How Vince Young Lost $26 Million In Six Years
The one-time Tennessee Titans franchise player, who signed a $26 million contract out of the University of Texas as the league’s third overall pick in 2006, is reportedly running out of the fortune that should have secured him financially for life.
From superstardom to unemployment in just six years, Vince Young’s fall from grace has been as astonishing as any other in pro sports. But like so many fellow athletes before him, Young’s dwindling NFL career pales in comparison to his dwindling bank account, according to an article from The Associated Press.
The one-time Tennessee Titans franchise player, who signed a $26 million contract out of the University of Texas as the league’s third overall pick in 2006, is reportedly running out of the fortune that should have secured him financially for life. Young has taken to Twitter to play down the seriousness of his situation, writing that he’s “working to rectify some unfortunate finical (sic) losses, which stemmed from betrayal by those I trusted most.”
By “rectify” he means a $5.5 million lawsuit over alleged misappropriation of funds, and by “those he trusted most” he means his former agent, Major Adam, and former financial planner, Ronnie Peoples. “They conspired to take Vince’s money,” Young’s attorney, Trey Dolezal, told the AP. “It’s that simple.” Not so simple, say the defendants.
Charles Peckham, who represents Adams, claims that Young need only look at himself if he wants to find the person responsible for his financial woes. This is a person scrambling helplessly and pointing in all directions to blame others to get out of debt,” Peckham told the AP.
Lawyers for Peoples are using a similar defense. “You’ll find there was a lot of money being spent in a bunch of different directions,” attorney David Chaumette told the AP.
Peoples has also filed a countersuit against Young which places most of the blame on the player’s uncle, Keith Young, who acted as business manager despite having no previous experience.
The suit alleges that Keith Young was aware of every one of his nephew’s deals, including a $1.9 million loan given by Pro Player Funding during the 2011 lockout, when Young was a member of the Philadelphia Eagles.
Better days: Young is drafted by the Tennesse Titans as the No. 3 overall pick of the 2006 NFL Draft.
Young claims he didn’t “knowingly execute” the loan, which came at a 20 percent interest rate, although an email from his accountant shows he was at least made aware of the details.
“Call me if this is not 100 percent clear,” the email read, according to the AP. “We want to make certain you know exactly what is going on at all times, especially when you’re signing your name to something.”
Young ended up defaulting on the loan, but he’s accusing Adams and Peoples of pocketing the money unbeknownst to him. He’s also trying to stop a $1.7 million judgement against him as a result of the default.
But Young is also pointing the finger at Pro Player Funding for indirectly sabotaging his latest comeback bid.
The veteran QB was served with legal papers by Pro Player during his unsuccessful training camp tryout with Buffalo over the summer – a move his lawyer suggests had something to do with the Bills cutting him. “I wasn’t in the room when they [The Bills] made a decision, but what would you think?” Dolezal asked the AP.
What Dolezal does know is his client doesn’t have time to wait before his case is settled, “I would just say that Vince needs a job.”