From Atlanta Falcons to the Philadelphia Eagles, New York Jets, and Pittsburgh Steelers, Michael Vick’s net worth was largely accumulated from his days as a professional American football player. The former NFL star was one of the finest quarterbacks during his playing days. Among other things, he made history as the first NFL quarterback to rush for 1,000 yards and participated in the league’s all-star game four times. His career was almost ruined at some point but Vick was able to give a fresh breath of life to it and it saw him emerge as the Comeback Player of the Year 2010.
Given the troubles he faced, Michael’s career has been a source of inspiration to many and as people have been curious about how he has been faring financially since he retired, let’s take a look at what he’s worth and other facts that are related to that.
What We Know About Michael Vick’s Net Worth
For someone who was on the path of having a $100 million net worth in 2010, Michael Vick’s net worth of $15 million shows how reckless spending stops one from attaining financial freedom. Vick once worked with Michael Smith, a certified financial planner who designed a plan that would help the NFL player grow his wealth to $100 million by 2010. Vick refused to stick to the plan, he made investments that were ill-conceived as much as he refused to curtail his spending. This left Smith pissed and he stopped working with Vick in 2005. 2010 came and the quarterback was $20 million in debt.
Now estimated to be worth $15 million, it’s a surprise to many that the former football player is worth that much. Compared to other famous and retired quarterbacks like Roger Staubach, Joe Montana, and Peyton Manning, Michael Vick’s net worth is almost insignificant. They are worth $600 million, $80 million, and $200 million respectively.
Details of His Career Earnings
The first deal he signed with the Atlanta Falcons was for 6 years and it was worth $62 million. As his performance was worth every bit of the money, the Falcons were happy to extend his stay with the team, so they handed him a nine-year contract extension for $130 million. Things may have even been better for Michael Vick had he not had trouble with the law that paused his career for a while.
When he returned to NLF in 2009, he could only attract a one-year deal of $1.6 million that guaranteed nothing from the Philadelphia Eagles. He regained his dominance as a quarterback the next year, was crowned the NFL Comeback Player of the Year, and made a $100 million pact with the Eagles in 2011; it guaranteed almost $40 million. Sometime in 2013, his contract was restructured for one year and was worth around $10 million.
Michael Vick joined New York Jets for another one-year deal worth $5 million in 2014. 2015 came and he inked yet another one-year contract for $970,000.
How He Lost Most of His Money
From his NFL salary and endorsement deals, the former quarterback had an annual income of $25.4 million as of 2006. He was counted among the highest-earning athletes and was basking in wealth a great deal. But then, while Michael Vick’s net wealth was expected to multiply in the coming years, he lost a lot of his money; thanks to lawsuits, irresponsible spending, and unprofitable investments.
It was estimated that he was spending as much as $30,000 every month to support his relatives. In addition to that, he faced several lawsuits: for instance, Joel Enterprises sued him for $45 million for a breach of contract and was eventually awarded $4.5 million. 1st Source Bank, Wachovia Bank, the Royal Bank of Canada, and the US Department of Labor are some of the other establishments that equally dragged the ex-football player to court.
All of these affect Michael Vick’s net worth and had him sought for bankruptcy in 2008. When he faced jail time, the Falcons demanded he pays back $20 million from the bonus package he received. Eventually, an arbitrator ruled that he should reimburse $19.97 million.
See Also: Marcus Vick Biography, Age, Family, Career, Net Worth, Height, Weight
Why Was He Jailed?
In a nutshell, Michael Vick was imprisoned for running Bad Newz Kennels, an interstate dogfighting establishment. He was indicted with three other men on felony charges that revolves around operating the venture, gambling, and taking part in dog fights and executions.
The investigation of the case which generated vast publicity for animal abuse caused Vicks a lot of financial troubles; he lost his endorsement deals and the NFL suspended him indefinitely without pay.
Eventually, he received a federal prison sentence to serve for 23 months, and a 3-year state sentence which was suspended for a fine of $2,500 and a condition of good behavior.
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