Clinton Portis, former Washington Redskins and Denver Broncos running back, who made more than $40 million during his NFL career, has filed for bankruptcy. With that amount, most of us would be set for life, but Portis is flat broke. This shouldn’t come as a huge surprise, since studies have shown that a high percentage of NFL players declare bankruptcy after their game days are over. A Sports Illustrated (SI) article from 2009 indicated that after two years of retirement, a whopping 78 percent of former NFL players went bankrupt or suffered financial stress due to joblessness or divorce. Taken in total, almost 16 percent of the players studied declared bankruptcy during the first twelve years of retirement.
The federal bankruptcy filing showed Portis owes nearly $5 million to creditors, including $500,000 to his own mother. Portis, 34, also lists debts of $500,000 to Entertainment Tonight correspondent and former sideline reporter Nischelle Turner, $412,000 in “domestic support obligations” to four different women, and $175,000 in car loans, according to court records.
But Portis’ biggest debt is owed to a mortgage company. The debt is listed as a “mortgage deficiency” of $1,023,020. Portis also owes the IRS $390,000, an amount he is disputing. The MGM Grand Hotel and Casino has also won a judgment of $287,178 against Portis.
Some of the running back’s failed business ventures attributed to his bankruptcy filing, which included sinking $8 million into a casino that went belly-up, and putting $2 million into a ‘wealth management’ firm that was later termed a Ponzi scheme.
Portis rushed more than 1,200 yards during his nine-season NFL career. He finished with 9,923 rushing yards and 80 total touchdowns. Portis’ final NFL game was with the Redskins in November 2010. A hearing is scheduled for Portis’ bankruptcy case on February 4, 2016 at the U.S. Courthouse in Gainesville, FL.
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Related Resources: http://www.cbsnews.com/news/1-in-6-nfl-players-go-bankrupt/
