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240 Pair of Michael Jordan Sneakers During Bankruptcy

Posted by David Falvey on Wednesday, April 11th, 2012 - 561 views

Who among us has almost $7,000 to blow on athletic shoes? Warren Sapp, a top NFL defensive tackle who patrolled the gridiron trenches for over a decade, has the dough. Or at least he had. Sapp, a seven-timer Pro Bowler for the Tampa Bay Buccaneers, and currently a football analyst for the NFL Network, is broke and has filed for bankruptcy in South Florida.

Despite a monthly income over $100,000, Sapp has managed to ruin himself: he owes almost $7 million, both to creditors and for alimony/child support. No doubt the small fortune he blew on athletic shoes contributed to his downfall. Not to mention the watch he owns that’s worth more than many peoples’ automobiles.

Sadly, Sapp had to sell his 1991 University of Miami championship ring as well as the ring he received for being part of the Buccaneers 2002 Super Bowl win. What’s next? Probably the lion skin rug he still owns that’s worth over one grand.

Sapp was also once a contestant on ABC’s “Dancing with the Stars.” But his dancing abilities, or relative lack thereof, are unlikely to propel him out of his financial woes.

Sapp joins a parade of former professional sports stars in deep financial difficulties that include NFL star Terrell Owens; NBA stars Dennis Rodman and Allen Iverson, and Major League baseball star Lenny Dykstra.

According to Sports Illustrated, almost 80 percent of NFL players and 60 percent of those in the NBA file for bankruptcy within two years of their retirement. What gives? How do star players with multi-million dollar contracts blow it all in a relative fortnight? Bad financial advice, no doubt. And being overwhelmed with the riches of Croesus.

Washington Post Sports reports that the National Football League’s rookie symposium was set up to school new players to the league in how to responsibly invest the millions from their newly-signed contracts. But it doesn’t seem to be helping.