Beleaguered quarterback Vince Young files bankruptcy

Beleaguered quarterback Vince Young files bankruptcy

Bankruptcy is just the latest turn in Young's increasingly murky financial quagmire

Former Tennessee Titans quarterback Vince Young, apparently not content with being a draft bust, has become a financial one as well. The Houston Chronicle reports that the former first round pick filed for Chapter 11 bankruptcy protection last week.

Young has had financial issues since the 2011 NFL lockout, when he allegedly obtained a $1.8MM loan that spawned a pair of lawsuits. Young denies ever asking for the loan or seeing any money for it. Ronnie Peoples, Young’s former financial adviser, claims the loan was taken out so that Young could throw himself a $300k birthday bash., according to NFL.com.

In last week’s petition filed in Houston bankruptcy court, Young’s attorney Brian Kilmer listed Young’s assets of somewhere between $500,001 and $1MM, with liabilities of as much as $10MM. That includes the disputed loan, which has now grown to more than $2.5 MM with interest. A New York state court has granted a judgment against Young to Pro Player Funding, the issuer of the loan.

Young’s lawsuits are against Peoples and Major Adams II, his former agent. Young alleges that Peoples and Adams II conspired along with Pro Player Funding to obtain the loan without his knowledge or receipt of payment. Though a settlement in the Peoples case was reportedly reached in December, details are unclear. Documents from the case indicate that as recently as June of last year, Young reported assets of $1.8MM and liabilities of $2.5MM, including the outstanding Pro Player Funding loan.

Vince Young was drafted by the Tennessee Titans in the first round of the 2006 NFL draft, and played for them from 2006-10. He signed with Philadelphia Eagles in 2011, followed by the Buffalo Bills in 2012 and with Green Bay Packers in 2013. In both of the latter cases, he was cut from the team and did not play during the regular season.

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