Another NFL Star Goes Bankrupt
Another month, another NFL star goes bankrupt.
Retired NFL star Jamal Lewis, who bruising running back style powered the Baltimore Ravens their 2001 Super Bowl victory, is the latest in a long line of professional athletes who have filed for bankruptcy,
According to media reports, Lewis, who also played for the Cleveland Browns before hanging up his cleats, claims cannot reconcile his eight-figure debt with some major U.S. corporations. A recent report suggested that upwards of 60-70 percent of NFL and NBA stars are broke less than five years after retirement. And with Lewis, we can add another NFL star to the casualty list.
The Atlanta resident filed Chapter 11 papers in Fulton County, Ga., where he reported $14,455,854 in assets but he’s racked up a whopping $10,566,764.18 in debts.
The list of creditors include Bank Of America, who has a lien for $947,876, Mercedes Benz $113,ooo, and Chrysler for another 15 grand. And that’s just for starters.
At least Lewis has viable collateral to work with to try to satisfy his colossal debt. Among his assets, Lewis listed five homes, a fleet of luxury whips (almost a requirement for pro athletes), a $500,000 401(k), and 50% ownership in Fort Rapids Indoor Waterpark in Columbus, Ohio, which is worth about $6 million.
Lewis, who helped usher in the era of linebacker-sized running backs who dished out as much punishment as they took, stated in the paper filings that he is self-employed and earns approximately $35,000 a month.
By filing Chapter 11 Jamal and completing the proper paperwork (unlike T-Boz unfortunately), Lewis is able to keep most of of his worldly possessions, while negotiating reduced and extended payments to creditors.
— terry shropshire