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February 9, 2015Jamal Lewis filed for bankruptcy in 2012 and thus culminated a strange offbeat news cycle involving the former Browns and Ravens running back. In April 2010 we started to hear about Jamal Lewis’ financial issues, including a 2008 civil judgment against Lewis and some other defendants. At that time, it appeared that some of the investments that were weaved throughout the tangled web were even linked to the implosion of the mortgage market and some transactions surrounding vacant homes. It’s not the normal fare for us around here when we talk about football players, to be sure. This morning Pro Football Talk points out that Lewis just sold a Super Bowl ring.
Jamal Lewis hasn’t played for the Ravens since 2006, but when they won the Super Bowl two years ago, they gave him (and all the other members of the team’s Ring of Honor) a Super Bowl ring. Now Lewis has sold that ring.
A fan in Maryland paid $50,820 to acquire the ring, which drew the interest of several collectors.
Now, obviously $50,000 is a lot of money, but we’re talking about a guy who made over $46 million in actual cash during his playing career. Obviously, he had to pay taxes and agents and things like that, but let’s just say he made enough money that another $50,000 wouldn’t normally be all that meaningful an amount.
It just goes to show what can happen to guys with a lot of money. They get involved in higher and higher stakes investments with more and more at risk. Whereas we see guys like Mark Cuban and his cohorts on Shark Tank weed through investments and say “No” or “Hell no!” an awful lot, athletes end up getting approached with some of the ideas that aren’t even worthy enough to get on the show. In Lewis’ case it appears he struggled with real estate and even a failed trucking company.
Obviously we can’t say for sure that the sale of the Super Bowl ring is related, but it’s hard to imagine it’s unrelated.
14 Comments
I presume he did so to pay for his Browns tickets. Deposit is due in just a few weeks!
You’re too polite to mention Jamal’s shadier attempts to supplement his NFL income during his early playing days. Selling a super bowl ring is sad but a whole lot better than reverting to that.
78% of NFL players file for bankruptcy within 5 years of being out of the league. A crazy number and I wonder why the NFLPA does not try to protect it’s constituents by installing an optional investment system that allows for a longer term payout rather than acquiring all of the money up front. The rookie symposium helps teach the new players about the dangers, but, from what I have read, there is not much done to actually implement procedures to avoid (it’s left to the players).
http://www.wyattresearch.com/article/five-reasons-professional-athletes-go-broke/
I thought Jamal was running a cocaine business now?
http://sports.espn.go.com/nfl/news/story?id=1861564
He can still just call Holmgren for playoff tickets though right?
From Ring of Honor to ring of dishonor (yeah, I know, pretty cheesy play on words).
From Shark Tank to Pawn Stars.
Funny thing is, he didn’t even earn that ring because he wasn’t on the team then. It was a 50K lifetime achievement award. I wonder how Biscotti feels about that.
In a team’s (or maybe the NFL’s) defense, I’m not sure how much more they really need to/can do. The number you quoted is very alarming, but you can lead a horse to water. Unless a rookie is willing to say, “Yes, take control of my finances and I’m fine just making what I need to live comfortably and not get that new Maybach” there really isn’t much else that can be done. A forced 401k like some employers do might be useful, but the laws around such state that you can’t take it out until you reach retirement age. What’s the average life span of an NFL player?
Understood. It has to be optional and the player would have to accept not having all of the toys right now because he will get to live a better life longer. It’s tough for any 20-something to grasp (not just athletes).
Times are tough. Sounds like he might be behind the 8 ball a bit.
Didn’t they teach these guys anything in college???
Answer: NO.
He won a superbowl ring in the year 2000 which was his rookie season people need to get their facts straight!!!!!1111
I don’t see anything in the article or the comments to suggest anything other than the Superbowl ring that he sold was not one that he had earned on the field of play.
I love to shake my head at this, and losing $46MM is something I’m confident I would not have done. That said, if I had started making that money at 22, I can guarantee I’d have a whole lot less of it than I should.
For all the hangers-on with these guys, It’s shocking to me that a decent investment consultancy hasn’t aggressively targeted NFL players to help these guys stay rich and get rich themselves at the same time.
That’s why you need a reputable, disciplined, boring agent and financial advisor when you’re a player rather than signing with some flashy, fast-lane, next-big-thing hustler who is driving a custom-painted $200,000 car and is dripping with jewelry. Nothing’s guaranteed, but you have to give yourself the best chance and look past the shiny objects.