Baller Alert Entertainment & Lifestyle
It was all good just a week ago for NFL star Vince Young. It has been reported that the once starting quarterback who signed a $26 million contract with the Tennessee Titans has filed Chapter 11 bankruptcy. A petition has been filed in a Houston federal bankruptcy court, listing Young’s assets worth between $500,001 and $1 million with liabilities between $1,001,000 and $10 million.
Back in August the Greenbay Packers signed Young to a 1 year deal but by October, he was jobless again. But here’s where he got into a bit of financial trouble. Over the past year Vince Young has been locked in lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout. As we’ve previously reported, in 2011 “Pro Player” loaned Vince Young $1.876,876.88 but payments were not made on schedule and the company called in the loan. In a countersuit against “Pro Player” the QB claims that he never received money from such loan because it was all a scheme that his former business advisors concocted. He says that they sought to secure loans using Young’s identity to satisfy their own personal debts and otherwise line their own pockets.
Judgement was ruled in favor of “Pro Player” and Young was forced to pay back the $1.8 million loan, which with interest grew to $2.5million. It got so bad that Young had to auction some of his belongs in an attempt to pay it back.
I feel for these guys, they burn through so much money so quickly. Vince actually had other business ventures that he’s worked on. Not sure how that is going, if it’s going at all.
