January 24, 2014
Former star quarterback Vince Young files for bankruptcy
HOUSTON - Former NFL and University of Texas quarterback Vince Young has filed for Chapter 11 bankruptcy protection. He is millions of dollars in debt after years of wild spending and what he describes as bad financial advice.
The petition was filed last week in a Houston federal bankruptcy court, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million.
Young owes money to American Express, BMW and a Houston jewelry store, among others.
His former business manager said Young spent $300,000 on a birthday party during the NFL lockout. Teammates said he'd drop $5,000 a wekk at the Nashville Cheesecake Factory. He also would reportedly buy every seat on Southwest flights home to Houston.
"You put a 22-year-old kid in front of that many opportunities with that much money, you start trusting people that maybe you shouldn't when you looked back," said his attorney in an earlier KHOU 11 News interview.
The 30-year-old Young is also fighting a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout.
A court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan.
Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but those efforts remain pending.
Young has sued his former business manager and agent, blaming them for bad financial advice.
Young was a first-round draft pick who signed a $54 million contract with the Tennessee Titans.
He tried to make a comeback this year, but wasn't signed by any teams.