Posted January 22, 2014

Report: Vince Young files for bankruptcy

NFL
Vince Young (Jamie Squire/Getty Images)

Vince Young was with the Packers during training camp but didn’t make the team. (Jamie Squire/Getty Images)

Vince Young has filed for Chapter 11 bankruptcy protection, David Barron of the Houston Chronicle reported on Wednesday.

Young, 30, last played in an NFL game with the Eagles in 2011. He was in training camp with the Bills last season and the Packers this year but didn’t make either team.

A two-time Pro Bowler for the Titans, Young also won the 2006 BCS national championship with Texas.

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Young, whose rookie deal guaranteed him nearly $26 million, was involved in a pair of lawsuits about a $1.8 million loan he obtained during the 2011 lockout, Barron reports. With interest, Young’s debt to Pro Player Funding has grown to more than $2.5 million.

“Attorney Brian Kilmer of Houston filed the petition last week in a Houston federal bankruptcy court on Young’s behalf, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million,” Barron wrote. “No specific details on Young’s assets and liabilities were immediately available.”

Young sued his former financial advisor and former agent last year claiming they defrauded him and conspired with Pro Player Funding to obtain the loan, which he never received.

Documents filed in the case revealed that Young and his wife’s assets as of July 2013 — totaling $1.8 million and liabilities totaling $2.5 million — included his home, five cars, his NFL annuity, 401(k) funds and jewelry valued at about $200,000.

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106 comments
jimmyjon_55555
jimmyjon_55555

you'd be surprised as to how many of these guys don't realize that uncle sam takes close to 50% when you make that much money.  

JackHoff
JackHoff

He just got busted for trying to steal cheesecake from Perkins.

billbellicheat
billbellicheat

10% of his assets are "jewelry", i can't believe he's bankrupt!

..m@vrick
..m@vrick

.. How does someone make so much money in such little time and equally blows it ?? This is not Brewster Millions there are no re-do. Maybe they should really live within their means like everyone else 

positiveg
positiveg

It's amazing how these guys fall soo far from grace. A lil common sense in handling their financing could go a long way. 

Anyway as old ppl say who can't hear gon feel. 

CasinoGal
CasinoGal

He tried to file for bankruptcy earlier but his paperwork was intercepted...

rskins09
rskins09

Vince Young  isn't the 1st or the last  NFL  player  broke ..Same with NBA players ...I know, I know  some get bad financial advise  but  MOST  of it is their  lifestyle  and no discipline  with handling  $ money ..  And " we were poor growing up " just don't get it anymore ...Not getting any endorsement -- well tough s...  ... Jim Kelly couldn't even get a mattress commercial when he played for   Buffalo  years ago ...Know the average career  is  about    four years in the  NFL  but they spend all their money  the first year and a half .... You hear the same thing about Lottery winners ...Buy way too many cars and jewelry  &  buy every relative they have a new house ..Saving or investing  is last on their list ...You don't have to have a degree from  The Wharton School of Finance  to invest your money  and you don't have to buy  a $95,000  +  car   and have a   20,000 sq ft  house  to survive ....I'm not picking on Vince Young ...Still remember watching that Bowl  game   vs  Southern Cal.. One of the most exciting college games I've ever seen  in my life ...   Vince was awesome  .....   

PurpleCity52
PurpleCity52

White Black blah blah blah if you don't watch your money is goes.. Why you think the Mannings do so many endorsements? Because their bills are enormous... It's all about winning in this business and if VY had of won in the NFL like he did in collage he would be getting paid right about now.. After he won the BCS and received his NFL contract he should of known he couldn't spend until he received multiple endorsements and 11-12 win seasons with a Conference game and/or SB appearance. Then you just might can spend a little cash at that point!

DennisTMenance
DennisTMenance

They rally take advantage of these Guys Don't they?

The Lawyers and Financial Advisors... Everyobdy Gets their Cut and Leaves them Penniless..

Guys?  Tell those FA's to Stick it and Just Put your $ into a couple of BALANCED MUTUAL Funds

Best advice for Lotto Winners to do as well

And Hire a Decent CPA Firm to advise you on taxes..and Pay Your Taxes !

Told taht to A Friend that wona Small $2 Million Lotto and He di just that.. He lives on taking out just 5% a Yr From it .. Which was 3x as Much as he ever Made.. It's been 12 yrs and he and his Family are doing just fine.. He has a Nice Small Profitable Shop In town and doing great.. 


One Bigger problem Black Guys have? Alot of other Black Family members are there to Suck off of him..  Starting with their mother to Fathers, Brothers and Sisters.. on down the Line...

JeffDowdy
JeffDowdy

This is the guy who on at least one occasion purchased all the seats on an airline so he could be alone. The NFL warns rookies to invest and spend carefully but many don't have a clue. 

JackHoff
JackHoff

VY, the cheesecake thug.

ngk11
ngk11

Im pretty sure this Bankrupted guy not only has 5 cars, But also took out a sizable loan a couple of years back to throw a Super Bowl party. He deserves all of our sympathies

RobertSmith
RobertSmith

Too many athletes think the gravy train goes on forever and live a lifestyle they can't sustain.

zekenotfromcabincreek
zekenotfromcabincreek

I don't wish financial problems collapsing in on anyone.   But…there may be certain cosmic harmony here.   Vince Young's first great college victory, the January 1, 2005 Rose Bowl was a "bankrupt" victory owing to Mack Brown's classless politicking of poll voters to push the third ranked Cal team out of what nearly everyone in the universe believed was their rightful participation in the Rose Bowl.   Two of the players on that Cal team (just two of the 34 who eventually signed with NFL teams)?  A quarterback named Aaron Rodgers who, when I last looked, was still playing in the NFL.  Another…a back-up running back named Marshawn Lynch.   

Rickapolis
Rickapolis

The real tragedy is that this isn't uncommon. A guy with millions that most of the rest us can only dream about throws it all away. Very sad. And for the pathetic losers who think this has anything to do with race, well, they're pathetic losers. Remember Ryan Leaf. 

closetjaysfan
closetjaysfan

Live within your means.  This goes for those receiving food stamps to doctors and lawyers and even pro-athletes. 

nomobo
nomobo

.(1) Chapter 11 means he is on a (re)payment plan. (2) Will he default on the plan? Yes (3) Do you think that Peyton Manning will find himself in such a situation? No.

My point is that Vince Young is stupid, not just young and stupid. Great athlete, though.

Listening
Listening

This is really sad.  I wish I could feel sorry for him but some people think once you are in the "good life" that's the way it will always be.  Whether it's supporting 20 or 30 loser so called friends, buying cars you have no business buying, jewelery, ect........  If he could not see that he needed to quit living a millionaires life with little or no income being generated then I do not know what to tell him.  I can see how appealing the lifestyle is and how easy it would be to get comfort from it.  I hope he does not have a bunch of kids.  This would scar them for life.  Best wishes......

QuezeboJones
QuezeboJones

Why doesn't he sell one of his five cars.

alhmiel1
alhmiel1

Throw the moron Young in prison if Young is that stupid with his money. amazing how dumb these guys are.

RandySandberg
RandySandberg

Because he was a great athlete, I'm sure he never had to study in middle school, high school, or college.  Now what does he have to fall back on?  Quit coddling this athletes.  Do you think Johnny Manziel goes to class?  Have you ever heard latest Heisman trophy winner speak?  This is not a black/white issue.  This is an issue where teachers either look the other way or are pressured into giving these athletes passing grades.  If you have a son or daughter who is a great athlete, don't let this happen to them.

ArnoldKnack
ArnoldKnack

He received a million dollars plus salary in 2011, plus endorsements, and he is bankrupt? Hey, I'm retired and basically living on social security and some small investment income totalling in the low to mid 5 figures and I'm not. How  can I get $10 million in  liabilities?

jackgorfin
jackgorfin

an ex pro athlete not having a clue about finances?  nah, that never happens...........

ChiefG
ChiefG

He made 26 million and is filing Bankruptcy?

Incredible. I could retire on 1 million.  I make it just fine on $40,000 per year.

BarrySoetoro
BarrySoetoro

Dis bees whut happens when youse makes 6 on de WunderLic.

Hoggy
Hoggy

5 cars and 200K in jewlery? Vince Young is an all-time classic DUMBASS. He absolutely has earned and deserves to be the joke that he's become.

abigsoxfan
abigsoxfan

Yet another professional idiot. Why these morons don't take half of their after tax income and put it in some relatively safe investment is beyond me. Doesn't take a rocket scientist to figure that out. But these guys apparently are incredibly more stupid than rocket scientists or even average Joe's. 

x72
x72

Glad he's broke, maybe he'll learn his lesson now. Won't be as easy to save money with his new dish washing job though.

rskins09
rskins09

@DennisTMenance       Your right but try telling  any of these  now broke  NFL  players that ... Most cases your wasting your time..Not going to listen to anybody ....There not going to listen to even Warren Buffet  one on one ...It's  cars, jewelry , big house and women ..Savings, investments are always last on their list ...A lot will have at least  five cars ...You can only drive one car at a time  as Charles Barkley  said ...  

Listening
Listening

@JeffDowdy

Yep......  waste of money.  Could have taken a smaller private jet for less. 

rskins09
rskins09

@Rickapolis        Ryan Leaf  ?   ... Don't you mean  Mr. Personality ...   He opened up a  Charm School  in   Montana  week before last  ...

Rick57
Rick57

@Rickapolis Actually, Ryan Leaf is a bad example. Yes, he blew up his career but he was intelligent with his money. He may have problems now but they aren't because of finances.

EasyGoer
EasyGoer

@Rickapolis You are correct in one way, but incorrect in another. The part you are incorrect about is the racial aspect. Most of these posts have EVERYTHING to do with race. People are just waiting for a negative story on any black person so they can spew their hatred and prejudice. It's a common theme. That's why I laugh hard whenever I read or hear the term 'post-racial America.' I laugh but it's sad, and the posts are very telling of where we actually stand. Read through them and you may see my point.

EasyGoer
EasyGoer

@BarrySoetoro Ha ha. Your true racism shows itself. Same for most of the posters on these sites. Real thing is you are jealous because you have no talent in anything.

mjt424
mjt424

@HoggyThose are the two points that stood out to me too. I think Vince was trying to keep up with the Joneses' as they say. More athletes should be burying money is conservative investments and saving and allot themselves a minimal amount of their "lottery winnings" as the NFL gravy train doesn't last long for most.

train805
train805

Because most of these morons actually think a $25 million contract, means, they put $25 million in the bank or their pockets. Part of it is coming from the hood, part of it is no one taught them a thing about finances, part of it is pressure from "family" "friends", and sometimes they're just idiots.

Voiceover310
Voiceover310

@x72 He gets a retirement from the NFL.....don't worry kid, your dishwashing job is safe. 

DanLeeper
DanLeeper

@EasyGoer@BarrySoetoro Racism? Stupid knows no color. If I like or dislike you your race means little, what's your work ethics, whats your hand shake worth?

What's our friendship worth? If your a good player in any sports what's your race matter? NY. just singed an Asian pitcher to a megabuck deal. If He's good so what? And if he stinks? so what. Race doesn't matter. Good, bad, and ugly in all of it    

JeniinIL
JeniinIL

@mjt424 @Hoggy I wonder if the teams could help these guys out by making a portion of their pay long-term investments instead of cash all at once (or over a few short years).  Knowing human nature . . . it could make a difference.

EasyGoer
EasyGoer

@train805 So, this never happens outside the 'hood,' right? Nobody in lily white neighborhoods, Hollywood, etc. ever goes bankrupt, correct?