This Is How Michael Vick Lost All Of His Money
Athletes may be some of the richest people on the planet, but they're also extremely susceptible to making bad decisions in their personal lives. Former NFL star Michael Vick would know, as he somehow managed to lose all of his money after breaking out in the league more than 20 years ago.
Born in 1980 in Newport News, Virginia, Vick's athleticism was apparent at a young age, according to Biography. He was a top student athlete, who responded well to coaching and dominated the field during his time at Virginia Tech. There, Vick was named Big East Offensive Player of the Year before being drafted first overall in the NFL in 2001, per Sports Illustrated. Vick was on track to become one of the greats in the league and had a promising career ahead of him — until he made a series of wrong moves that cost him his fame and fortune. Here's how it all went wrong for him.
Michael Vick was in dire financial straits
Michael Vick was rolling in the money after signing with the Atlanta Falcons in 2001. Sportscasting reported that Vick earned over $22 million during his time on the team, but threw it all away after he was charged for his involvement in a dogfighting ring, which was exposed in 2007. The Falcons terminated Vick's 10-year contract, which was estimated to be worth $130 million, while Nike dropped his endorsement contract, reportedly worth $2 million, according to CNN.
Vick was sentenced to 23 months in prison for his role in bankrolling and participating in a dogfighting ring, per NFL News, but his troubles didn't stop there. He was also ordered to pay $1 million to reimburse federal agents for taking care of the 60 dogs that were confiscated in the dogfighting ring, according to ESPN. Vick managed to work out a deal with a business manager named Mary Wong to pay the feds, but as it turned out, Wong was another bad decision that Vick made.
ESPN reported that Wong reportedly withdrew $900,000 from Vick's various accounts without his knowledge. Wong wasn't actually a business manager like she claimed, as she was barred from working with companies traded on the New York Stock Exchange after countless incidents of deceit. However, Wong wasn't the only one who took advantage of Vick's finances.
Michael Vick had to file for bankruptcy
Besides getting scammed by Mary Wong, Michael Vick also fell victim to a so-called financial management expert named David A. Talbot, who in actuality, was a medical graduate student with no financial experience, ESPN reported. Talbot issued himself a $15,000 month salary to manage Vick's affairs and also used his $85,000 Mercedes for personal use. Needless to say, Vick didn't have good luck with finding people who could actually manage his money properly.
To make matters worse, Vick signed a disastrous deal with a sports marketing firm prior to his start in the big leagues. The agreement alleged that Vick was to give the firm 25% of his future endorsement earnings, which was egregious, according to ESPN. Vick eventually wanted to seek out a better deal, but the sports marketing firm sued him for breaching his contract. A judge ruled that Vick had to pay $4.5 million to settle the lawsuit, which also forced him into bankruptcy.
Vick, with all of his financial struggles, accumulated $17.8 million in debt, per Bleacher Report. However, as of 2018, Vick has paid off all his debt and learned to properly manage his finances, per Complex, proving that lessons can be learned from mistakes.