Former NFL quarterback Vince Young’s life was supposed to be golden. He was the man at the University of Texas who led the Longhorns to a national championship with a game-winning nine-yard TD run on fourth down.
He was a first-round pick by the Tennessee Titans in 2006, and he reportedly signed a five-year deal with $25.7 million guaranteed. In 2011 He signed a one-year deal with the Philadelphia Eagles that was worth up to reportedly $5 million.
Last week he filed for Chapter 11 bankruptcy protection.
According to the Houston Chronicle, Young has filed for bankruptcy protection only a few years removed from being on a NFL roster.
According to Brian Kilmer, the quarterback’s attorney, his estimated assets are between $500,001 and $1 million, but his liabilities range between $1,001,000 and $10 million, the Houston Chronicle reports.
During the 2011 lockout, Young allegedly obtained a $1.8 million loan from a New York Company called Pro Player Funding.
Young sued his former financial adviser (Ronnie Peoples of Raleigh, N.C.) and former agent (Major Adams II of Houston), alleging that they “defrauded him and conspired with Pro Player Funding to obtain the loan and that Young himself never received the money in question,” the Houston Chronicle reports.
A judgment against Young was granted to recoup that money, which has now ballooned to $2.5 million with interest, according to the Houston Chronicle.
A settlement was reached with Peoples, but that agreement has not been finalized.