Professional athletes make millions of dollars through their career. And thanks to the ESPN 30 for 30 'Broke' we all know that decisions athletes make with their money, particularly who they allow to manage it, can sometimes lead down a path to disaster.
That has proved the case for Columbus Blue Jackets defenseman Jack Johnson, who filed for Chapter 11 bankruptcy in October according to the Columbus Dispatch.
But the most shocking thing is that it was Johnson's own parents that bankrupted him!
Johnson has earned more than $18 million during his nine-year NHL career, not including the $5 million he will be paid this season by the Blue Jackets. And it is all gone.
"Almost all of the money is gone, and some of his future earnings have already been promised — which is why Johnson, surrounded by a new team of financial advisers and an attorney, signed his financial surrender," the Columbus Dispatch revealed.
According to the expertly detailed report by Aaron Portzline, Johnson signed power of attorney that granted his mother full control of his finances in 2011, just before he signed a $30.5 million deal with the Los Angeles Kings, the contract he is still on and plays under with the Blue Jackets.
Johnson's mother borrowed at least $15 million in the Blue Jackets defenseman's name according to the report, which included taking out a series of high-interest loans, and lost it all in failed deals.
This is genuinely heart breaking to see. Bankruptcy is an awful experience to go through for anyone, even a sports star who will recoup some of that money in the near future. Bankruptcy is scary as hell and we all hope Jack Johnson will be back on his feet sooner rather than later.News Now - Sport News