5 Athletes Who Went Broke and Lost All Their Money

Unfortunately, having the capacity to make money has never guaranteed an ability to maintain or build wealth over time. This should come as no surprise, of course, as the skills required to become a successful actor or elite sportsperson have little in common with the art of financial or wealth management.

Interestingly, a number of elite athletes have managed to both accumulate and lose significant wealth during their lifetimes. The most famous athletes who went broke have done so for a number of reasons, from surrounding themselves with the wrong people to failing to recognize the value provided by social casino sites over more commercial organizations.

• Leon Spinks – From Unlikely Heavyweight Champion to Filing for Bankruptcy
• Mike Tyson – The Ultimate Case Study in Athletes Going Broke
• O.J. Simpson – From US Sporting Hero to the Center of a Murder Trial
• Roland Fingers – How Poorly Judged Investments Can Burn Through a $1.1 Million Fortune
• Johnny Unitas – How Bankrupt Athletes Often Struggle to Transfer Their On-Field Success Elsewhere

Leon Spinks – From Unlikely Heavyweight Champion to Filing for Bankruptcy

The first of our bankrupt athletes is Leon Spinks. The Missouri-born heavyweight boxer shocked the world on February 15th, 1978, when he defeated the late, great Muhammad Ali to win the WBA, WBC and The Ring heavyweight titles. This was only the eighth professional career bout for Spinks, who had previously won just seven fights and dropped a split-decision draw to Scott LeDoux.

Ali famously anticipated an easy fight against the unheralded Spinks, as despite his advancing years, his opponent was largely unknown and a low-ranked contender. For once in his career, however, Spinks trained ferociously for the bout, enabling him to outwork and outland Ali at the Hilton Winchester in Las Vegas before winning on points.

Spinks became a global superstar overnight, but he lacked the maturity, skillset and work rate to sustain his success. Although he banked millions by beating Ali, he quickly fell into a spiral of drug abuse and mounting debt, while Ali reclaimed the heavyweight belts in an immediate rematch barely seven months later.

His career and earning potential quickly snowballed, despite earning two more world title shots (one at heavyweight and another at cruiserweight). Neither of these title tilts were successful, and by 1986, Spinks was filing for bankruptcy protection from creditors whom he owed $301,000. That’s the equivalent of $863,000 in today’s money.

His peak fortune of $4.5 million was subsequently reduced to just a $500 wardrobe, while his annual earnings fell to a paltry $1,600 at this time. He subsequently worked at his local YMCA and did shifts at McDonalds to help make ends meet, becoming one of the most famous athletes who went broke in the process. He sadly died of prostate cancer in 2021.

Mike Tyson – The Ultimate Case Study in Athletes Going Broke

Not only is Mike Tyson one of the greatest boxers of all-time, but he arguably lost the most amount of money of any entrant on this list. To provide some context, ‘Iron Mike’ amassed an estimated fortune of $430 million during his fighting career, which saw him become the undisputed heavyweight world champion for three glorious years between 1987 to 1990.

Unfortunately, he surrounded himself with a greedy and self-centered entourage, while the death of father figure and trainer Cus D’Amato saw Tyson fall completely off the rails. Vulnerable to substance abuse, Tyson also became famous for his ridiculous and extravagant purchases, including a 24-carat gold bathtub for $2.2 million and a trio of Bengal tigers which cost $70,000 each.

A spell in prison didn’t help either, and by 2003, Tyson found himself filing for bankruptcy. At this time, it was revealed that the self-styled ‘baddest man on the planet’ was in debt to the tune of $23 million, which equates to around $39.3 million in today’s money. His professional boxing career ended in 2005, but the good news is that Tyson’s story has a redemption arc.

In fact, he spent a great deal of time in rehab and managed to curb many of his anger issues, while also regaining an impressive level of physical fitness. He has since been able to rebuild his wealth, to the point where his current net worth has risen to an impressive $10 million. Famously, Tyson recently fought influencer Jake Paul in a high-profile bout on Netflix, earning a reputed $20 million for his troubles.

O.J. Simpson – From US Sporting Hero to the Center of a Murder Trial

Of all the athletes who went broke on this list, few have courted as much controversy as O.J. Simpson. Once known as the ‘Juice’ during his halcyon days as an American footballer, Simpson was a national hero and widely considered as one of the best running backs of all-time. He played with distinction for both the Buffalo Bills and the San Francisco 49ers, completing 11,236 rushing yards during his career.

Thanks to a slew of endorsement deals and his global profile, Simpson had a cool $11 million in his bank by the early 1990s, which is the equivalent of $26 million in today’s money. However, his world came crashing down shortly afterwards, when he was charged with the shocking 1994 murders of his ex-wife Nicole Brown Simpson and her close friend Ron Goldman.

During the course of a high-profile and globally televised trial, Simpson’s wealth was virtually reduced to nothing, thanks in part to mounting legal expenses. Even though he was controversially acquitted of the murders, he was subsequently found guilty in a civil trial and ordered to pay $33.5 million in damages to both victims’ families.

Another of our bankrupt athletes, Simpson was left destitute once the dust had settled on his legal trials. Ironically, he subsequently turned to crime to aid his desperate financial position, and in 2008, he was convicted of armed robbery and kidnapping and sentenced to a hefty 33 years in prison. Intriguingly, he was released just nine years later in 2017, but he passed away from prostate cancer in April 2024 at the age of 76.

Roland Fingers – How Poorly Judged Investments Can Burn Through a $1.1 Million Fortune

Roland “Rollie” Fingers is considered to be one the best and most influential pitchers in the history of the MLB, with the seven-time All-Star having redefined the value of so-called “relievers” in the sport. Fingers also won the World Series three times with the Milwaukee Brewers, while amassing $1.1 million during his career ($3.2 million in today’s money).

However, Fingers had joined our list of athletes going broke less than four years after his retirement, as he filed for bankruptcy with creditors who claimed that he owed them in excess of $4 million. This is more than three times what he earned during his playing career, but what was responsible for such a decline in fortunes?

In truth, Fingers suffered from a series of almost impossibly bad investments, including a pistachio farm, wind turbines and even a herd of Arabian horses. In 2007, it was also revealed that Fingers owed the state of Wisconsin more than $1.4 million in income tax, including $1.1 million in interest. This dated back to his playing career, although Fingers has since said that this particular debt has been repaid. This also appears to have been confirmed by the state’s treasury.

Despite being one of those unfortunate athletes who lost all their money, Fingers also worked hard to pay off his additional creditor debts. He achieved this by returning to work and selling lucrative baseball cards, while the bank seized his Arabian horses to help settle part of his liability. Ultimately, the experience of Fingers should serve as a warning to everyone about the importance of managing your wealth carefully, and seeking out advice for professional wealth management firms.

Johnny Unitas – How Bankrupt Athletes Often Struggle to Transfer Their On-Field Success Elsewhere

The late Johnny Unitas was one of the greatest American footballers of all-time, having famously led the Baltimore Colts to Super Bowl V in 1971. ‘Golden Arm’ also earned the accolade of being the NFL’s Most Valuable Player (MVP) three times between 1959 and 1967, while the quarterback completed an impressive 40,239 passing yards during his career.

Upon retiring in 1974, Unitas fancied his chances as an entrepreneur, and was tipped by many to enjoy a similar level of success in the commercial world. As with many athletes going broke, however, Unitas found that achieving success in one area doesn’t guarantee attainment in another, and he clearly lacked the business acumen to underpin his commercial ventures.

In fact, he began to face financial ruin after a series of failed business ventures, including a number of bowling alleys that were unable to operate as a profit and an unsuccessful print circuit board company. Over time, Unitas amassed business debts of $3.2 million (or $7.4 million in today’s money), forcing him to tread the same path as many bankrupt athletes before him.

More specifically, Unitas and his wife Sandra filed for bankruptcy protection under Chapter 11 in 1991, barely 17 years after the former had retired from the NFL with a fortune. He also sadly died in 2002 at the age of just 69, suffering a heart attack while exercising at the Kernan Physical Therapy Center (now The University of Maryland Rehabilitation & Orthopaedic Institute) in Baltimore.