Professional Athletes and the Prevalence of Bankruptcy
This news is about NBA players and bankruptcy is from a few years ago. Now comes even worse news regarding NFL players and bankrupt.
The 78 percent number (i.e., 78% of NFL players go bankrupt within two years of
retirement) is buoyed by the fact that the average NFL career lasts just three
years. So, figure a player gets drafted in 2009, signs for the minimum and lasts
three years in the league: He will have earned about $1.2 million in salary.
Factor in taxes, cost of living and the misguided belief that there will be more
years and bigger paydays down the road, and it becomes a lot easier to see how
so many players struggle with money after their careers end.