NFL Quarterback Mark Brunell Filing For Chapter 11 Bankruptcy
Times they are a tough these days. Just consider the announcement that NFL Quarterback Mark Brunell is filing for Chapter 11 bankruptcy protection.
We’ve all heard the story time and again. A kid comes out of college, makes millions playing sports in the pros and blows the cash. It is hard to feel particularly sad for such people given the fact the loss of money is their own damn fault.
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Recently, however, the story has changed when it comes to these situations. Instead of a sports pro blowing millions on bling, more and more of them are getting caught up in the economic disaster of the last few years. This is because investments they’ve put money into are going bad, resulting in heaps of debt suddenly coming due that they can’t pay back.
Mark Brunell is a veteran quarterback of the NFL. He’s earned over $52 million in his career, but even he has just had to file for bankruptcy protection. How can this be? His scenario is similar to many pro athletes. He got involved in real estate and business investments. Things were going fine and then the Great Recession hit. We all know how that has played out in the real estate industry. Prices dropped like a rock in a lake and suddenly millions of people were holding properties that weren’t worth what was owed on them. It really doesn’t matter if you are a pro athlete or an average Joe. Everyone is getting hammered.
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So, what will happen to Brunell? Well, the fact he filed for Chapter 11 suggests he has a plan for getting out of his mess. The plan probably involves giving back properties to lenders and liquidating large amounts of debt. Brunell is at the end of his career, so things could get tight in that his income is about to be slashed dramatically. There just aren’t very many real world positions that pay anywhere near the salary of an NFL quarterback.