An Athlete Magazine Goes Bankrupt. Really.

Overtime Magazine is a monthly — kind of — magazine devoted to "helping professional athletes manage their money." You know what that means: They're broke!

Anyone who has ever freelanced knows that when the check's late ... it's probably not coming. So if you're still waiting on that check from Overtime, well, we wouldn't hold your breath.

According to interviews conducted by mediabistro.com with five people who worked on the magazine at various times since 2004, [former NFL player Ryan] McNeil's company, Maven Media Group, which publishes OverTime, owes money to vendors, freelancers, and former staff. One source with intimate knowledge of its finances — who is owed more than $8,000 by Maven Media to date — said the company owes "considerably more than $100,000" to former magazine staff, freelancers and vendors. "[$100,000] wouldn't even cover the loans [McNeil's] taken out," she said. When reached for comment, McNeil denied the claim, saying "by the end of 2007, everyone who had [worked for OT] had been compensated." He went on to say, "There's nothing to hide ... We've dealt with hundreds of writers, and I bet that more writers have had good experiences than have had bad [experiences]." In response to McNeil's denial, the source said, "That is beyond a bold-faced lie. I would like to see the receipts and the canceled checks."

First off, isn't it "bald"-faced lie? Maybe not. Second: Isn't it obvious that Mike Ditka has to be the next EIC? We think it's obvious.

OverTime Magazine Owes 'Considerably More Than $100,000 [MediaBistro]