6 sports stars who went broke

64 SPORTS STARS WHO WENT BROKE

People who become rich early in their careers, such as sports stars, are prone to mismanaging their money and vulnerable to exploitation by those eager to grab a share. The stories of these stars who went broke offer lessons on avoiding risky investments and expensive court cases, living within your means, and saving for a rainy day.

EVANDER HOLYFIELD

This American boxer’s extremely successful career earned him many millions. His financial difficulties started with child-support issues that turned into a major downward spiral. The sale of his multimillion-dollar mansion barely scraped the surface of what he owed the bank and the taxman. The world watched as he was forced to sell off his worldly possessions to settle his debts.

LEON SPINKS

This American heavyweight boxer earned about $4.5 million during his career, the peak of which was when he defeated Muhammad Ali in 1978. Less than 20 years later, he was broke and homeless. He admitted to spending frivolously and squandering his earnings, mostly on drugs, and had many run-ins with the law.

DIEGO MARADONA

Widely regarded as one of the world’s greatest soccer players, this Argentinian star played in four consecutive World Cups, finally helping his team win the trophy in 1986. In 2009 the Italian tax authorities caught up with him and demanded that he cough up $54 million in unpaid taxes, a move which forced him to file for bankruptcy.

BORIS BECKER

Tennis’s former world numberone and triple Wimbledon champion was declared bankrupt by a British court in June, 2017. The German player owed Arbuthnot Latham & Co, a private bank, a large sum since October 2015, and the court found there was no evidence he could pay back the amount. Becker’s worth was once thought to be more than $126 million.

DOROTHY HAMILL

America’s ice skating wonder girl took home the gold medal at the 1978 Olympics. After earning huge amounts through touring ice shows and endorsements, Hamill filed for bankruptcy in 1991. She had lost money on business ventures and incurred court costs in the fight for custody of her daughter and medical costs when she was

diagnosed with breast cancer.

JOHN DALY

American golfer John Daly was a household name for years, and he made a substantial amount of money, winning many championships, including the US Open in 1995. In a 2006 autobiography, he admitted to a huge gambling problem – he said he had lost an astounding $50to $60 million in the casinos. He also fought alcoholism for many years.