10 Celebrities Who Lost Big Financially
The good news for Philadelphia Eagles quarterback Michael Vick is that he turned a Comeback Player of the Year season in 2010 into a key to the city of Dallas and a franchise tag from the Eagles that could be worth $16 million to $20 million if the NFL doesn't lock out its players next season. The bad news: The aftermath of his dogfighting conviction and ensuing prison sentence will put almost all of that money into other people's hands.
It's no secret Vick's past cost him endorsement deals with Nike (NKE) and AirTran (AAI), more than $60 million of his $130 million contract extension that he signed with the Atlanta Falcons in 2004 and 16 months of his freedom. What's less known is that also left him bankrupt, with roughly $10 million to $50 million in debt. According to the Atlanta Journal Constitution, he's been paying off that debt by keeping only $300,000 of the $6.8 million he made with the Eagles during the past two seasons but has more than $20 million still outstanding. Though he's recovered from his dogfighting conviction professionally, its fallout will likely keep his paycheck on a short leash for the imminent future.
-- Written by Jason Notte in Boston.
>To contact the writer of this article, click here: Jason Notte.
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