Boris Becker Bankrupt

easysurfer

easysurfer

Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Another athlete bankrupt story:

Tennis champion Boris Becker has been declared bankrupt - by a court official who watched him play on Centre Court.

Lawyers for the three-time Wimbledon winner pleaded with a Bankruptcy Court registrar in London on Wednesday for "a last chance" to pay a long-standing debt.

But Miss Registrar Christine Derrett, who recalled watching him play, said it was "with regret" she had concluded there was a lack of credible evidence that his "substantial" debt would be paid soon and she refused to adjourn the case for a further 28 days.

She announced after a brief hearing: "I make this bankruptcy order at 11.23am."

She said of Becker: "One has the impression of a man with his head in the sand."
Click to expand...
Tennis champion Boris Becker declared bankrupt

What jumps out most is the part of "man with his head in the sand." :(

He did have some good tennis matches in days gone by!
 
how on earth does something like that happen?
 
The guy earned 25 million in tennis winnings, I dont know if bankrupt mean broke. Im sure if someone looked at this in a few years we will see him driving a 6 figure car, and waving to us from a balcony in Monaco. Ill still be driving a 14 year old Hyundai, and watering my own lawn.
 
Wow... actually kind of shocked by this. In addition to being one of the very top tennis champions of the late 80s, he also coached Novak Djokovic for three years recently, during which time Djokovic won six Grand Slam titles. Hard to imagine that coaching gig alone didn't net at least a million bucks.

I have to wonder if Becker is truly unable to pay this debt or if this bankruptcy is just some legal ploy to get this one creditor off his back. You would think with his pedigree, he would be able to fairly easily raise enough money to pay back a loan of any reasonable size.
 
Sojourner said:
I have to wonder if Becker is truly unable to pay this debt or if this bankruptcy is just some legal ploy to get this one creditor off his back. You would think with his pedigree, he would be able to fairly easily raise enough money to pay back a loan of any reasonable size.
Click to expand...

no doubt - as much as many of the members of my club pay our tennis pro to stand there and watch them hit balls he could make several hundred grand a year as a pro at an upscale club
 
Sojourner said:
I have to wonder if Becker is truly unable to pay this debt or if this bankruptcy is just some legal ploy to get this one creditor off his back. You would think with his pedigree, he would be able to fairly easily raise enough money to pay back a loan of any reasonable size.
Click to expand...

From the article, he did not want to declare bankruptcy. His defense was that he had a plan to repay the debt. However the creditor did not agree to the plan and the court sided with the creditor.
 
Sojourner said:
Wow... actually kind of shocked by this. In addition to being one of the very top tennis champions of the late 80s, he also coached Novak Djokovic for three years recently, during which time Djokovic won six Grand Slam titles. Hard to imagine that coaching gig alone didn't net at least a million bucks.

I have to wonder if Becker is truly unable to pay this debt or if this bankruptcy is just some legal ploy to get this one creditor off his back. You would think with his pedigree, he would be able to fairly easily raise enough money to pay back a loan of any reasonable size.
Click to expand...

If you read the linked article he and his lawyers fought against the bankruptcy.
He was forced into it. I guess laws are very different in the UK.
 
I do not know why people are surprised...

You can be 'forced' into BK here.... it is just not done since most creditors can get more out of BK.... but if they are coming to take your car, your house, or if you are a business all your assets and you file BK, that is kinda being forced...

Now, in BK, if the court does not like your plan then the creditors get a shot at it...


At least that is how I have read and heard about it...
 
I thought it was just basketball and hockey players who went bankrupt! I can just imagine the proposed plan of arrangement...
 
Big_Hitter said:
no doubt - as much as many of the members of my club pay our tennis pro to stand there and watch them hit balls he could make several hundred grand a year as a pro at an upscale club
Click to expand...

I'm guessing Becker's burn rate is CONSIDERABLY higher than that ;)
 
I remember him winning Wimbledon. Guess he was just close to 18 years old.

A few months later, they said he'd moved to Monaco because it was tax free.

The Wiki says he earned about 18 million Euros in his career. Yet the Telegraph article says he was worth 100 million Pounds at one time.

He had expensive tastes and an expensive divorce settlement but still has a 6 million Euro property in Spain.
 
When you hear about lotto winners going bankrupt, I suppose pro athletes shouldn't be so surprising. You wonder if it was greed (trying to find the right "investments"), overspending - as if the money would never run out, bad advice, fraud by others, etc. It's sad no matter the reason. I never personally "bet the farm" on any investment, but got bad advice plus being defrauded. It worked out eventually, but I'm sure I would have a lot more had I paid more attention or just ignored those trying to "help" me invest my finances. In any case, YMMV.
 
Other thing is I think Bjorn Borg also got bankrupt too.

Even if they don't overspend, these players often turn pro in their teens, after spending years playing in academies. So they're kind of sheltered, never have a real job.

Then they retire by their early 30s, maybe have millions in the bank. But they could be burning through a lot of cash.

There used to be a seniors tour but I don't think it lasted too long nor was it as lucrative as the PGA Seniors tours.
 
Big_Hitter said:
how on earth does something like that happen?
Click to expand...
Google professional athletes who have gone broke...

Antoine Walker, NBA: 108 Million: "He suffered from bad investments in real estate and splurged on cars, jewelry and assisting relatives."

Terrell Owens, NFL: A combination of bad investments, large child support payments and trusting the wrong people were the reasons that Terrell Owens, a six-time pro bowler, who amassed $80 million during his 15-season NFL career, filed for bankruptcy in 2012.

Mike Tyson, Boxer: Earning more than $400 million in his boxing career, Tyson spent on extravagances like mansions, luxury cars and pet tigers. He also owed $9 million in his divorce settlement and $13 million to the IRS. At the time of filing for bankruptcy in 2003, he claimed debts of $27 million.
 
But my favorite was George Best (deceased), former English soccer star, who went bankrupt twice, explained where his multi millions went:

"I spent a lot of money on booze, birds (women) and fast cars. The rest I just squandered."
 
I once sat on a plane for 14 hours next to a well known rock star.

He told me "Y'know, we've reached the point where, for every person in front of us watching us at a concert, there's an equal number of people behind us that we have to pay". A bit of hyperbole, but point made.

Once you get into the megamillions, there are so many people involved in your life; a huge overhead. Managers, secretaries, accountants, lawyers, EX WIVES, nannies, etc etc etc coupled to a fairly expensive lifestyle, that you HAVE to keep working!
 
I seem to remember reading...
"It isn't how much you make it is how much you manage to hang on to"

There is no correlation between sports ability and financial discipline...
That's why a smart parent would push for a bit deferred compensation
 
brucethebroker said:
But my favorite was George Best (deceased), former English soccer star, who went bankrupt twice, explained where his multi millions went:

"I spent a lot of money on booze, birds (women) and fast cars. The rest I just squandered."
Click to expand...

Yes, a classic. That's how he played, lived and died. Had the liver transplant to go with the booze.
Great player though in his time
 
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