Vince Young once infamously called the 2011 Philadelphia Eagles “a dream team”. Apparently one wouldn’t look at his finances and call it a dream.
The former Texas Longhorns standout filed for Chapter 11 bankruptcy this past week, per David Barron of the Houston Chronicle.
Barron offered this on what has brought Young into a tough financial situation, suggesting that Young is in a deep amount of debt, largely stemming from lawsuits where Young did not receive the money he was set to be loaned during the 2011 NFL lockout, when players were not paid.
Attorney Brian Kilmer of Houston filed the petition last week in a Houston federal bankruptcy court on Young’s behalf, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. No specific details on Young’s assets and liabilities were immediately available.
Over the last year, Young, 30, has been locked in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout.
A New York state court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan, which along with interest has grown to more than $2.5 million, according to a Pro Player attorney.
In the wake of the New York case, Young sued a group that included his former financial adviser, Ronnie Peoples of Raleigh, N.C., and his former agent, Major Adams II of Houston, claiming that the defendants defrauded him and conspired with Pro Player Funding to obtain the loan and that Young himself never received the money in question.
It’s clear that Young may have not received the money that was supposed to be loaned to him, but that he didn’t exactly do a good job of saving his assets leading into the lockout, like NFLPA Executive Director DeMaurice Smith had suggested that players do nearly a year and a half before the lockout.
Young last started in an NFL regular season game in December 2011, as he lead the Eagles to a 31-14 loss to the Seattle Seahawks, throwing four interceptions. He got chances to make the Buffalo Bills in 2011 and Green Bay Packers in 2012, but failed both times, as he was cut during the preseason. All of this came after he failed in a five-year stint with the Tennessee Titans, that saw then Titans head-coach Jeff Fisher do anything in his power to bench a guy that seemed to be extremely immature and unable to handle the pressure of the NFL, even though the team invested a top-five draft pick in him.
As recently as 2011, Young (who was going back to the University of Texas to finish his degree) said that setting his mind to being a successful student, had “made him the man he is today.” He did officially graduate in May of 2013, calling it, “an even better accomplishment that winning a national title.” Unfortunately,Young, 30 years-old now, is finding out that everyday people who graduate college, don’t get to make millions straight out of college. Most are lucky to make a million dollars over the course of a decade, which will never be enough to pull him out of the financial hole that his years of clubbing appear to have put him in.