Report: Vick 'blew through' nearly $30 million

Eagles quarterback Michael Vick is brought down by Giants linebacker Chase Blackburn. (Yong Kim/Staff Photographer)
Eagles quarterback Michael Vick is brought down by Giants linebacker Chase Blackburn. (Yong Kim/Staff Photographer)
Posted: October 05, 2012

Michael Vick also has had turnover troubles when it comes to his finances, according to a gossip web site report.

"Vick has blown through nearly $30 million since filing for bankruptcy in 2008 - nearly 95 percent of his total income," writes TMZ.com, citing "legal docs filed in his bankruptcy case."

But be careful about jumping to the conclusions, as some media outlets were quick to do.

The celebrity gossip website's words don't support such headlines as Vick "blew" or "squandered" $29 million, or even that he's "almost broke," as a New York Post headline says.

And just because Vick tweeted Wednesday "Be smart with your $" doesn't mean he has new regrets.

Indeed, the overwhelming portion of Vick's expenses were completely expected - tax bills and court-mandated payments to creditors left hanging when Vick went to prison on charges related to his Virginia dog-fighting operation.

About three-fourths of the $31 million he made since 2008 paid off taxes ($10.9 million), creditors ($9.2 million), lawyers and accountants ($2.7 million), with more going toward child support, according to TMZ.

Not exactly "squandering."

Furthermore, his living expenses have been restricted to $300,000 a year since a bankruptcy agreement last year.

"He's hardly living the high life," USA Today notes.

As for "broke," TMZ not only says, "Vick is now left with around $1.5 mil," it notes "that's nothing to sneeze at," and points out that "Vick signed a 6 year, $100 million contract in 2011 ... with almost $40 mil in guaranteed money, so he won't be poor - in rich terms - for much longer."

And that's not to mention continuing endorsement deals, a clothing line, or money from his memoir, Finally Free. Since being published last month, it has become the No. 1 selling football book, and the No. 6 sports book, according to Amazon.com this morning.

A lot of that money, though, will still go to Uncle Sam, and those creditors - banks, former business associates and even his last team, the Atlanta Falcons - will get 40 percent of his adjusted income until their $20 million is fully paid, according to previous Inquirer reports.

The creditors could be paid off in a couple of years, a Vick rep told USA Today.


Contact staff writer Peter Mucha at 215-854-4342 or pmucha@phillynews.com.

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