Former NFL quarterback Vince Young once needed an offensive line to protect him from opposing defenses.
Young now needs a court to protect him from creditors.
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 the biggest problems Young has 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 reach with Peoples, but that agreement has not been finalized.
Unfortunately, for Young, he probably is not going to get much sympathy from NFL observers.
Young was a first-round pick by Tennessee in 2006, and he reportedly signed a five-year deal with $25.7 million guaranteed. He reportedly signed a one-year deal with the Philadelphia Eagles that was worth up to $5 million in 2011. Young was on Green Bay’s preseason roster in 2013, but did not make the team.
Former New York Knicks center Patrick Ewing summed up the irresponsible spending of athletes years ago when he said, “We make a lot of money, but we spend a lot of money.”
Well, they spend it until the money is gone.
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