Yahoo Sports: Warren Sapp files for bankruptcy

[Jumbo]

http://sports.yahoo.com/nfl/news?slu...app-bankruptcy

Warren Sapp files for bankruptcy in Florida

FORT LAUDERDALE, Fla. (AP)—Former NFL star Warren Sapp owes more than $6.7 million to creditors and back child support and alimony, according to a Chapter 7 bankruptcy filing in South Florida.

Sapp’s $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.

<more at link>

Even geniuses can go broke I guess.

[skinsfan4128]

240 pairs of shoes???? That's just turrible! It never ceases to amaze me how these wealthy atheletes lavish themselves with some of the most absurd spoils known to man. I actually can't understand how they allow themselves to blow through their money the way they do. Sapp even has a television gig (albeit I can understand that the amount of money he earns from his television contract pales in comparison to those contracts he earned in his playing days) and still obviously cannot manage his money correctly. This is just mind-boggling.

[AsiaticSkinsFan]

in fairness, I doubt he paid for any of those Jordans. He was a Jordan Brand athlete so those shoes were probably comp'd

He isnt broke either, the article says he has 6.75 million in assets and still gets half a million a year and has a pension coming soon too. I know the "more debt than cash" but I doubt dude will be forced to live on the streets.

And its not just athletes who lavish on themselves. Rich/Wealthy people like to lavish on themselves Not everyone is Warren Buffet.

I dont feel sorry for him tho. wish him luck out of this, but real people got real problems.

[the burgundy and gold]

He does still have a job with NFL Network right?

[Darc Requiem]

After falsely naming Shockey as the bounty snitch, you have to wonder if they'll renew his contract.

[roanoker]

It makes me sick when I hear Sapp or Irving make comments regarding the character of other players. I guess the NFL Network feel that both are role models who possess great judgement. Warren, man up and support your offspring.

[HailGreen28]

Sapp’s average monthly income is still $115,881 according to the link Jumbo provided.


How the hell can people like THAT be allowed to bail out on bankruptcy proceedings?

[Fight4RGIII]

Sapp had this secret underwraps but Shockey heard about it and told the media, according to Sapp

[Hunter_R]

I wouldn't be surprised if his alimony and child support are at the levels when he was making millions a year. Kind of like TO.

[martytheman]

I wouldn't be surprised if his alimony and child support are at the levels when he was making millions a year. Kind of like TO.

I guess neither of them ever got the "cheaper to keep her" memo.

Mind boggling how millionaires can blow all that money so fast.

[paloosa]

I guess some people never learn how to live properly or manage their lives. I remember some time back that Warren Sapp had told someone to "handle their business." I guess he needs to take his own advice.

[Maximus71]

I cant open the attachment... is it chapter 7 or chapter 13? Almost anyone can file chapter 13 where you pay 0.50 on a dollar or less on your debt and can make insallment payments on your remaining debt... I am a mortgage banker, you will be amazed how many rich people get in to trouble and I see it everday with bad investment choices or just spending their money away.

[chipwhich]

I cant open the attachment... is it chapter 7 or chapter 13? Almost anyone can file chapter 13 where you pay 0.50 on a dollar or less on your debt and can make insallment payments on your remaining debt... I am a mortgage banker, you will be amazed how many rich people get in to trouble and I see it everday with bad investment choices or just spending their money away.

Chapter 7

[AsiaticSkinsFan]

I guess neither of them ever got the "cheaper to keep her" memo.

Mind boggling how millionaires can blow all that money so fast.

that is because you think like martytheman who is not a millionaire. When you make that much money your life changes and you spend a lot more. It may sound crazy to us common joes, but thats what happens. You buy a house in a new neighborhood. You end up paying for people to look over your money. You also pay more in income taxes and property taxes. You become a millionaire, so you want to lavish yourself a little bit. Buy a nicer car, buy some nicer clothes that you wanted but could never afford. Eat at nicer establishments. You go on vacation in a nicer spot and spend a lot more. Then you will want to make more money so you invest in stocks and start up businesses in hopes of getting a big return.

Its only mind boggling that millionaires spend so much money because we arent millionaires. That doesnt mean that the people who blow all that money are not stupid and wasteful, but since we have not walked in their shoes its very difficult to judge.

[DC9]

Good! I have a low opinion of the man and this just reaffirms that he's just another tool from the U who expects everyone else to bail him out.