Terrell Owens Blew $80 Million

Fascinating profile of Terrell Owens  in the latest issue of GQ. Owens played 15-years in the NFL, earning over $80m and is nearly broke today.

Owens positions himself as blameless for his current financial situation saying it is due to a combination of bad investments, large child support payments, and trusting the wrong people. From the GQ article:

The problem, he says, is that he’s by nature too trusting, loyal to a fault, despite everyone’s carping that he’s selfish. It’s the sad old stereotypical song of the up-from-nothing black athlete: He let other people take care of things. He says his financial advisers (informally recommended by Rosenhaus) put him in a series of risky, highly leveraged ventures that he didn’t discover until autumn 2010, when he finally demanded a full accounting. And of course there were the houses and condos, which he had always figured he could rent out; they became dead weight when the real estate market collapsed in 2008. Individually they weren’t terribly lavish, but together the mortgage nut is reportedly almost $750,000 a year. The Atlanta house is on the market; the south Jersey place he paid $3.9 million for was sold for $1.7 million in late 2010. Most egregious of all was the ill-fated Alabama entertainment complex (with an electronic-bingo component) that cost him $2 million. He invested, he says, at the suggestion of his advisers and a lawyer they steered him to, Pamela Linden. The venture turned out to be illegal in the state, not to mention a violation of the NFL’s policy prohibiting players from investing in gambling. Owens is suing Linden, as is Clinton Portis, the former Redskins running back who also invested. (Several other players and the boxer Floyd Mayweather Jr. also got sucked into the venture.)

Owens is pretty harsh there on his agent Drew Rosenhaus saying:

When Drew [Rosenhaus] heard about what had happened with my money, he said, ‘Oh man, is there anything I can do?’ ” says Owens, pushing back from the table with disgust. “And I said, ‘Dude, are you going to give me my money back? I don’t think so, so why bother trying to appease me?’ ” (“In my opinion,” says Rosenhaus, “the conversation did not go down that way.”)

Owens financial situation is not helped by the fact that he fathered four children with four different women. As a result he is paying $44,600 a month in child support. That is over half a million dollars a year, money that Owens no longer has.

With the hope of attracting the attention of another NFL side, Owens has just signed to play for an Indoor Football League team in Dallas called the Wranglers.

I find it really interesting that Owens blames everyone for his current situation and doesn’t accept any responsibility himself for his actions.

$80 is a lot of money to blow through, and it is not as if Owens has been out of football for years. He played for the Bengals in 2010.

Even at 38, Owens refuses to grow up. He says the mother of one of his children wants him to find a steady job , like working as a coach or a football analyst on TV, which would definitely help his financial situation. But Owens insists he has a few more playing years left in him.

“I will be here next year,” he said. “I’ll be fit and healthy and ready to play.”

 

 

 

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