow
6-30-2009 @ 2:11PM
ggreyspy said...
Even the rich can go broke. They think they live on money tree. See what a bad economy can do to you. Be careful.
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6-30-2009 @ 2:12PM
Jean said...
Is there ANY way to get rid of the "ads" you get in these blogs? They are a bunch of bull. If anyone falls for these, I feel sorry for them.
As for the athletes, it's real hard to garner a lot of sympathy for them when they make SOOOO much money and live so high on the hog. Invest wisely, watch your pennies, don't buy what you don't need, you can survive. Most of them don't do this. Life's rough...
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6-30-2009 @ 3:26PM
ssternb649 said...
i agree with you fully, just a cheap way for free advertising.
6-30-2009 @ 2:14PM
ggreyspy said...
Let us see what it can do to Ted Turner who own the largest private land in the U.S. Most of his land is in Montana. I think the Montana legislation need to start taxing this loudmouth.
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6-30-2009 @ 2:16PM
dub40 said...
It's really hard for me to care how broke they are. Sports figures come out of college, some out of high school, most without even degreess and educations paid for by the taxpaqyer, 19-22 years old and have huge sums of money just handed them for just signing, and huger sums still for playing or sitting on the bench. They get paid when they are sick, when they are injured, and have huge life insurance policies. They have every ability and opportunity to prepare for the future for themselves and their families. True, investments that may tank are part of that. But at least they had the opportunity and ability to do that, unlike the laborer or coal miner who barely scrapes by. Athletes don't lose everything when they commit serious crimes, like the average Joe does. And, even the old time athletes made more money that Average Joe and could have kicked some to a retirement fund, but didn't. They have enough, they should have stuffed some of it in a non-interest bearing or losing mattress. Let them live like the rest of us for a while. It won't hurt them.
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6-30-2009 @ 8:12PM
ccolotexan said...
they earned it all, people are just jealous of them. the cause of all this was bush and his crime family war
6-30-2009 @ 2:25PM
Sue said...
I don't feel sorry for all those rich folks that are having a hard time now. If they had lived like ordinary folks instead of buying all the big houses, fancy cars, and luxuries, they might not be feeling the pinch right now. I had a job making $62,000 a year when I was laid off in May of last year. We now have to exist on my husband's $40K a year paycheck and my unemployment of $300 a week. I am 90 days behind on my mortage with no hope insight of catching up. I have applied for in excess of 300 jobs (that's almost one job per day) and nothing. 6 interviews, one temp job that lasted 6 weeks, and more than a year later and I have no job. So don't ask me to feel sorry for those folks making millions a year. Maybe they should have been smarter and taken a lesson from the "Common" folks.
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7-01-2009 @ 2:37PM
ipt39 said...
did someone miss the fact this article is about athletes that did NOT sign million dollar contracts. The million dollar athletes mentioned in the article are doing OK. I don't feel sorry for anyone that has made millions of dollars and lost it due to carelessness BUT why does everyone attack them for playing sports? I mean whatever profession we non-athletes choose can put us in the same position. I am unemployed at the moment - the company I worked for closed - I am struggling to make ends meet BUT I am NOT angry at the success of others...I am just trying to find a way for it to happen for me....sigh
6-30-2009 @ 2:26PM
Pam said...
Can somebody tell me WHY I should feel any sympathy for these OVERPAID athletes when they find themselves in financial trouble? They KNOW their "15 minutes of fame" isn't going to last forever. To spend all that money and not plan for their future is just plain ignorance on their part!
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6-30-2009 @ 2:27PM
cubamex2003 said...
These guys make more in one week than the average person makes in one year...from middle school on they are pampered, passed from grade to grade and then college where they are coached on and off the field , academically and athletically..when they can no longer run, pass, shoot or whatever, they are on their own for the first time..Unless they had someone counsel them, all that money is gone...and they simply cannot handle it..Imagine being a spoiled kid until you are 35 !!!
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6-30-2009 @ 2:27PM
Sue said...
AMEN!!!!!
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6-30-2009 @ 2:33PM
subtrek1 said...
I"m sorry to hear about his problems, but would he worry if I was the one filing for bankruptcy protection? I think not. Oh by the way Bernie where is the list of your properties I think I'd like to get a bargin on one or two of them.
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6-30-2009 @ 2:36PM
tanbiker2 said...
Who cares if athletes are going bankrupt during the recession? They are all just a bunch of dumb trained apes anyway. Let them suffer!
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6-30-2009 @ 2:51PM
Tom said...
The only former players who get my sympathy are the ones who played in the days before the big money and are now crippled making the sport what it is today while these johnny come latelys enter the sport making incredible amounts of money. The players union need to divide the players salarys more equitably so that former players can now share into todays riches that they they created.
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