Vick's Finances Have Gone to the Dogs

Bankruptcy filing reveals former highest-paid NFL star's financial mess
By Rob Quinn,  Newser Staff
Posted Nov 22, 2008 10:45 AM CST
This July 26, 2007 file photo shows Michael Vick leaving the federal courthouse in Richmond, Va.    (AP Photo/Haraz N. Ghanbari, Pool )
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(Newser) – Michael Vick is millions of dollars in debt, with his main hope of solvency hinging on the uncertain prospect of returning to the NFL, the AP reports. The former QB's bankruptcy filing puts his assets at $16 million but his debts at $20.4 million. Friends and family drive around in fancy cars provided by the player's former largesse, but Vick himself now makes 12 cents an hour in prison.

Vick was entangled in more than 20 business ventures, and the filing shows he owes millions in related legal fees—as well as the $1 million the court ordered him to put toward the care of pit bulls rescued from his dogfighting ring. Vick hopes to be able to repay his debts by playing in the NFL after he's released in July, but that will depend on reinstatement by the league's commissioner.