Of course, some of the world’s top-paid athletes are very sensible with their earnings and end up living happily ever after following their retirements. But all too many seem to have a terrible weakness when it comes to dealing with the huge amounts of money they make during their careers. Read on to learn about 20 sports stars who failed to hang on to their fabulous wealth.
20. Mike Tyson
Far and away the outstanding heavyweight boxer of his generation, Mike Tyson was the youngest fighter ever to earn a world heavyweight champion’s belt when he took one in 1985, aged just 20. But after Tyson was defeated by Buster Douglas in the ring in 1990, it’s probably fair to say that he was finally beaten by his own demons as well. His attempt at a comeback was interrupted by his 1992 conviction for rape and a six-year jail sentence. And despite earning some $300 million during his career, he was bankrupted in 2003 with alleged debts of $23 million.
19. Evander Holyfield
In 1996 Evander Holyfield took the world heavyweight title from Mike Tyson, who’d regained it after his time in prison. In the rematch, Tyson bit off part of Holyfield’s right ear and was disqualified. And as world heavyweight champion, Holyfield went on to exceed Muhammad Ali’s record of winning the title on three separate occasions. Outside the ring, however, Holyfield was seemingly no better with money than Tyson. In spite of earning some $230 million, he ended up “flat broke and bankrupt” with debts of more than $10 million, according to a 2012 report by The Independent.