NHL

How Columbus Blue Jackets' Jack Johnson was bankrupted by his parents

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Jack Johnson plays in the NHL for the Columbus Blue Jackets. He signed a tidy $30million dollar deal when he was a member of the Los Angeles Kings, which has carried over into Columbus.

Back in November we told you about how Johnson - despite still playing under that contract that pays him millions every single season - had been forced to declare himself bankrupt at age 28. What made it all the more shocking was the fact that Johnson was blaming his parents for his bankruptcy. Now we know exactly how they swindled his son out of his millions.

According to Deadspin, Johnson's parents - Jack Sr and Tina - left the former 3rd overall pick Johnson in debt of around $10million, whilst he only has $50,000 dollars worth of assets to his name. This wasn't just bad investments from his parents however, this was a full scale stealing their son's cash to fuel their own extravagant lifestyles.

The story starts in 2008, where Johnson's father asks him to fire his agent of three years because "his fees were an unnecessary expenditure. Johnson was then pushed to hire another agent by his parents - who unsurprisingly was charging a much lesser fee. This agent was worried about the parents interference and told Johnson so, his parents then went to his office the day after and fired him on the spot.

Johnson's parents then decided to just stuff and made themselves their son's agents, while also giving themselves power of attorney! Which is completely mental.

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Their first act with their newly found power was to buy a $300,000 Ferrari and to completely do up their house, with their sons money, while he had no knowledge of it at all. They also brought Tina a 6-carat diamond ring, and travelled round the country.

In fact the Johnson's even lied to their son, saying all their spending was coming from some inheritance they had just run in to following the death of a relative.

Even with millions coming in, though, Johnson's parents still sought more money to maintain their lifestyles. They signed up for multiple predatory loans, some with interest rates as high as 12%. That crippled Johnson's finances and following a court appeal, they basically signed away their son's NHL contract as collateral damage, allowing the loan company to take money straight from the account whenever they needed.

Johnson confronted his parents in May of last year. Soon after, he hired his own attorneys and financial advisers, who filed for bankruptcy on Oct. 7. He hasn't spoken to his parents since.

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Topics:
Columbus Blue Jackets
NHL

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