Serie A Side Parma, $106 Million In Debt, Declared Bankrupt

Serie A side Parma, who are dead last and a sure thing to be relegated, was declared bankrupt in Italian court today, according to The Guardian. While it looks like they will finish out the Serie A season—possibly with funding from the league or Italian soccer federation—there remains the possibility that the club… » 3/19/15 8:00pm 3/19/15 8:00pm

Michael Vick Is Learning To Live Boat-Free

Here's a story on how Michael Vick has paid off an extraordinary amount of debt over the last five years—more than $15 million of the $17.8 million he owed creditors upon declaring for bankruptcy while in prison on dogfighting charges. It's a window on Vick's responsibility—which has, by all accounts, been… » 12/17/14 4:44pm 12/17/14 4:44pm

Jack Johnson's Bankruptcy Filing Claims His Parents Spent All His Money

If you haven't yet read the Columbus Dispatch article on Blue Jackets defenseman Jack Johnson, do so. It's an insane (but not uncommon) story about how a pro athlete, who signed a $30.5 million contract in 2011, ends up filing for bankruptcy. » 11/20/14 11:14am 11/20/14 11:14am

The 11 Best Things For Sale At Curt Schilling's Bankruptcy Auction

Curt Schilling is being sued by the state of Rhode Island as a result of that whole video game company going bankrupt and defaulting on $75 million in loans thing. In an attempt to satisfy his creditors, Schilling's putting the contents of his Medfield home up for estate auction, enabling you (or somebody else) to buy… » 10/08/13 9:15am 10/08/13 9:15am

New Owner Of Chicago Arena Football Team Is A Bankrupt Convicted Felon

David Staral Jr. bought the Arena Football League's Chicago Rush in February. He replaced an owner whose tenure had lasted three months before the league "terminated its relationship" with her because of financial issues. But, look: Staral has three convicted felonies to go with even bigger financial issues. » 5/07/13 6:11pm 5/07/13 6:11pm

Lawsuit Alleges That Curt Schilling's Company Concealed Financial…

It's been months since the Curt Schilling's quixotic pursuit to create an online role playing game ended with his video game company, 38 Studios, going belly up. 38 Studios didn't go bankrupt until after it had taken a $75 million dollar loan from the state of Rhode Island, though, and new court documents reveal that… » 4/08/13 12:55pm 4/08/13 12:55pm

Auburn Wrests Title Of "Team Everyone Wants To Play" From Arkansas

Arkansas beat Auburn today, which in itself wouldn't be so strange except that as recently as this morning it was reasonable to ask whether Arkansas would ever win another game, ever, ever. The Hogs were a preseason top-10 team that lost f̶i̶v̶e̶ four games—in September. If someone was to cushion the fall, Tulsa… » 10/06/12 7:48pm 10/06/12 7:48pm

Arkansas Coach John L. Smith Realizes He's Actually $40 Million In…

John L. Smith is even more broke than he initially thought. He first filed for bankruptcy on Sept. 6. In a subsequent filing, on Sept. 19, he reported $25.7 million in liabilities and $1.2 million in assets. You don't have to be a CPA to know that this is a bad cash flow position. But wait, it gets worse. Smith filed… » 10/03/12 7:15pm 10/03/12 7:15pm

Arkansas Interim Head Football Coach John L. Smith Files For Bankruptcy

Arkansas football coach John L. Smith, thrust into the interim role after Bobby Petrino's midlife crisis, is facing a crisis of his own after filing for Chapter 7 bankruptcy liquidation in an Arkansas court today. » 9/06/12 6:00pm 9/06/12 6:00pm

Report: The NHL Is Planning To Seize The New Jersey Devils From Their…

Jeff Vanderbeek, he's the guy above, not the guy from Dawson's Creek. He owns the New Jersey Devils, or at least he "owns" them in the same way that the Wilpons own the Mets or Frank McCourt owned the Dodgers. Oodles of his debt weigh the team down, and he can't pay it off. The Devils missed a loan payment back in… » 6/18/12 11:40am 6/18/12 11:40am

Curt Schilling's 38 Studios Files For Bankruptcy, Faces Federal…

We presume this is how 38 Studios' lawyers opened their conversation with Curt Schilling: "What do you want first? The bad news, or the worse news?" » 6/07/12 3:40pm 6/07/12 3:40pm

Your Semi-Irregular Update On The Financial Solvency Of Former NBA…

Thanks to the good folks at TMZ, we are able to provide an update on the financial proceedings with respect to both Stephon Marbury and Antoine Walker. It's a little bit of a good news/bad news situation, so let's start with the good news. » 4/01/12 4:27pm 4/01/12 4:27pm

The Mets' Owners Have Reached A Settlement With The Bernie Madoff…

The federal trial was supposed to begin this morning, but Richard Sandomir of The New York Times tweeted that the Wilpons and Saul Katz have instead reached a settlement that will cost them $162 million. Irving Picard, the trustee representing the victims of Bernie Madoff's Ponzi scheme, had been seeking $303 million. » 3/19/12 10:10am 3/19/12 10:10am

If There's A Lockout, Charlie Batch Could Lose His Super Bowl Rings

Batch declared bankruptcy in December, and his creditors now have the option of seizing the property he used as collateral to secure his debt. That includes "a 2006 Kawasaki personal watercraft, and sports memorabilia and jewelry." Among that, his two Super Bowl rings, as well as his collection of autographed jerseys. » 3/23/11 4:15pm 3/23/11 4:15pm

Last Night's Winner: Bankruptcy Auction Enthusiasts

In sports, everyone is a winner—some people just win better than others. Like the reporters working the Texas Rangers bankruptcy auction, who got quite a showdown last night between two of the biggest figures in Texas sports. » 8/05/10 12:50pm 8/05/10 12:50pm