To say suspended Falcons quarterback Michael Vick is having financial problems is like saying Major League Baseball has a small issue with steroids. According to the Atlanta Journal-Constitution, Vick has filed for bankruptcy.
In the court documents, Vick lists seven creditors, including the Falcons, that are owed a total of $12.8 million. The debt to the Falcons is for $3.75 million, listed as a pro rated signing bonus. The documents indicate the claim is disputed.
The largest of Vick’s creditors is Joel Enterprises with a claim of $4.5 million. Andrew Joel, a Richmond sports agent, filed a lawsuit against Vick in 2006 claiming he reneged on an endorsement deal agreed upon after leaving Virginia Tech early for the NFL.
Another creditor listed is Radtke Sports, of Woodstock, for $550,000. According to the attorney for Radtke, Vick had an exclusive autograph deal with the company and that he can no longer fulfill his obligation due to his imprisonment.
Court documents also lists three banks as creditors. Two of the banks, Wachovia and Royal Bank of Canada, recently received judgments against Vick.
According to court documents, Vick’s “goal was to avoid bankruptcy and work out consensual resolutions with each of his creditors who, other than Joel [Enterprises], have been quite cooperative.”
In 2004, Vick signed a ten-year, $130 million contract with the Falcons, with $37 million in guarantees. His rookie contract in 2001 was for $62 million. Granted, he hasn’t seen all of that money because of his, ahem, legal issues, but he only owes $12.8 million in debt. That amount of money should be pocket change for him, right? But he’s filing for bankruptcy? Man, the dog fighting business must be an expensive one.
