Professional athletes who make millions and wind up broke when they retire is sadly a common tale. What isn’t common is to see that happen to someone who raked up over $110 million in salary during their career, plus another $50+ million in endorsements and advertising.
Sadly, it seems that somehow Gilbert Arenas managed to do just that. He’s still collecting checks from the contract he signed with the Wizards in 2008, but those will expire with the start of this season. In a 2013 interview with TMZ, Arenas described his out of control spending, including $5000 a month to take care of his pet sharks. Now, that money has dried up and he’s going to have to make some serious lifestyle cuts. Via TMZ:
“I anticipate that the children will need to transfer to public schools in 2017 and beyond.”
The real tragedy here is that this will affect his kids education. The idea that anyone could squander $160 million dollars in less than two decades is pretty insane. It’s exactly why most professional sports leagues require rookie players to take courses on financial management and responsibility.