Prominent celebrities, including sports players or movie stars, can lose their money. You might think that because you are a professional athlete and famous for playing a sport, your financial troubles are behind you. After all, sports fans love to see their favorite athletes win trophies and make millions of dollars.
However, despite these advantages, many sports players have gone broke due to overspending and bad financial decisions. You will always find a story in sports news about a celebrity who is bankrupt. Here are some athletes and celebrities who went broke even after their successful sports careers.
Mike Tyson is a retired Amer, a boxer, and a former heavyweight champion. He was born in Brooklyn, New York, and began his career at 18. Tyson became the youngest heavyweight champion in history when he defeated Trevor Berbick in 1986 at age 20.
In 1992, Tyson lost to Buster Douglas for the first time during his professional boxing career. After failing to Evander Holyfield in 1997, Tyson lost all of his remaining fights. He was convicted of rape in 2003 but returned to boxing in 2005.
He went broke after a series of lost fights, and it got worse when he was disqualified for biting an ear off one opponent's head during their rematch fight. He was declared bankrupt later on.
Michelle Wie is a professional golfer. When you're a millionaire and a professional athlete, it's easy to assume that you have a perfect life. But even though these athletes have their fortunes, they've also run into some financial troubles.
Michelle Wie is one of such athletes! She was born in 1992 and has been on tour since 2005. She won her first tournament at just 14 years old and has gone on to win 8 LPGA Tour events since then. Michelle also had one major championship under her belt, the U.S Women's Open, back in 2017.
She took home $ 1 million for winning the championship. But even with all this success under her belt, Michelle still can't manage her finances very well. In 2016 she had over $ 2 million worth of debt that included taxes owed for several years prior.
After claiming bankruptcy several times before because she spent her money carelessly, her parents helped finance many things for her until they passed away.
Dennis Rodman is a former Chicago Bulls forward. Dennis is famous for being a tough man to deal with or handle. He had several run-ins with the law, including an arrest in 2003 on charges of domestic assault against his then-wife, Carmen Electra.
As well as being known as a playboy, Dennis Rodman is also famous for his eccentric behavior and colorful appearances. Rodman went broke and was also declared bankrupt.
He's a former Chicago Bulls forward and a member of the Chicago Bulls during their dominance of the 1990s, including six NBA Championships in eight seasons. He played along with Michael Jordan as part of the most legendary teams in sports history.
Pippen was named an NBA All-Star five times with the Bulls and won two Olympic gold medals. He was also named MVP of both NBA Finals series he played in 1993 and 1998.
Scottie Pippen is known for his bad financial decisions after retiring from basketball in 2004. These decisions resulted in bankruptcy.
Evander Holyfield is a former world heavyweight boxer. He won the world championship three times, was an Olympic gold medalist in 1984, and was inducted into the International Boxing Hall of Fame in 2012.
He won his first title in 1990 when he defeated Buster Douglas, who was unknown. In 1997, he lost his titles twice to Lennox Lewis after suffering back injuries. But although he made a lot of money from his boxing career, Evander doesn't have any more money! Why? Bad investments.
Holyfield lost his millions in bad investments when he invested his money with financial adviser Michael Glynne, who has since been convicted of fraud.
Unfortunately for Holyfield, this was one more example of how celebrities can be taken advantage of by people they trust. This bad investment ruined him financially.
Many athletes and celebrities have declared bankruptcy after losing their millions. These athletes lost their money either because they spent too much, invested in bad business deals, or did not manage their money well.
A good example is Mike Tyson, who declared bankruptcy in 2003 after spending a lot of money on cars, houses, and fine art collections. Many retired athletes have financial trouble after retirement because they never invested in their future.