Mark Brunell is bankrupt

[Senator Palmer]

I had this conversation with a friend of mine almost ten years ago, and we came to the consensus that with all the money these guys make in the modern era (ungodly sums), that you'd have to be an idiot to go broke. From then on I thought that all these stories of athletes complaining about feeding families and worried about going broke after retirement was overblown. I just had a hard time wrapping my head around it.

But after seeing how Michael Vick blew a $120 million contract, Brunell blowing $50, Chris McCallister moving back home with his parents, I obviously overestimated their common sense. Idiot might not do it justice.

[untrugby]

Vick only got 39 mil of his $130 mil contract and he had to give some of that back to the falcons.

[AutoMG]

Yeah, I don't get how they blow so much money. Makes no sense.

[Senator Palmer]

Quote: Originally Posted by untrugby

Vick only got 39 mil of his $130 mil contract and he had to give some of that back to the falcons.

I know he didn't bank the whole contract. Didn't feel like digging up the details from the bankruptcy filings. But he totaled a lot more than $39 from the Falcons. In 2004, the year the contract was signed, he made more than $37 Million in bonuses. In 2005 and 06, the bonuses were totaled at $29.5 million. That's not even taking into account the endorsements.

And the Falcons did get a $20 million judgement, but they worked out an agreement in a settlement between $6.5 - $7.5 million pending the outcome of another case.

[DukeC]

How long has Mark Brunell been in the league? 20 years? And he STILL went broke?

[TheMatrix31]

Quote: Originally Posted by untrugby

Vick only got 39 mil of his $130 mil contract and he had to give some of that back to the falcons.

Even if he "only" got 39 million, and even if he had to give, lets say HALF of that back.....that's 19.5 million dollars.

There is no way ANY person should go broke with 19.5 million dollars.

None.

[GRUNT007]

Few poor or working class people are ready to manage large amount of money. Just at the people who won the lottery. Many of them end up broke too and with the real estate bubble tons of people lost their wealth.

[p_rushing]

Brunell actually isn't bankrupt and I didn't see anything new in the story that wasn't known last year. He has filed for bankruptcy so that he can afford to pay back his creditors. He has also helped out other players and friends that also invested in those businesses. He tried to keep them afloat using his own money, but could no longer afford to do that.