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NBA Star Once Worth Over 100 Million, Now Bankrupt

by / June 3, 2014 video 39 Comments

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by April Taylor

Antoine Walker’s story is a cautionary tale.  He is a former NBA player who burst onto the scene as a sophomore at the University of Kentucky in the 1990’s where he helped the team win a National Championship.  In the 1996 NBA Draft, Walker was chosen as the sixth overall pick by the Boston Celtics.

He was a productive player, making the All-Rookie First Team and leading the team in scoring.  Walker became a standout for the Celtics teaming up with Paul Pierce.  Walker made multiple All-Star Teams and helped the Celtics make it to the Eastern Conference finals during the 2001-2002 season.

Walker was eventually traded to the Dallas Mavericks but later returned to the Celtisc for a brief time before being traded to the Miami Heat, Minnesota Timberwolves, and Memphis Grizzlies.  Walker last played for an NBA team in 2008.

Despte is NBA success, Walker is now broke, and he shares his story in the following video.  A gambling habit saw him accrue nearly $800,000 in unpaid debt.  He also faced three felony counts for writing bad checks that were related to gambling debts.

Gambling was not Walker’s only bad decision; at one point, he was taking care of an entourage of more than 70 friends and family members according to his mother.  Despite earning nearly $110 million during his NBA career as well as endorsements, Walker was forced to file for personal bankruptcy in 2010.  In August 2013, Walker made the announcement that he was debt free.

Walker is not the only professional athlete to find himself broke after earning millions of dollars.  Walker has completed a documentary to help other professional athletes avoid the same pitfalls and mistakes he has experienced.  Check out the video below to hear more about his story.

Do you think that the NBA gives adequate financial literacy training to it’s athletes?

Perhaps these men should reach out to individuals like Ryan Mack or Dr. Boyce Watkins for financial advice instead of relying on those provided by the NBA.

Tell us what you think.

[leadplayer_vid id=”5388427662346″]

Christine

39 Comment

  1. If you have an athlete who is very determined to help his entire set of childhood friends out with ask kinds of money, then there is not one financial advisor in the world that can change his mind. The nba and NFL have classes on financial planning for athletes and even have advisors on call. None of this will help a newly made young millionaire not make it rain in a strip club or casino. So unless you're Floyd Mayweather who makes more money in one fight than most athletes make in a career, you're gonna go broke real fast.

  2. *all kinds of money, not ask

  3. When you work with white advisors their only objective is to get their hands on your money for their benefit. They don’t do for the brothers what they do for the white boys, in fact, they hate that these brothers make all this money. But the brothers are so stupid they let these white advisors bankrupt them and steal their money when they should be working with african-american advisors like me who know the same things the white boys know, work right next to the white boys, and would love to help a high-net-worth brother manage his assets, set things up for their family without bankrupting them and caring about the brother’s long-term future, but the black athletes don’t want to work with Black Advisors because they must still have that slave mentality. They never learn…and then they’re broke.

    • But, that’s just it, I’m not sure if u watched the video that accompanied this article, but he did have a ‘brutha’ advising him named Fred Billings and we see how that turned out. So, simply hiring or having another black person advising u isn’t necessarily any guarantee that u won’t get taken. It’s best to learn how to manage ur own money, that’s y I always admired guys like Dominique Wilkins who negotiated their own contracts, that should be one of the first things these athletes should begin to do and their parents should be involved in guiding them well before they turn pro. As soon as they enter college, or even earlier, they should receive mandatory financial literacy training. I think they should demand it from whatever university or college they sign with.

  4. Financial literacy should be taught throughout k-12, should be mandatory! We live in a capitalist society!

    • Agreed, and if not in the schools, certainly in the churches. Of course, that might then mean less tithing and we know the pastors wouldn’t stand for that.

  5. I think I can sum up Antoine's problem in one word..FUCKED. Sadly he has learnt the hard way. When you have black people that has millions in their hands to spend, frankly they are often at a disadvantage.

    Firstly he has an entire village to take care of, then his family, then his baby mommas, then himself. They assume a lifestyle they conjure in their heads for a long time, they splurge with the intention of making a statement to white and black America that they have reached the pinnacle and can live like the white man. Hence the million dollar homes, countless kids, an army of "BROTHERS" that are like leech sucking blood profusely , and a truck load of girls that are willing to be their baby mommas.

    That is the pressure these guys have and they cannot say no as he may either be robbed or killed. by not only so called friends but from family. Such is the life of black people.

    It always amazes me at the drafts you see so many people other than the athletes cheering the loudest and enthusiastically with big hugs and I shake my head and say to myself there goes another millionaire. On one hand the system is designed that way, designed for them to fail. On the other it is their fault, no one else but theres.

    You never hear of these plights from the white athletes as I am sure they go through the same problems as well. You only hear from the black athletes. Is this a coincidence or just racial journalism disguised as info for the rest? If it walks like a duck it is a duck. if it smells like racism it is.

    Antoine is one athlete that white america can look at and say 'gotcha"! They have proven once again that if you give them millions they will lose it. Black America can also look at Antoine and say…"damn brother, sorry what happen to you.." and they move on to the next athlete available to suck. It is the cold and hard truth.

    I hope , and this is a big hope, that if only one athlete reads and learns from Antoine's mistake then this docu will be worthwhile. Happy is the man that is wealthy and can live content with very little, a lesson all black people find it difficult to understand because the system has always told them otherwise.

  6. Sad….over 100 mil?

  7. David Foster can you imagine? give me 1 tenth of that and I will be worth 100million in 5 years..damn

  8. Proverbs 17:16
    New International Version (NIV)
    16 Why should fools have money in hand to buy wisdom,
    when they are not able to understand it?

  9. By now the athletes should know what will happen if you don't watch and count your own money.Financial literacy can't start when you get your 1st pay check, When I did sports in college i'll never forget the asst. coach making all of us take an economics course and a finance course ,we also had to take speech and drama . The finance was so we could learn basic money management the speech was so we would learn how to give interviews and speak in public. maybe these courses need to be a requirement for all athletes . And maybe these travesties will start to make a fast decline .

  10. Its all about education from birth through manhood. One can get all the advisors available, but if the mindset is not right, and if the athlete does not know the value of money, then the probability of failing is imminent. The system does not really teach
    the philosophy of wealth and how to control it. This usually comes from the individuals, his/her exposures and family education. Also to control wealth is having to be tough minded and saying no as many times as saying yes. One has to be tough minded and willing to protect its wealth and investments, by any legal means necessary.

  11. I would be ashamed to leave my house or be seen in public.

  12. high definition crap. now you will face high definition HELL. for burning up all that money so quick.

  13. Why does the headline say that Michael Jordan "made it all happen"?

  14. First of all, why is Ryan Mack and Boyce Watkins being mentioned? CAN THEY BE TRUSTED ??? And I know who they are, but I, again, ask: Can they be trusted? These young blacks that plan to make it big in professional sports, AND THE ENTERTAINMENT FIELD ALSO, need to GET some knowledge IN COLLEGE, in especially finance and other business courses, as well as get one or two of their very loyal and totally trustworthy members of their families, if there are any. But Not even any of them that are not absolutely truthful and honest, and trustworthy. In fact, EVERY black person, sports or not, need to acquire some knowledge in how to handle money, even they are only seeking a job at McDonald’s. For we blacks are, for the most part, financially stupid. And, again, in speaking about Ryan and Watkins, if they do such work, and are associated in ANY WAY WITH JEW AND OTHER WHITES IN FINANCIAL WORK, they are not fully in charge, and cannot, therefore, be 100 percent trusted, either, because they are not making the decisions, but the “others” are. And this kid, if he had them, may not be now broke, but I would certainly be to some degree, FINANCIALLY SHORT. And more than he needed or should have been. — Rev. George Brooks

  15. […] READ MORE via Financial Juneteenth | How this NBA player blew through $100 million dollars to nothin… […]

  16. I don't feel sorry one bit for people like this. Who do you know that has 70 friends? Seriously? Homeboy was a damn fool,plain and simple. A fool and his money will soon be parted. I bet he cant find one of those friends who was their in the beginning when the money was flowing and the bottles were poppin. Welcome back to the hood stupid mf. HAHAHAHAHAHAHAHAHAHAHAHAHAHA.

  17. A WISE MAN SPEAKS, EVERYBODY LISTEN.

  18. Required Reading: 40 Million Dollar Slaves……By William C. Rhoden

  19. "Perhaps these men should reach out to individuals like Ryan Mack or Dr. Boyce Watkins" Shameless self-promotion *smh*

  20. These kind of stories really puzzle me- maybe it is because I would never while away money on gambling (having retained some basic maths from school), or buying an entourage of hangers-on. How many Americans, let alone black men, can lay claim to having an $100m salary?

    I think that in the case of basketball players, a lot of them have not been trained in economic empowerment, and end up treating money like sweets. Instead of putting their money into responsible investments, saving, investing in education, and making charitable donations to help empower more of the same, we see money thrown down the toilet in useless endeavours such as gambling.

    Anyone who knows a little bit about maths will understand the role probability plays in gambling. Anyone with an ounce of common sense will see the obvious drawbacks of buying friends. But still, athlete after athlete (particularly African-Americans) go broke pursuing costly entertainment.

    Some of the commentators have pointed out that their financial associations with white people are the problem, and the author of this article wants to know whether the NBA trains its athletes in financial literacy.

    I have to disagree on both these points, because I think it makes these men look infantile, blaming their losses entirely on white people, or claiming that the NBA should tell them how to spend their money. I do not discount these arguments at all, but I don’t think that we should entirely gloss over the personal responsibility aspect; young basketball players should also inform themselves that many like them have fallen into financial difficulty. This will go some way in deterring them from spending like there is no tomorrow.

  21. No sympathy; he was living the "baller" lifestyle and he brought it on himself.

  22. When I was a financial advisor I tried to help professional athletes in particular because they earn a lot over a short number of years. I'd be glad to make that my full time focus! I strongly believe it's not taught early enough. NBA, NFL…job offer? 🙂

  23. He didn't have the right people around him

  24. someone should teach mayweather about how to invest his money instead of him burning it and trying to show off his wealth its alright to have good things bt its pathetic to talk trash while at it,.pride comes be 4 a fall,.

  25. You caught that as did I. This is a gossip site.

  26. You people are ignorant. Constantly blaming white people for your bad, poor decisions. If you watch the video, Antoine surrounded himself with Black advisors who not only stole from him, but also mislead him. This is part of the reason blacks are in the place that they are in. Always blaming the white man. Smh.

  27. Antoine is no worse than the average person that tries their luck at the casino or buying the State Driven Scratch Ticket. Most people that play really cannot afford it. There are even gambling programs for additive gamblers set up by States because they realize the additive nature of gambling and the vulnerablity of so many citizens. In Antoine's case, it has been sensationalized because he is a well known personallity. Ask yourself, how many millionaires and billionaires lose millions all the time….gambling on stocks etc. Did he lose a lot of money…Yes…but is it unusual …No!

  28. Antoine himself is to blame for his loss. The gambling: he was being greedy. Here is a man who already had millions more than 90% of people will ever had and….He lost his money trying to win more money. He should have invested his money. Blaming his Financial Advisers: It’s smart to have a Financial Expert when you have that amount of money but it is even smarter to look over your financial resources yourself and ask questions. Totally Unnecessary Spending: How many homes can you live in and do all of them need to cost so much that your buying them makes a Realtor rich too? Does one really need an imported car for every day of the week and in every color? How much jewelry is enough? How many clothes and shoes can you own? If one can buy *everything* one ever wanted then, spending just to spend, becomes a form of entertainment and you buy stuff just to have something to do or to show others that you can. Women: Putting one of those Evelyn Lozado looking girls on your arm is just plain more expensive than some of the other females these guys keep getting *after* they get 100 million dollars. Hanger-Ons: Whether these people are Family, High School friends, new friends only along for the benefits of your new found wealth, if he was regularly taking care of 70 people, his doing so was not about them but, his need to feel and act like a High Roller. No one who was worth 100 million dollars should be bankrupt during their lifetime or for generations to come. This was a man who had little and then, had too much and had no idea how to behave once he was so rich. This is truly sad and so preventable. These guys need to watch their own finances, stop spending like a 100 million can’t run out–it can and will- Antoine Walker is proof.

  29. I saw the ESPN 30 for 30 film 'Broke' not too long ago. Frankly, that film should be a pre-requisite for all the college age athletes to view before being primed for drafts into the big leagues, as a precautionary tale on what not to do once they get their first multi-million dollar check.

  30. He was a fool…the bible clearly states a fool and his money will soon part!!! I bet if u ran that by him today, he would pay u dust, and do it movin. Where are these 70 friends and family members?

  31. CIVIL- HUMAN- FINANCIAL RIGHTS! I BLAME THE CIVIL RIGHTS ORGANIZATIONS FOR NOT GUIDING OUR YOUNG MILIONAIRES. THEY HAVE THE CAPACITY /METHODS & HUMAN RIGHTS TO HELP DIRECT & MANAGE OUR OUR SUPRER RICH ENTERTAINERS!. WE/THEY SHOULD/MUST BE JUST AS ACTIVE/AGGRESSIVE TO PROTECT & SAVE OUR WEALTH! NO MORE ENTOURAGES!!!!!!!!!!!!!!!!!! BUILD UP SCHOOLS AND BUSINESSES TO TEACH/EMPLOY OUR FAMILIES AND REAL FRIENDS. WE MUST STOP ALLOWING/LETTING THESE LEECHES/PARASITES/ SNAKES POISON THE MINDS/BODIES & SPIRITS OF OUR GIFTED & CULTURE. THE NAACP-THE URBAN LEAGUE/NAN/SCLC/ THE NATION OF ISLAM( THEY MUST FORM A NATIONAL SECURITY ASSOCIATION) PROTECT OUR INTEREST.

  32. That is the truth.

  33. People need to learn to say the word NO more often. That would go a long way or if you need to “lend” put it on paper so people know they have a responsibility to repay. Your money is not everyone’s unless you decide to give it to them.

  34. If you are born and raised with less money and you become a millionaire over night, it is a big chance to lose all the money because you are not used to handle that amount of money.
    And Gambling ? Taking care of 70 friends ? That’s just stupid in my opinion. He had to have someone to guide him. I’m sorry for him. That’s sad too.

  35. Wow, (70) friends, ridiculous , I can say that I (1) true friend, JESUS CHRIST, my earthly friends (2) Dbp and Dm. Blood sucking leeches are 70 friends, then there’s family, not guiding him, but leeching also , the the baby mamas , I bet none of them are around right now. I’ve always said , whitey don’t have a problem with loaning you the money , for they know, our black men will give it all back to them through white women , booze, sex, drug use , and lots of arrogance. It’s so sad that we are the salt of the earth and we are treated like nothing by most of our black men . Don’t give them money , as they will hunt down a white woman, she can be skinny , fat, short, tall , no sense, no morals , no nothing, just that her skin is white, and our brothers must have her. We are so much better than we are treated. To all those who fell under the spell of ‘sleeping with the enemy’ good riddance . Welcome back to your REAL WORLD.

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