You see it all the time in the NFL, when players finally give up the sport. Players file chapter 11 and lose everything they own. Usually they are trying to live like champions, and don’t have the money to survive. Well in the case of Vince Young, he was screwed pretty bad by his financial adviser. That is why we tell all you small school players be careful with who you are dealing with.
Everyone wants to blame Vince Young for filing for bankruptcy but there were some major things that took place in his life, that technically screwed him.
According to David Barron of the Houston Chronicle, Young has filed for Chapter 11 bankruptcy protection only two years after being on an NFL regular-season roster. Young’s estimated assets are between $500,001 and $1 million, but his liabilities range between $1,001,000 and $10 million, according to Brian Kilmer, the quarterback’s attorney.
One of Young’s biggest problems is a $1.8 million loan he obtained during the 2011 lockout. Pro Player Funding, a New York company, was granted a judgment against Young to recoup that money. The original loan amount has grown to $2.5 million with interest, according to the Houston Chronicle.
Young sued his former financial adviser (Ronnie Peoples of Raleigh, N.C.) and former agent (Major Adams II of Houston), claiming they, “defrauded him and conspired with Pro Player Funding to obtain the loan and that Young himself never received the money in question.” A settlement was reached with Peoples, but that agreement has not been finalized.
Be careful out there kids, not everyone is your friend.