NFL player Vince Young is reportedly in a financial crisis.
According to “QB Vince Young out of the game and out of money” on cbsnews.com,
“Six years after entering the NFL… Vince Young finds himself without a team and
with just a fraction of the money he received from a contract that guaranteed
him $26 million.” The article reports that attorneys representing Young, and
each of his former financial advisers are arguing over whether Young was
irresponsible, his advisers both swindled his money, or if his uncle, one of
his advisers, was inexperienced and yet in control of all money decisions.
Vince Young did not give any statements to the article and
the exact details of his finances are not stated. The only statement in regards
to his current financial status is from his attorney Trey Dolezai: “I would
just say that Vince needs a job”.
The financial issues become apparent in the lawsuit between
Young and Major Adams, former agent, and Ronnie Peoples, former financial
planner. Dolezai sums up the lawsuit as “They conspired to take Vince’s
money”. The lawsuit “[alleges]
they misappropriated $5.5 million.” The suit comes after Young was notified of
a loan placed in his name that went into default. The loan in question is from
Pro Player Funding in the amount of $1.9 million with 20% interest and was
signed by Young during the NFL lockout. Young is claiming the funds went to
Adams and Peoples and “he didn’t ‘knowingly execute’ any documents… anything he
signed was ‘without the corresponding documents attached and without knowledge
as to what the signatures pages referred,’ one of his courts filings states.”
Pro Player is also linked to the lawsuit as Young attempts
to invalidate the loan although the company claims, “signatures were notarized
and that emails show he was involved in making sure the lender received
repayment”. Young is also bringing a complaint that Pro Player serving the
legal papers at training camp caused Young to be cut from the Buffalo Bills
leaving the player without a job.
