Just seven years after signing a mega-$26 million contract with the NFL’s Tennessee Titans, former star quarterback Vince Young (pictured) has reportedly filed for Chapter 11 bankruptcy, according to the Houston Chronicle.
Vince Young’s name was on the tip of every sports analyst and player’s tongue, when he received one of the largest rookie contracts ever after being drafted by the Titans back in 2006. Young, 30, also won the “Rookie of the Year” title as well when he signed on with the NFL team.
Young’s spending habits became reckless, though, with monthly spending sometimes as high as $200,000.
According to his former financial adviser, Ronnie Peoples, who spoke to NFL.com, Young spent money faster than he made it, “It’s almost like I can have a $30,000 budget that I know we had to pay here, but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money.”
Peoples, who is president and CEO of Peoples Financial Service Inc. in Raleigh, N.C., testified under oath at a deposition hearing that he arranged a high-interest, seven-figure loan for Young during the 2011 lockout because the player wanted to throw himself a $300,000 birthday party even though he was running low on funds.
Young, who has four children with four different women, has been immersed in lawsuits that stem from a $1.8 million loan that was taken out in his name during the 2011 owners’ lockout of players. A judgment in favor of the company that made the loan has grown to $2.5 million.
Young sued a group that includes his former financial adviser and ex-agent, claiming fraud and accusing them of swindling him out of $5 million. He has also denied receiving any monies from the loan. Although a settlement reportedly has been reached in the second case, nothing has been finalized.
Reportedly Young’s bankruptcy petition shows that he and his wife, Candice Johnson, have estimated assets between $500,001 and $1 million and liabilities from $1 million to $10 million.
Young, who lives in a palatial spread that could be seized to pay his debts, has had his fair share of problems over the years since he signed with the Titans. In 2008, Young suddenly went AWOL, refusing to use his cell phone, after being booed during a home game.
Friends and family summoned police to help find Young, and even though he was discovered a few hours later, his mental health was questioned and his disappearance was highly publicized.
After his contract expired in 2010 with the Titans, it was not renewed and his career at that point spiraled downward. He went from a starter to bench warmer with the Philadelphia Eagles for a year. He then did a year’s stint with the Buffalo Bills and Green Bay Packers but failed to make either squad.