After a 9-year $40 million career, Clinton Portis declares bankruptcy

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pete6032

pete6032

Diamond Member
Dec 3, 2010
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#30 all time NFL leading rusher with 9,923 career yards.

Clinton Portis made enough money during his NFL career in Denver and Washington that he should be set for life: In nine NFL seasons, Portis made more than $40 million.

But Portis isn’t just not set for life, he’s broke. Portis filed for bankruptcy this week, saying he has debts of more than $5 million that he can’t afford to pay.

We noted in June that Portis had a debt to the MGM Grand Hotel in Las Vegas of $287,178.56, and that the IRS accused him of failing to pay $401,432.18 in federal income taxes in 2006, and $57,187.61 in federal income taxes in 2010. Portis also lists debts of $500,000 to his mother, $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.

Portis’s failed business ventures have included sinking $8 million into a casino that went belly-up, and putting $2 million into a “wealth management” firm that was later described as a Ponzi scheme.

The 34-year-old Portis rushed for more than 1,200 yards in five of his nine NFL seasons.
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http://profootballtalk.nbcsports.co...more-than-40-million-clinton-portis-is-broke/

LZp3V6P.jpg
 
rh71

rh71

No Lifer
Aug 28, 2001
52,844
1,049
126
How do you even owe hundreds of thousands to normal people like your mom and a reporter?
 
DrPizza

DrPizza

Administrator Elite Member Goat Whisperer
Mar 5, 2001
49,601
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www.slatebrookfarm.com
If you're a star athlete, you don't have to be smart to make it through college. Stupid people are often separated from their money - see "lottery winners" for more information. Players in some positions do seem to be smarter than the average player, in general. E.g., quarterbacks.
 
lxskllr

lxskllr

No Lifer
Nov 30, 2004
58,163
8,436
126
tortoise said:
In hindsight . . after-tax $20 million invested in VWEAX would currently provide around $95,000 before-tax monthly dividends (which fluctuate with market conditions). Pay state and federal estimated quarterly taxes, and adjust spending accordingly.
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In hindsight, sticking $20m under the mattress would give him $500k a year for 40 years. I can barely comprehend the ineptitude it takes to lose that kind of money.
 
OverVolt

OverVolt

Lifer
Aug 31, 2002
14,278
89
91
He will be alright. Declare bankruptcy, wipe the slate clean and become a commentator/trainer or some other post NFL career in the NFL.
 
E

Exterous

Super Moderator
Jun 20, 2006
20,499
3,618
126
DrPizza said:
If you're a star athlete, you don't have to be smart to make it through college. Stupid people are often separated from their money - see "lottery winners" for more information. Players in some positions do seem to be smarter than the average player, in general. E.g., quarterbacks.
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I can't vouch for his intelligence but there is often more to the issue than stupidity. Ignorance, the greed of friends and family along with hedonistic adjustment plays a big part. These players likely received little to no financial education from their role models (or worse - people blaming unrelated faults on traditionally valuable investments) and then suddenly have hundreds of people with their own, contradicting investment schemes with pretty charts and an overload of official looking numbers about why they are the best option. Thus they are left to decide who is lying and who isn't without any sort of foundation to base their decisions on. Meanwhile there is the peer pressure of keeping up with all of the other players and their lavish spending habits supported by an obscene income

The worst and probably most depressing is what money does to friends and family. I have seen some otherwise completely normal acting and intelligent families torn apart when it comes to sudden influxes of money. In a single day it can change to every little action being analyzed for slights and if the wealthy person doesn't give money for this and that they are described as 'heartless' and 'miserly cheapskates'. People come out of the wood work and ask for money. "What do you mean you can't loan me a couple thousand dollars? Don't you remember that time you needed money and I gave you $20? I helped you why can't you help me? Paying off my debt would be nothing with your income." People helped once keep coming back for more and, usually, higher amounts.

I believe the major sports leagues are doing a much better job preparing their athletes to enter a previously unfathomable financial situation but I think its a relatively recent addition so I think we'll still see a fair number of these stories for a few years to come
 
Red Squirrel

Red Squirrel

No Lifer
May 24, 2003
68,817
12,801
126
www.anyf.ca
lol I don't even feel bad for people who end up like this. You have to screw up BADLY to end up this way. Is it really that hard to take 1 mil and stash it somewhere in case of emergency?
 
Red Squirrel

Red Squirrel

No Lifer
May 24, 2003
68,817
12,801
126
www.anyf.ca
KLin said:
wtf is with that url in your post?
PHP: 
[URL="http://cs5.pikabu.ru/images/previews_comm/2015-03_1/14252451475970.jpg"][/URL]
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Probably some kind of tracking thing. Oddly it goes to a sideways image of Neilson "ha ha!" image hosted on a Russian server. Putin is going to come and get us.
 
Zorba

Zorba

Lifer
Oct 22, 1999
15,416
11,025
136
Easy come easy go. I've read many articles about how some asinine percentage of athletes end up going broke (in the 70% range). Highest percentage is NFL, then NBA. IIRC, baseball players are the least likely to go broke.

Take 22 year-old kids that have never had any real money, never taught how to take care of money, grew up in the environment where $1M is infinite money and the car you drive is everything. Then give them $1M a year and watch how quickly it gets blown.

Not mention there is a whole line of sleaze looking to take advantage of them.
 
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