3 NFL players who lost millions in bad business investments
Most NFL players make millions of dollars during their careers. They start with their team contracts and continue with other ventures after they retire. Many players, especially quarterbacks, have various endorsement deals that can earn them a ton of extra money. Sometimes these deals contribute as much or even more than their NFL contracts.
Financially savvy NFL players will also invest a large portion of their income to further increase their own value. Investing in different businesses and many other profitable options can help them grow their own money exponentially. The catch is to make the right investments into ideally low-risk, high-reward types of opportunities.
While many NFL players have made a fortune through their investments, there are other examples of times when they have put their money into the wrong venture and lost out on millions of dollars because of it. Here are three such examples.
#1 - John Elway
John Elway is one of the greatest quarterbacks in NFL history. He helped the Denver Broncos reach five Super Bowls during his career and came away with two victories. He now works in the front office for the Broncos, including previously serving as their general manager.
It has been reported that in 2010, Elway and his business partner invested 15 million dollars into an apparent hedge fund run by Sean Mueller. The operation turned out to be a Ponzi scheme and Mueller was sentenced to 40 years in prison, but Elway's money disappeared. He received nearly 1.5 million in restitution, but still lost more than 13 million dollars in the deal.
From @PonziTracker: "[John] Elway was revealed to be the [Ponzi] scheme's largest investor, having invested a total of $15 million (!!)..."
#2 - Dan Marino
Dan Marino had an incredible career with the Miami Dolphins. When he retired, he was the all-time NFL leader in most statistical passing categories. The only thing missing from his list of accomplishments is a Super Bowl ring. He is considered by many to be the best quarterback of all time to have never won one.
Fun Fact: Former NFL quarterback Dan Marino lost $13.6m after investing in Digital Effects; a company then-owned by filmmaker James Cameron and were responsible for making the Hologram 2Pac at Coachella in 2012. https://t.co/F1FbmyXMZb
Marino reportedly made a large investment in the Digital Domain Media Group, a special effects company for Hollywood projects backed by James Cameron. Marino owned 1.6 million shares in the company, so when they filed for bankruptcy protection, he reportedly lost nearly 14 million dollars.
#3 - Mark Brunell
Mark Brunell put together a solid career, mostly with the Jacksonville Jaguars, where he was selected to three Pro Bowls and once led the entire league in passing yards. He retired following the 2011 season and filed for bankruptcy later that year.
Brunell started a company called Champion LLC focused on real estate investment, but he reportedly lost 11 million dollars when the housing market crashed. He also reportedly lost around nine million dollars investing in Whataburger franchises. It's been estimated that he lost more than 50 million dollars in various failed investments.