Former wide receiver Antonio Brown isn’t having a good week. He reportedly filed for Chapter 11 bankruptcy earlier this month, and owes eight different creditors nearly $3 million. His media company, CTESPN Network, confirmed the news with a tweet and attached video of Michael Scott from The Office shouting, “I declare bankruptcy!” followed by a video of Brown running around his backyard shirtless, for some reason.
BREAKING NEWS #CTESPN
— CTESPNNetwork (@CtespnN) May 20, 2024
NFL legend Antonio Brown has filed bankruptcy today
He will be a first ballot hall of famer in 2027. He will be releasing new music this summer.
He is also the founder of the most trusted source in all of sports.
The generational run continues pic.twitter.com/DWmxw13uqa
In the filing, Brown claimed that he has less than $50,000 in assets, despite making $88 million throughout his 12-year career in the NFL. Some of his creditors include a credit card company, a marketing company and a law firm, as well as three six-figure civil judgements and a moving truck driver who sued him for assault and battery in 2020, and to whom he owes $1.2 million.
But how did he get here?
TRENDING: Antonio Brown filed for bankruptcy and currently owes eight creditors nearly $3 million.
— Tyler Webb (@tylermwebb) May 22, 2024
In the Chapter 11 filing, Brown claims he has less than $50,000 in assets per @timesunion. @AB84 earned over $88M in his career; let's break down how he lost it all
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AB obviously didn't actually make $88M in his career after accounting for:
— Tyler Webb (@tylermwebb) May 22, 2024
∙ Federal Income Taxes (10-37%)
∙ State Income Taxes (0-13.3%)
∙ Jock Taxes (0-13.3%)
∙ FICA Taxes (1.45% & 6.2%)
∙ Agent Fees (1.5-3%)
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One Twitter user, Tyler Webb, who specializes in sports business, laid it all out in a thread, explaining that Brown didn’t actually make $88 million once you account for taxes and agent fees; after all of those, most athletes are left with 50 to 60 percent of their reported earnings. By Webb’s estimate, this means that Brown retired with around $50 million in 2021, which is when things started to spiral out-of-control for him.
After all that, most athletes are typically left with 50-60% of their reported salaries.
— Tyler Webb (@tylermwebb) May 22, 2024
This means AB probably only retired with around $50M in 2021, and things only went downhill from there.
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January 2020: Brown is arrested after failing to pay $4,000 to a moving company whose driver sued Brown for assault and battery.
— Tyler Webb (@tylermwebb) May 22, 2024
Brown was suspended for eight games and ordered to pay the driver $1.2 million.
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In 2020, when he was still playing for the Tampa Bay Buccaneers, Brown was arrested after failing to pay $4,000 to the moving company whose driver sued Brown, and he was also suspended for eight games in addition to being ordered to pay the $1.2 million. In April 2021, he settled a sexual assault case with his former trainer, and in September of that same year, he was sued by a marketing firm for owing his agent more than $2 million. He has failed to pay either of these parties, and this isn’t even the half of it.
April 2021: Brown settles a sexual assault case with his former trainer.
— Tyler Webb (@tylermwebb) May 22, 2024
While the settlement details are private, Brown previously denied a $2.7M offer but was ordered to pay $100,000 by a judge for breaking confidentiality.
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September 2021: Brown is sued by KBC marketing for not paying his agent more than $2 million in earnings.
— Tyler Webb (@tylermwebb) May 22, 2024
The company sought $100,000 in damages.
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In March 2023, Brown bought 47.5 percent of the Albany Empire, and the team was soon kicked out of the National Arena League because Brown failed to pay a $1,000 fine. He also failed to pay his coaches and staff, although a lawsuit addressing that concern was never filed. In April 2023, he was sued by a jeweler who loaned Brown two diamond fingers that cost $500,000 each — Brown never returned the jewelry, and was ordered to pay the jeweler $1.1 million.
March 2023: Brown buys 47.5% of the Albany Empire for $350,000.
— Tyler Webb (@tylermwebb) May 22, 2024
Soon after, the team was kicked out of the National Arena League because Brown failed to pay a $1,000 fine.
Brown also failed to pay his coaches and staff, although a lawsuit was never filed.
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April 2023: Brown is sued by a celebrity jeweler who loaned Brown two diamond fingers that cost $500,000 each.
— Tyler Webb (@tylermwebb) May 22, 2024
Brown never returned the jewelry and was ordered to pay $1.1M by a judge.
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Once you factor in the $100,000+ credit card debt and multiple settlements with private chefs and moving companies for unpaid wages, it starts to become clearer how somebody who retired with $50 million just three years ago could already be bankrupt.
Per the @timesunion, Brown still owes:
— Tyler Webb (@tylermwebb) May 22, 2024
∙ $100,000+ in credit card debt
∙ $296 to a plumber
Brown has also had to settle with private chefs and moving companies several times for unpaid wages as high as $38,000.
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Maybe Brown can make some of his money back in his role as president of Kanye West’s sports fashion line, although considering how quiet the brand has been since 2022, that seems unlikely.
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