NBA money can be overwhelming to normal people. Role players can earn around $20 million to $30 million throughout their careers. It gets even bigger for star players. Recently retired star Kyle Lowry earned over $280 million throughout his 20-year career.
However, some players mismanage their earnings and go bankrupt after their playing days. Maintaining a luxurious lifestyle and making poor purchases can drive a player’s financial decline.
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Former NBA star John Stockton said on The Maverick Approach podcast that 60% of players go bankrupt after playing.
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“If you don’t pay your taxes one year, penalties and interest eat it up in a heartbeat. Then you get married and divorced — that cuts it in half. You buy things that don’t continue to have value, like a bunch of cars or jewelry. All of a sudden, everything jumps on you.”
For this list, we’ll take a look at 10 players who went bankrupt after playing in the league.
#1 Allen Iverson
Philadelphia 76ers star Allen Iverson earned $154.77 million during his NBA career. He retired in 2013 and filed for bankruptcy in the same year. The cause of his financial decline was due to gambling, his lavish lifestyle, and legal issues.
According to reports, Iverson lost almost all of his career earnings. Fortunately for the former star, his Reebok deal has helped him recover. He has a lifetime deal that pays him $800,000 annually. The company also has a $32 million trust fund for Iverson, which he can access in 2030.
#2 Antoine Walker
Antoine Walker had a 12-year NBA career in which he earned $107,730,893, according to Spotrac. However, he went bankrupt in 2010 due to massive tax obligations. Walker’s failed real estate investments, casino gambling losses, and an open-ended lifestyle also played a massive part.
By 2013, reports said the former Boston Celtics star was debt-free. Walker has recovered well and has now partnered with financial institutions that teach young athletes to manage their earnings properly.
He was a three-time All-Star and a 2006 champion with the Miami Heat.
#3 Shawn Kemp
Shawn Kemp formed a dynamic duo with Gary Payton in the 1990s with the Seattle SuperSonics. During his prime years, he was one of the best NBA stars. He earned approximately $91.6 million to $92 million during his 14-year career.
However, off-the-court issues, child support obligations, substance abuse struggles, and unsuccessful business ventures contributed to his financial decline. Kemp’s current net worth is $5 million.
#4 Dennis Rodman
Although NBA money was not as big in the 1990s, Dennis Rodman still got paid like a star. He earned approximately $27,031,176 through 14 years in the league. Unfortunately for Rodman, his lavish lifestyle and poor financial decisions cost him much of his earnings.
Additionally, alcohol addiction, child support, and bad financial advice played a role. According to Yahoo Finance, the former Chicago Bulls star has a net worth of $500,000.
Rodman was a two-time All-Star, a five-time champion, and a two-time Defensive Player of the Year. He was inducted into the Basketball Hall of Fame in 2011.
#5 Scottie Pippen
Scottie Pippen isn’t entirely bankrupt and has a net worth of $20 million. However, that is far from the $109,957,430 in total NBA salary he earned. The former Chicago Bulls star dealt with a fraudulent financial advisor who reportedly cost him $20 million.
Child support obligations for multiple children and divorce settlements also affected his finances. Pippen also bought a $4 million private jet that needed $1 million in repairs.
#6 Latrell Sprewell
Latrell Sprewell was one of the most exciting players during his prime. He was a four-time All-Star who earned approximately $98 million to $100 million in his NBA career. In 2004, he famously told the Minnesota Timberwolves that he needed more to “feed his family” after they offered him a three-year, $21 million contract extension.
He now has a net worth of $150,000. Sprewell dealt with back taxes, foreclosure on his homes, and the repossession/sale of his yacht, which depleted his bank account. The former star now works with the New York Knicks as a media personality for Madison Square Garden.
#7 Darius Miles
Darius Miles was a productive role player during his career. He earned approximately $61.9 million to $62 million playing for the Portland Trail Blazers, LA Clippers, Cleveland Cavaliers, and Memphis Grizzlies.
He filed for bankruptcy in 2016, reporting $460,385 in assets against $1.57 million in liabilities. Poor real estate and business investments, legal troubles, and personal hardships affected his finances. Miles now has a net worth of $100,000.
#8 Joe Smith
Joe Smith was never a star, but he still earned $61 million during his 16-year NBA career. Unfortunately for Smith, his net worth is now $100,000. Expensive divorces, frequent real estate losses, and a high-spending lifestyle drained him financially.
Smith was the No. 1 pick in the 1995 draft and bounced around the league. He played for the Minnesota Timberwolves, Golden State Warriors, Milwaukee Bucks, Philadelphia 76ers, Cleveland Cavaliers, Detroit Pistons, Atlanta Hawks, Chicago Bulls, OKC Thunder, LA Lakers, Denver Nuggets, and New Jersey Nets.
#9 Derrick Coleman
The No. 1 pick of the 1990 draft earned $91,366,800 during his 15-year career. However, Derrick Coleman filed for bankruptcy in 2005, which was his final year in the NBA. Since filing for bankruptcy, he has not publicly verified his net worth.
Coleman had failed Detroit real estate development projects and investments right before the late-2000s economic downturn. The one-time All-Star remains involved in Detroit real estate.
#10 Delonte West
Delonte West had a short eight-year NBA career, which helped him earn approximately $16.4 million in total salary. However, West battled bipolar disorder, substance abuse, divorce, legal issues, and periods of homelessness after his time in the league. These contributed to his financial downfall.
There are no current records of his net worth. The former Dallas Mavericks guard even received help from the team’s minority owner, Mark Cuban. Additionally, former teammate LeBron James, former college teammate Jameer Nelson, and the NBPA have reached out in the past.
Edited by Angana Roy
