Athletes Who Went Broke

We know that athletes make huge salaries. However, some of them aren't as good as others when it comes to handling their finances. As a result, they end up going broke. Here, we have compiled a list of the athletes who went broke and have gone bankrupt.

Curt Schilling

Schilling is a retired baseball player. He used to play for the Boston Red Sox. He has reportedly invested hi wealth amounting to $50 million into a business called 38 Studios, which have gone bankrupt. In July 2010, his company loaned $75 million from Rhode Island Board of Economic Development. A couple of years after, his company failed to pay the money borrowed and even failed to pay its employees' salaries. On Nov. 1, 2012, Schilling was sued by the state because of his inability to pay the loan.

Mike Tyson

Tyson has just released his autobiography. In his book, he talked about his rape case, drug use, bankruptcy, and more. During the course of his professional boxing career, it was reported that Tyson made about $400 million. He filed for bankruptcy in 2003 with $38 million worth of liability.

Lenny Dykstra

Dykstra used to play for the Major League Baseball (MLB). He used to play for the New York Mets and Philadelphia Phillies. He started a high-end jet charter company and magazine that has gone bankrupt. In 2009, he filed for bankruptcy. He only had $10,000 worth of assets as opposed to his liabilities worth $10 million to $50 million.

Bernie Kosar

Kosar is a former quarterback for the National Football League (NFL). He played for the Cleveland Browns, the Dallas Cowboys, and the Miami Dolphins. Kosar declared bankruptcy in June 19, 2009. He listed $9.2 million assets and $18.9 million worth of arrears and debts.

Dennis Rodman

During his professional basketball career, it was reported that he made $50 million. In 2012, he went broke and was unable to pay spousal and child support.

Allen Iverson

According to Forbes, Iverson has earned as much as $200 million during his 15-year NBA career. It was reported that had stopped paying the mortgage on his Colorado house. In addition, Iverson owed a jewelry store in Georgia worth nearly 1 million dollars.

Evander Holyfield

During his prime, Holyfield earned $200 million. He once faced a federal lawsuit and had problems paying for spousal support.

Any person, athlete or not, could easily lose money and end up being broke if he or she is not smart with money. What is important is to not overspend and establish good financial planning to avoid going broke.

Mike Tyson, Evander Holyfield, Craig Sager, Dennis Rodman, and Brett Favre Star in a New Hilarious Commercial Ad for Foot Locker, Tyson Gives Holyfield his Ear Back [VIDEO]