Did you know that 60% of NBA players go broke within 5 years of retiring? Did you know this is a recurring trend throughout all sports? A recent article from USA Today sighted research done by Sports Illustrated in 2009 that 78% of NFL players face serious financial trouble within 2 years of retiring. Most of it comes from the fact that the players are young and naive, spending a large chunk of their money on frivolous things at the beginning of their career. Some teams are taking the initiative to give new recruits classes on money management, but this trend does not seem to be stopping. Is there anything that can be done to reset this trend or are most athletes doomed to bad cash calls and bankrupt futures? Check out the long list of bankrupt athletes and let us know what you think.
Warren Sapp filed for bankruptcy in April 2012.