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Article from the Houston Chronicle.................
(AP) — Six years after entering the NFL as the third player taken in the draft, Vince Young finds himself without a team and with just a fraction of the money he received from a contract that guaranteed him $26 million.
The question is, where did it all go?
In an increasingly caustic war of words, attorneys have been arguing for months over whether Young is an out-of-control spender who put himself deeply in the hole or simply a victim of inexperienced advisers, one of whom was his own uncle.
Either way, the quarterback whose future seemed unlimited after he led Texas to a Rose Bowl victory in 2006 is now back home in Houston and in a tenuous financial condition.
"I would just say that Vince needs a job," said Trey Dolezal, Young's attorney, when asked to give a general assessment of his client's finances.
Young was cut by the Buffalo Bills, his third NFL team, in August. He was trying to make the Bills as a backup, the same role he filled with the Philadelphia Eagles in 2011.
The fall has been a dizzying one for the player who twice made the Pro Bowl with the Tennessee Titans. Young sent out a tweet thanking the Bills and their fans after he was released but hasn't spoken to the media since. He declined a request to be interviewed for this story.
Even in pro sports, where tales of squandered wealth abound, Young's plight is "pretty dramatic," said Kenneth Shropshire, a professor at the University of Pennsylvania's Wharton School of Business who has written and lectured extensively on the business of sports.
"You'd think it would be hard to blow that much money," Shropshire said.
Young is suing his former agent, Major Adams, and a North Carolina financial planner, Ronnie Peoples, alleging that they misappropriated $5.5 million. In some instances, the pair forged his signature or impersonated him on the phone or in emails, according to the lawsuit, filed in Houston in June.
The suit was filed five days after a New York lender notified Young that a loan of nearly $1.9 million obtained in his name during the NFL lockout in 2011 was in default. Young is now seeking to stop the lender, Pro Player Funding LLC, from enforcing a judgment of nearly $1.7 million, claiming he wasn't involved in obtaining the loan and that the proceeds went to Adams and Peoples.
"They conspired to take Vince's money," Dolezal said. "It's that simple."
Young was the first client of a company, (hash)1 Next Level Sports and Entertainment Inc., formed by Adams, a Houston criminal defense attorney, and the quarterback's uncle, Keith Young, a former middle school teacher.
Young's problem was "he was just very young ... and allowing these people to have too much control over his life and his name," Dolezal said.
That notion is vigorously disputed by attorneys for Adams and Peoples, who say Young has nobody to blame but himself.
"This is a person scrambling helplessly and pointing in all directions to blame others to get out of debt," said Charles Peckham, Adams' attorney.
Adams twice wrote checks to himself from Young's accounts, but both times were out of necessity, including once when the agent was required to use personal funds to charter a plane for the quarterback after he missed a team flight, Peckham said.
Peoples has filed a countersuit in which he castigates Young for allowing his uncle to serve as his business manager despite having no expertise in that field.
Peoples claims in the countersuit that every decision he made was approved by Keith Young. And he calls Vince Young's unwillingness to accept responsibility "a common occurrence ... as (former Titans coach) Jeff Fisher, (Texas coach) Mack Brown, numerous NFL executives, coaches, teammates, scouts, girlfriends and illegitimate children will attest."
Peoples' attorney, David Chaumette, said he has documents to support the strongly-worded filing.
"You'll find there was a lot of money being spent in a bunch of different directions," Chaumette said.
A working phone number for Keith Young could not be located. Court records do not show that he has an attorney.
According to public records, Vince Young was one of at least 10 NFL players who turned to Pro Player Funding for cash during the lockout. Loan documents show he borrowed the $1.9 million at 20 percent interest, with $619,122 in interest paid up front, and agreed that a judgment could be entered if he missed a payment.
Young authorized $1 million in payments to Pro Player directly from his Eagles salary during the 2011 season, and his accountant was working this year to have a similar arrangement with the Bills, according to court records. However, when a payment due in May was never made, the loan went into default.
In challenging the loan's validity, Young claims he didn't "knowingly execute" any of the loan documents. Anything he signed was "without the corresponding documents attached and without knowledge as to what the signatures pages referred," one of his court filings states.
Pro Player says its case is supported by the fact that Young's signatures were notarized and that emails show he was involved in making sure the lender received repayment directly from the Eagles.
"Call me if this is not 100 percent clear," Young's accountant wrote him in August 2011 in an email explaining the arrangement. "We want to make certain you know exactly what is going on at all times, especially when you're signing your name to something."
Young also contends that Pro Player's efforts to serve him and the Bills with legal papers during training camp, which included a threat to contact the local sheriff, "played a role" in the Bills' decision to release him.
"I wasn't in the room when they (the Bills) made a decision, but what would you think? It certainly wouldn't help me if I'm the owner or the head coach knowing all this is going on with Vince and then he goes out and plays poorly," Dolezal said.
Bills coach Chan Gailey declined comment when asked if Young's off-the-field issues had anything to do with his release.
AP Sports Writer John Wawrow in Orchard Park, N.Y., contributed to this report.
Just one of many. This is why that Degree is so so important. Football is not for a lifetime. Of course this kid could have lived a great lifestyle had he not blown his money.
I don't understand how he is not a backup for someone. How is this possible, that a 2x pro-bowler is not on a team, when he's only like 25 yrs old? He is also a gamer, in that he plays better when the lights are on.
Ally will beat the crap out of Uga.
I was more amazed to see that he was a two-time Pro bowler than i was to learn that he is broke. Every game i saw him play in the league, he was sucking it up. Granted, i don't follow the NFL like i do NCAA. One of my favorite College players to watch of all time.
All I know is when I was in school at UT, he was the best player on the field no matter who they were playing. Anybody who could win a national title and be a Heisman contender in Greg Davis' offense is legit.
He has been a complete dumpster fire since he left the safety bubble of Austin, though.
He's a head case. Did you watch him on the field when Vick got hurt last year? He was a deer in headlights. He was so bad they benched him for Mike Kavka.
meh...says WAY more about having the sense to manage the people who are managing your money/affairs.
they don't teach that in college
"Crito, I owe a cock to Asclepius; will you remember to pay the debt?"
VY could've had Drew Rosenhaus or any other agent to manage him when he came out in 2006. However, he lets his uncle with no experience and his entourage take that on. No surprise he's in a bad situation now.
He threw three interceptions in a preseason game against 15th string guys......clearly a big time player.....
Go! Fight! Win! Kick Ass!
These guys are idiots when they get drafted and surprisingly money multiplies it. My cousin was playing in Oakland when Russel got drafted and within a month he had 3 Bentleys. Silver, black and white. Warren Sapp is bankrupt too. His ex wife got alot of his but he had a plane and would fly to vegas to gamble for a few hours than fly back. Add in an entourage and your broke.
"People always ask me if I wish I were bigger. I tell them no. I always wanted to be a miniature badass." Dustin Pedroia
His only good season was his rookie year. After that, all went down the toilet for that troubled star. This sounds alot like Dupree. Idiots!
Sucks for the guy, but he obviously gas some head issues.
you'd think with the way the Panthers and Redskins have figured out how to use Cam & RG3 that some team could figure the same with Young. And with 5 rookie QB's starting this year, the opportunities were there.
You missed the article that came out about a week ago talking about Terell Owens and a few other athletes who are now bankrupt because of Rosenhaus and his team of advisors.
I did miss that article you referenced. However, TO in particular also has several illegitimate kids with several different women that he owes tons of child support to, several mansions, and some terrible investments on his part, so it's not solely on Rosenhaus.
I just used Rosenhaus as an example of an agent with experience to make my point above. Guess I could've said Scott Boras but the point remains. He let a team of incompetent people manage his finances rather than going with someone with a proven track record.
After taxes, that's about $17M
Minus agent fees, that's about $13M.
Let's say you have $1M of "go crazy" money - you buy the big house, the nice cars, etc. That leaves you with "just" $12M.
If you have that invested safely and wisely, you can easily make $500,000, per year just in interest (4%). More if you invest well. Of course you have to pay taxes on what you take out, but what do you have to buy? You have the big house for life and the nice cars for a while.
Oh yeah, and then there's the endorsement money.
I feel no pity when idiots squander their money away. None.
Darren Rovell tweeted yesterday that if you do the math on his after tax income he had to average spending $7,000 a day since the day he was drafted to be broke today.
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There is no way to fix stupid. Too many pro athletes are STUPID. They pay the boys to hang out with them, pay for whatever their boys want, pay for this, pay for that, because they think it's bottomless well they're drawing from. Some guys eventually figure it out that they have to save some, but the really stupid ones end right where Young is. The same thing happens to most people who win huge lotteries.
34-17, 4-3, 7-1, 29-7, 34-13 ALL STOP!!! It's a GREAT TIME TO BE A GAMECOCK! Back 2 Back Natty's! DOMINATION By GAMECOCK NATION!
They don't buy $1M homes though...that's the problem.
I've heard that Barry Sanders drove the same p.o.s. car he did at Ok St. throughout his pro career.
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**** I'm not an insider, I just live here ****
this. these guys deserve all the misfortune that comes their way. it's not like this is the first time it has happened. there are plenty of warnings about this kind of thing.
If he would have been my client, he would have been on a strict allowance, with a signature stating so....otherwise, why would anyone worth their salt (and licenses) take on a problem like this before it happens.
Clearly, he was surrounded by folks that he should have avoided.
Four percent is mildly conservative, too, but a good number to go with. Twelve mill can get you to about $600k a year, or $50k a month, and around 20% of it tax-free.
I hope he gets some of those funds returned. So sad a story.
Seeing these stories pop up makes me ill.
That is a lot of Purple Drank
he scored a 6 on the wonderlic at the combine...
Pretty much sums up everything
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