Pro Athlete Bankruptcy

Another Pro Athlete Declare Bankruptcy

There are things that just go together: peanut butter and jelly, chocolate and marshmallows, franks and beans, and there are other things that shouldn't, but do. In this category are millionaire athletes who declare bankruptcy. While the financial failures of these well-paid, prime-time celebs and heroes of young boys and girls everywhere may not be quite as common as a PB & J, CNN reports that "60 percent of NBA players go broke within five years of retirement....more than 75 percent of [NFL players] are broke within 2 years of leaving the league."

Perhaps the poster-child of the financially-failed athlete is NBA star Antoine Walker who famously blew through over $100 million and had to declare bankruptcy. Latrell Sprewell lost his $100 million earned in the NBA as well. Both together are peanuts compared to the $400 million that Mike Tyson was said to have lost on the way to his day in bankruptcy court. The list continues on and is sad and long.

Portis was the second-round draft pick of the Denver Broncos where he became the Offensive Rookie of the Year. In his third year in the NFL, he signed a contract for over $50 million with the Washington Redskins and became a two-time Pro Bowl selection. When he left the league, his annual income dropped to a mere $90,000 per year. While that sounds like good money to many, it doesn't pay for the lifestyle that Portis was accustomed to while he was playing ball, especially with a divorce and child support under his belt. He was forced to declare bankruptcy.

According to Celebrity Net Worth,