Riches to Rags: Sport stars who went broke in retirement

The adrenaline rush of competing in front of thousands of cheering fans, along with the lavish lifestyles that come with lucrative contracts, can make the life of a pro athlete seem like a fairytale. However, not all sports stars manage their finances wisely, and some end up facing financial ruin once their playing days are over. Here, we take a closer look at several high-profile athletes who went from living the high life to experiencing the harsh reality of bankruptcy.

Boris Becker, a tennis icon and multiple Grand Slam champion, achieved worldwide fame and fortune in the 1980s. However, Becker's extravagant lifestyle, including expensive homes, luxury cars, failed business ventures and divorce settlements contributed to his financial struggles. In 2017, he was declared bankrupt squandering a fortune of over $200 million, according to the Mirror. He was also jailed for hiding over 3 million dollars in his fraud case relating to his bankruptcy. 

Dennis Rodman was characterized as someone who was very generous during his NBA career. But his generosity wasn’t what caused him to go broke. According to ABC News, Rodman had a serious drinking problem in 2012 that led to him filing court papers saying he could not afford to pay child support. At the time, he owed his ex-wife over $837,000 in back child support and was previously ordered to pay her $50,000 a month, according to Nicki Swift. 

As a charismatic and immensely talented NBA player, Allen Iverson captured the hearts of basketball fans worldwide. Unfortunately, Iverson's extravagant spending habits, coupled with a messy divorce and numerous legal issues, eventually led to financial downfall. Despite earning over $154 million in salary alone, Iverson faced significant debt and filed for bankruptcy in 2012.

Often regarded as one of the greatest quarterbacks of all time, Johnny Unitas was not as skilled at handling his finances. In 1984, the NFL All-Pro went all in on a circuit board company that failed soon after. He was forced to declare bankruptcy in 1991 and owed as much as $3.2 million to Baltimore and the state of Maryland.

Mike Tyson: Once known as "Iron Mike" and considered one of the greatest boxers of all time, Mike Tyson amassed a fortune estimated at $300 million throughout his career. However, poor financial management, extravagant spending, and legal troubles took a toll on his finances. In 2003, Tyson filed for bankruptcy, with debts exceeding $$38.4 million, according to the Bleacher Report, 

Marion Jones was a track and field sensation, winning multiple Olympic medals and World Championships. However, her career took a dark turn when she admitted to using performance-enhancing drugs and subsequently had her medals stripped. Along with the loss of her reputation, Jones faced a series of legal battles and financial challenges, ultimately leading to her bankruptcy filing in 2007.

Antoine Walker enjoyed a successful career in the NBA, earning millions of dollars during his time on the court. However, poor financial decisions, including a failed real estate venture, lavish spending, and gambling habits, quickly depleted his wealth. Walker's financial decline was so severe that he filed for bankruptcy in 2010, despite earning approximately $108 million during his career, according to The US Sun. 

Lenny Dykstra, a former Major League Baseball player, achieved success on the field as a member of the New York Mets. However, after retirement, Dykstra's financial troubles began to surface. He faced bankruptcy, legal issues, and even served time in prison for bankruptcy fraud and other charges.

Known for his incredible talent and flamboyant personality, Terrell Owens made a significant impact in the NFL. Despite earning more than $80 million throughout his career, Owens found himself struggling with financial difficulties due to extravagant spending, child support payments, and failed business ventures. In 2012, he filed for bankruptcy. 

Vince Young, a former NFL quarterback, was once hailed as a rising star in the league. However, financial mismanagement, extravagant spending, and a series of legal battles took a toll on his finances. Despite starting with a $25 million fortune, according to Sports Illustrated, Young filed for bankruptcy in 2014.

Evander Holyfield, a legendary heavyweight boxer, amassed an impressive fortune throughout his career. Despite earning a whopping reported $500 million during his career, according to Sportskeeda, Holyfield faced financial challenges due to extravagant spending, multiple divorces, and poor financial management. In 2012, he faced foreclosure on his Georgia mansion and filed for bankruptcy.

Lawrence Taylor, a former NFL linebacker, was renowned for his dominant performances on the field. However, Taylor battled addiction and faced numerous legal issues after retiring from football. Financial mismanagement, coupled with legal expenses and tax problems, eventually led to his bankruptcy filing in 1998.

Diego Maradona, an Argentine soccer legend, captured the world's attention with his exceptional skills and memorable goals. Despite earning massive sums of money throughout his career, Maradona struggled with addiction, extravagant spending, and legal troubles. In  2009, there Argentine filed for bankruptcy after Italian Tax Authority demanded he pay around £53 million in unpaid taxes from his time as a Napoli player, according to Sportskeeda.

Warren Sapp, a former NFL defensive tackle, enjoyed a successful career that included Super Bowl victories and individual accolades. However, poor financial choices, including excessive spending and failed business ventures, led to his financial downfall. In 2012, Sapp filed for bankruptcy, despite earning tens of millions of dollars during his playing career.

John Daly, a professional golfer known for his raw talent and unconventional personality, earned millions of dollars on the PGA Tour. However, Daly's struggles with addiction, excessive gambling, and impulsive spending ultimately led to financial troubles. In 2006, he filed for bankruptcy, having reportedly lost between $55-57 million in gambling alone.