Another former professional athlete that played for a team in Florida has filed for bankruptcy. The player this time is former NFL player Warren Sapp. He was formerly a defensive lineman on the Tampa Bay Buccaneers. After retiring from playing the game, he began television work with both Showtime as well as the NFL Network. The news of this filing comes on the heels of the dismissal of former NBA star, and Miami Heat player, Antoine Walker’s Chapter 7 bankruptcy case.
Documents filed in the case indicate that Sapp owes money to creditors as well as back child support. Combined, the amount owed totals more than $6.7 million. In addition to the amount that he is in arrears, Sapp also must continue to pay more than $75,000 each month in alimony and child support.
Sapp’s assets appear to be worth a total $6.4 million. In his current job, he reportedly makes around $116,000 each month.
As is a routine part of a Chapter 7 bankruptcy, Sapp’s assets will be liquidated and the proceeds distributed to his creditors. Included in those assets are reportedly a $1,200 lion skin rug, a $2,200 watch and a collection of Nike Air Jordan shoes valued at $6,500.
Most people believe that once retired, a professional athlete will continue to live a life of luxury. Statistics however tell a different story. Sports Illustrated magazine reports that 78 percent of retired NFL players either find themselves in financial trouble or end up filing for bankruptcy. Sapp is yet another reminder that anyone could find themselves facing bankruptcy.
Source: FOX 13 News, “Former Buccaneer star, Warren Sapp files for bankruptcy,” Gloria Gomez, April 9, 2012