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In a 10 to 15 year span, an outstanding professional athlete can earn as much money as a successful corporation. But too often, many athletes find themselves on the opposite end of wealth after their playing days end. Boxing champion Evander Holyfield recently became the latest sports great to experience financial hardship.
On July 7, Holyfield’s 109-room mansion in Fairburn, Ga., will be foreclosed on. How can a man who grossed more than $248 million while boxing be unable to pay his mortgage? Similar to other downtrodden athletes, Holyfield’s financial problems are likely caused by several missteps that created a disastrous economic situation. –amir shaw
Somebody else was minding the money – During his prime, Holyfield needed to spend most of his time in the gym perfecting his craft, not learning the nuances of managing a multimillion-dollar brand. Holyfield likely allowed his handlers to take care of the majority of his business so that he could focus on being the best boxer in the world.
Bad teammates – Many athletes are lucky to be a part of a winning team on the field, but it can be difficult for athletes to find a winning group off the field to surround themselves with. Holyfield didn’t have a “posse,” but he definitely chose the wrong individuals to take care of his finances.
Failed relationships – A failed relationship can be like Kryptonite to an athlete. Holyfield has fathered 11 children by several different women. The child support alone could be close to six figures per month.
Generous to a fault – Holyfield is one of the nicest professional athletes in America. However, his generosity could have cost him millions. According to a story done by ESPN, Holyfield has given Creflo Dollar and World Changers Ministry nearly $20 million in tithes.
