Former NFL star who made $40 million declares bankruptcy, $5 million in debt

A former NFL running back has filed for bankruptcy after falling $4,857,659.50 in debt to various creditors.

Documents posted online by Deadspin show that Clinton Portis, 34, who played for the Denver Broncos and with the Washington Redskins over nine seasons, owes more than $1million in mortgage payments, $500,000 to his mother and $500,000 to Entertainment Tonight reporter Nischelle Turner.

He also owes lesser amounts to a host of other creditors, including $390,000 in back taxes, hundreds of thousands owed to casinos and domestic support payments to four different women.

Deadspin reports that the documents also share Portis’s income as $3,500 per month from the NFL in disability payments and $1,000 per month for freelance sidelines.

It was not immediately clear why Portis would owe Turner, who has also worked from NFL sidelines during her career, half a million dollars.

The running back owes $500,000 each to Entertainment Tonight reporter Nischelle Turner

The pair have a Twitter rapport with each other, discussing football and Portis’s college University of Miami.

He was drafted in the second round of the 2002 NFL Draft, being voted the Rookie of the Year and finding success with the Denver Broncos before being traded to Washington.

Portis became popular among fans for his outspoken personality and tradition of dressing up like different characters he invented, but ultimately quit the NFL after a concussion in 2009 and groin injury in 2010.

During his time in the NFL he was handsomely rewarded, including a 2004 contract for $50.5million over eight years that made him the highest-paid running back in the history of the NFL.

Spotrac.com estimates that he took home $43.1million total in his career, which ended following his 2010 injury, after renegotiated contracts.

USA Today reported that Portis said he had only $150 in his checking account.

Attorney Curtis Elmore is representing Portis in the foreclosure case on the $1million royal purple house he built for his mother north of Gainesville, Florida.

He told The Gainesville Sun that his client had been swindled by those who took advantage of him.

‘Mr. Portis placed his trust in certain people for financial guidance and he’s been betrayed, so it’s not been due to his negligence or ineffective financial planning. It’s just been swindlers and the ripple effects that their actions are causing,’ he said.

Portis was also among a group of NFL stars who invested in an Alabama bingo casino that lost the 35 players a combined $40million when it shut down in 2010.

As part of his reported $13.29million in assets, Portis included an $8million claim against Pro Sports Financial, which was involved in the casino, as well as a $2million claim against Jade Private Wealth Management.

The running back’s current debts include $412,000 owed to the four women for domestic support, as well  as $80,000 to law offices.

He owes more than $287,000 to the MGM Grand in Las Vegas as well as $170,000 to the Borgata Hotel, Casino and Spa in Atlantic City, New Jersey.

Other missed payments include thousands to banks, financial services companies, as well as roughly $65,000 owed for a repossessed BMW, $59,000 to Audi, $50,000 for a Dodge Ram truck and $899 owed to Verizon Wireless.

Source: The DailyMail

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