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Top 10 Athletes Who Should Have Hired a Good Accountant

Steve Berman, LedgerLink

9. LaTrell Sprewell



In 2004, during the final year of a five-year, $62 million contract, LaTrell Sprewell turned down a 3-year, $21 million extension offer from the Minnesota Timberwolves, explaining, “I’ve got a family to feed.”

With Sprewell’s spending habits, that much-maligned statement wasn’t too far from the truth. After Sprewell angered the Timberwolves by calling their offer insulting, Sprewell was made lower offers by several contending teams over the next two years. Sprewell either turned down or ignored each offer, and never played again.

Since then, Sprewell’s suffered a financial slide shocking enough to make people forget he once choked former Golden State Warriors head coach P.J. Carlesimo in 1997.

In 2007, his yacht (named “Milwaukee’s Best”) was repossessed by federal marshals after missing several payments and was later sold at auction. In 2008 Sprewell’s home went into foreclosure. According to RBS Citizens Bank, the holder of the mortgage, Sprewell owed $320,284 on the house even though he purchased it in 1994 for $405,000.

And what’s a financially-strapped millionaire athlete without a failed business venture? Sprewell Motorsports, which gained fame in the early 2000’s for tricking out cars with “spinners” and other sorts of automotive flair, stopped paying their credit card bills in September of 2007 and is no longer in existence.