coastalmarker99
04-15-2021, 02:16 AM
In 1980, according to Sports Illustrated, Kareem Abdul-Jabbar’s original business manager died of cancer. Kareem was earning $1 million a season as a LA Laker, an exceptionally high salary at that time. He didn’t know much about money. So when he met Tom Collins, an up-and-coming sports agent who also managed Lucius Allen and Ralph Sampson, Abdul-Jabbar was eager for his help.
The relationship started off well, or so it seemed. After a couple of years, Collins became increasingly quiet, sometimes going a month or more without communicating.
When Kareem ordered an independent audit of his finances, he wasn’t braced for what he discovered. He was liable for $9 million in debts, money that Collins had used to invest in a real estate development deal that went bad in 1984.
Consequences of the deal gone bad
As a result of this along with his house being burnt down, Kareem was forced to play until 1989 to pay off all the debts that he owned.
For Russell after ending his career in 1969 with 11 titles to his name and a lot of money in his bank account.
Russell started to ran into financial trouble. He had invested $250,000 in a rubber plantation in Liberia, where he had wanted to spend his retirement, but it went bankrupt.
The same fate then awaited his Boston restaurant called "Slade's", after which he had to default on a $90,000 government loan to purchase the outlet. Then the IRS discovered that Russell owed $34,430 in tax money and put a lien on his house.
Afterwards, Russell worked as a colour commentator for CBS and TBS throughout the 1970s into the mid-1980s to pay off the debts that he owed to others but he was uncomfortable as a broadcaster.
He later said, "The most successful television is done in eight-second thoughts, and the things I know about basketball, motivation, and people go deeper than that.
The relationship started off well, or so it seemed. After a couple of years, Collins became increasingly quiet, sometimes going a month or more without communicating.
When Kareem ordered an independent audit of his finances, he wasn’t braced for what he discovered. He was liable for $9 million in debts, money that Collins had used to invest in a real estate development deal that went bad in 1984.
Consequences of the deal gone bad
As a result of this along with his house being burnt down, Kareem was forced to play until 1989 to pay off all the debts that he owned.
For Russell after ending his career in 1969 with 11 titles to his name and a lot of money in his bank account.
Russell started to ran into financial trouble. He had invested $250,000 in a rubber plantation in Liberia, where he had wanted to spend his retirement, but it went bankrupt.
The same fate then awaited his Boston restaurant called "Slade's", after which he had to default on a $90,000 government loan to purchase the outlet. Then the IRS discovered that Russell owed $34,430 in tax money and put a lien on his house.
Afterwards, Russell worked as a colour commentator for CBS and TBS throughout the 1970s into the mid-1980s to pay off the debts that he owed to others but he was uncomfortable as a broadcaster.
He later said, "The most successful television is done in eight-second thoughts, and the things I know about basketball, motivation, and people go deeper than that.