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Find Out How Antonio Brown Became Bankrupt After Losing USD 88 Million, Leaving Him With Only USD 50,000
Antonio Brown's bankruptcy filing reveals a downfall from $88M earnings to less than $50K, impacted by debts and legal issues.
Trigger Warning: The following article contains mentions of sexual assault
Antonio Brown, a former NFL star wide receiver, earned over $88 million during his career. However, despite his substantial earnings, Brown recently filed for Chapter 11 bankruptcy, claiming he has less than $50,000 in assets. His financial downfall is a complex story involving numerous factors, including taxes, legal issues, and mismanagement of funds.
Tax obligations: A significant reduction in earnings
Although Brown's reported earnings were $88 million, a significant portion of this amount was reduced due to various taxes:
- Federal Income Taxes (10-37%)
- State Income Taxes (0-13.3%)
- Jock Taxes (0-13.3%)
- FICA Taxes (1.45% & 6.2%)
These tax obligations typically leave professional athletes with only 50-60% of their reported salaries. In Brown's case, this meant he likely retired with around $50 million after taxes.
In addition to taxes, Brown also had to pay agent fees, which typically range from 1.5-3% of earnings. After accounting for these fees, his remaining income would be further reduced, contributing to the overall decrease in his net worth.
ALSO READ: Is Antonio Brown Broke? Former NFL Star Files for Bankruptcy Ahead of New Music Release
January 2020: Assault and battery case
In January 2020, Brown was arrested after failing to pay $4,000 to a moving company whose driver sued him for assault and battery. This incident resulted in an eight-game suspension and a $1.2 million judgment against him.
April 2021: Sexual assault settlement
Brown settled a sexual assault case with his former trainer in April 2021. While the settlement details are private, it is known that he previously denied a $2.7 million offer and was ordered to pay $100,000 for breaking confidentiality.
September 2021: Marketing firm lawsuit
In September 2021, KBC Marketing sued Brown for failing to pay his agent over $2 million in earnings, seeking $100,000 in damages.
ALSO READ: Antonio Brown Furious Over Not Getting Invited to the Roast of Tom Brady
Financial mismanagement and poor investments
Brown's financial situation was also impacted by poor investment decisions and mismanagement of funds. In March 2023, Brown purchased 47.5% of the Albany Empire for $350,000. However, the team was expelled from the National Arena League after Brown failed to pay a $1,000 fine. Additionally, he did not pay his coaches and staff, although no lawsuit was filed.
Unpaid debts and legal judgments
Brown accumulated a significant amount of unpaid debts and legal judgments over the years. In April 2023, Brown was sued by a celebrity jeweler for failing to return two diamond fingers valued at $500,000 each. A judge ordered him to pay $1.1 million.
According to the Times Union, Brown's bankruptcy filing on May 15 in the U.S. Bankruptcy Court of the Southern District of Florida revealed that he owes nearly $3 million to eight creditors. His outstanding debts include over $100,000 in credit card debt, $296 to a plumber and various unpaid wages to private chefs and moving companies
ALSO READ: Caitlin Clark Receives Praise From Antonio Brown Few Hours After Getting Dissed by Him
Brown has also been unable to pay at least three six-figure civil suits he has lost, further contributing to his financial woes and leaving him with only $50,000 in his bank account.
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