Former NFL quarterback Vince Young has faced his share of financial turmoil. However, he is moving beyond his past mistakes and forging a future that includes entrepreneurship.
In 2006, the University of Texas Longhorns won the national championship by beating the University of Southern California in the Rose Bowl. At the center of the win was Young, a quarterback for the University of Texas.
That same year, he was chosen with No. 3 pick in the NFL draft by Tennessee Titans. The team signed him to $58 million contract, with $25.7 million, according to Spotrac. Although Young was a promising player who would become the first-ever rookie quarterback to rush for over 500 yards, his professional career was stunted as a result of injury.
With decreased play, Young was moved to the Philadelphia Eagles, Buffalo Bills, and finally, to the Green Bay Packers.
Financial Mistakes Lead To Bankruptcy And Fraud Discovery
By 2014 Young had retired from football as a result of various team conflicts and injuries.
“I love the NFL, will love the game always but I’m kind of moving forward and moving on right now,” Young shared in an interview with Bleacher report.
“I had my ups and downs. I made the mistake of getting into it with my coach and that kind of hurt me a whole lot. When you go to different teams, they already have a bad perception of you. When that’s out there, there’s nothing you can do.”
And soon his professional flubs would be followed by financial struggles. That same year, Young filed for Chapter 11 bankruptcy, according to Sports Illustrated.
Despite earning more than $35 million as an NFL player, Young’s lavish spending led him to lose it all. Trips to the Cheesecake Factory resulted in a $15,000 bill a month (reportedly $5,000 per week), excessive partying at the bar, $600 shots of Louis XIII de Remy Martin post-games, or purchasing all the seats on a Southwest Airlines flight to ensure his privacy are just a few of the ways that Young spent his money.
In addition, as proceedings for bankruptcy were underway, Young and his attorney discovered that his finances had been misused by an advisor and an uncle who served as his manager.
Young found documents including his forged signatures for businesses and investments that he had no knowledge of at all.
Recovering From Financial and Professional Setbacks
The reality of Young’s professional and financial decisions was challenging to overcome. Yet the former football player is focused on his recovery — he has hired a financial adviser. He also serves as an ambassador and spokesperson for his alma mater, the University of Texas.
He is also the owner of Austin-based Vince Young Steakhouse, a trucking business and real estate firm.