Of all the popular sports, the NBA has some of the wealthiest players because they earn a lot of money from getting signed. Unfortunately, even while earning large salaries can allow one to live a life of luxury, it’s still possible to go bankrupt if these funds are not managed properly.
We have heard of players squandering millions of dollars on nonprofitable items, leaving them financially broke. Although it’s unknown what they spend their millions of dollars on, many have been influenced by their fame, fortune, and the opulent lifestyle that comes with playing being signed by NBA.
Numerous famous NBA players in the past have reportedly filed for bankruptcy at some point in their lives. This includes several NBA champions and a few Hall of Famers who experienced financial setbacks but ultimately recovered.
As a basketball fan, staying updated with the NBA rumors, sports odds, predictions, and picks may not be your only interest. You may also want interesting stories like NBA players that went broke. This article discusses five NBA players who went bankrupt during their careers and ended up broke.
- Dennis Rodman
One of the most notorious players during his time was Dennis Rodman. With all his NBA accomplishments, Rodman has earned a significant amount of money from the league. He has also participated in wrestling and performed in numerous events due to his well-known demeanor.
Rodman was elected into the Hall of Fame in 2011 and earned around $26 million during his career. In addition to these, Rodman made money via endorsement agreements.
Despite the high wages, Rodman eventually joined the NBA players’ club of the financially insolvent. His financial stability suffered as a result of a luxurious lifestyle. Rodman was charged many fines for traffic offenses off the field and fines from the NBA. In addition, he had legal problems concerning child support for one of his ex-wives.
- Anthoine Walker
Antoine Walker is well known for sharing the NBA title with LeBron James in 2006. He is a three-time All-Star who began his career with the Boston Celtics and had some of his best individual seasons there.
Aside from his marital difficulties, Walker’s estimated $90 million wealth was primarily spent on gambling addiction and legal expenses. Walker is said to have recovered from his debt and was caught selling his Miami Heat ring for cash.
- Shawn Kemp
Shawn Kemp, a six-time NBA All-Star and legendary member of the Seattle Supersonics, did not exactly go bankrupt but experienced some financial difficulties after leaving the team in 1997. Kemp is known to have fathered at least seven children with six different women and has had financial challenges paying child support since the late 20th century.
Kemp had a history of arrests, was once suspected of having a drug problem, and spent the latter stages of his career as a bench player. Overall, Kemp avoided bankruptcy but lost a significant portion of his estimated $92 million profits and has battled numerous child support lawsuits since 2000.
- Derrick Coleman
Unexpectedly, Coleman lost all of his money, despite being one of his day’s young, talented NBA players. An extravagant lifestyle and excessive partying badly harmed his financial situation. Additionally, the loss of his investments in Detroit was eventually caused by the 2010 economic crisis.
Thankfully, Coleman has now been able to change things around. According to rumors, the former NBA player returned to Syracuse University to complete his bachelor’s degree in sociology. Coleman has been actively promoting equality and clean water in Michigan.
Stay up to date with all the NBA gist and rumors, know what your favorites are up to, and keep tabs on their career and personal lives.
