Another NFL Bankruptcy: Clinton Portis

Jan 5, 2016 | Bankruptcy, Celebrity Bankruptcy, Chapter 7 Bankruptcy

With a seemingly never-ending stream of former NFL players filing for bankruptcy, we could probably make this a weekly feature titled, “The NFL Bankruptcy Files.”

“This Week’s Contestant Is… Clinton Portis!”

We all know that being a running back is one of the more punishing positions to play in the NFL. On average, they don’t play for all that long. Mr. Portis managed to stay in the league for nine years. That’s pretty good longevity for a running back, and in that time he earned $43 million. Not too shabby.

But alas poor Clinton, he’s now bankrupt. How did he get here? The details may be different, but the story sounds eerily familiar.

The New York Post just reported this laundry list of debt:

$57,187.61 2010 federal income tax
$401,432.18 2006 federal income tax
$287,178.56 MGM Grand Hotel
$500,000 Nischelle Turner, an NFL sideline reporter
$412,000 domestic support obligations to four different women
Undisclosed losses in a closed Alabama casino
$500,000 to his own mother

Who Wants Leftovers?

Wait a minute. He owes half a million to his own mother? I guess Thanksgiving is going to be a tad awkward next year. I wonder who is going to buy the turkey.

If mental math can be trusted, he owes a little over $2 million.

So what happened to the other $41 million?

Well, we can assume a lot of it went straight to the IRS, because he only missed two years of federal income tax. And with that level of income, he’s definitely in the top tax bracket.

Even so, he should have plenty of money. So where is it?

We can’t forget that failed Alabama casino. Let’s hope he didn’t drop $20 million into that thing. If so, then the old adage “a fool and his money are soon parted” applies here.

The High Life

We can only guess that the rest of his football money was lost to the typical lavish lifestyle of the NFL player. There’s no proof of course, but we’ve seen this story time and again. Why would Mr. Portis be any different? If he had been, he probably wouldn’t be filing for bankruptcy in the first place.

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