Last month former NBA player Darius Miles had a bankruptcy sale because he had more than a million dollars in liabilities. There was no money left of his earnings as an NBA player. All of his $60 million in salary and endorsements were gone. Miles played for the LA Clippers, Cleveland, Portland and Charlotte (2000-2010). Adonal Foyle, vice president of the NBA player union, says the bankruptcy of Miles is one of many. According to Foyle, sixty percent of all NBA players file for bankruptcy in the first five years after their retirement.
Bad investments, luxury purchases, child support, misplaced trust contribute to the players’ financial collapse. All players should have a financial expert, an agent to do their business affairs, an attorney and a financial expert says Foyle. But unfortunately, a lot of them turn to friends and family to handle these issues. Foyle gives an example: professional players must pay state income tax in every state they play away games. Miles had a $282.041 debt to the Internal Revenue Service because he didn’t know he had to pay these taxes.
As part of the bankruptcy process, Miles was ordered to sell off his personal belongings.
These were the unique items that were sold:
LeBron James signed jersey $1500
Larry Bird signed jersey $100
Dirk Nowitzki signed shoe $375
Lamar Odom signed shoe $225
Karaoke machine $75
AR15 firearm $500
Miles got $12.780 from the sale.