Athletes are some of the highest earners in the world. Present-day sports generate vast sums of money from various sources, including sponsorships, advertising, and sales. Many players at the highest levels are among the top earners in the world. The glitz and glamor of the industry lead many to develop extravagant lifestyles to match their earnings and status in society.
But many athletes often miss out on one crucial aspect of sports careers- they are among the shortest in the world. In the high-intensity world of professional sports, most players average around a decade at the top of pro sports. Hence, financial management becomes crucial for any athlete. One athlete who severely mismanaged his earnings and unfortunately went bankrupt is Tampa Bay Buccaneers star, Warren Sapp.
How much did Sapp earn?
Warren Sapp was one of the Bucs’ prominent stars and a part of the 2002 Super Bowl-winning team. Over the course of a 13-year-long career, Sapp made approximately $40 million from just football. Despite such enormous earnings, which may last a lifetime, Sapp found himself in severe debt in 2012 for various reasons.
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Being one of the best players in the NFL in his time, Sapp earned handsomely over the course of his career. That fueled a lavish lifestyle and extravagant purchases. However, after retiring, his income plummeted, coming down to $45000 a month as an analyst at the NFL Network.
The athlete’s expenses couldn’t reduce to match his drastically reduced income. It, alongside certain regular payments, led to the former Bucs player filing for bankruptcy. At the time of filing, the star was $6.7 million in debt, with insignificant amounts of money left in his accounts.
How did the Tampa Bay Buccaneers DT lose his money?
The former athlete’s lifestyle was evident to attorneys who assessed his properties. Sapp was the owner of two high-value properties, one in Windermere and one in Hollywood Beach. He also owned rare and expensive items like a lion statue and a lion rug. Assessors also found 240 pairs of unopened Jordan sneakers, a Swiss De Grisogono watch, and an Xbox. There was also a Louis Vuitton suitcase with wheels.
Warren’s bankruptcy might have been because of his lavish lifestyle and managing his significant earnings poorly. He is one of many athletes who end up in grave financial distress due to a lack of management of their earnings.
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