Michael Vick Net Worth: $15 Million. Michael Vick is an American retired professional football player who played 13 NFL seasons. Vick is one of only 3 athletes (others Derek Jeter and Shaq O’Neal) to sign more than one $100 million+ contract in pro sports history. His career started brightly but came crumbling down in 2007 when he was found guilty of a dogfighting charge which took its toll on his earnings forcing him to file for bankruptcy.
After serving almost 2 years behind bars, Vick attempted a comeback but remained only a shadow of his former self. Ultimately, he was able to come out of bankruptcy and earn a decent living for himself. Vick retired in 2017. Here is everything you should know about Michael Vick’s financial debacle and revival.
Michael Vick Net Worth: Career Beginnings And Earnings
Born on June 26, 1980, in Newport News, Virginia, Vick was raised in a public housing project plagued with gangsterism. Vick found football as a means of getting off the streets. From his days at Homer L. Ferguson High School, he quickly established himself as a talent to watch. With a football scholarship, Vick made his way to Virginia Tech.
Vick’s professional career couldn’t have started off with a stronger foot as he became the first African-American in history to be selected with the top pick. The Atlanta Falcons selected him first in the first round of the 2001 NFL Draft. Vick inked a 6-year contract with the Falcons worth $62 million.
Three years into his initial contract, in 2004, Vick’s outstanding performance was rewarded with a 10-year $130 million contract extension. It still remains the biggest contract in NFL history. At the peak of his career in 2006, Sports Illustrated estimated his annual earnings at $25.4 million from salary and endorsements.
Michael Vick Net Worth: Dogfighting Case, Jail, Bankruptcy,
Unfortunately, Vick never fully enjoyed the proceeds from that record contract as it was terminated following his dog fighting case. Vick was in 2007 found guilty of running a dogfighting ring on his property and was sentenced to 21 months in federal prison.
In the wake of the conviction, Vick’s wall came crashing down. His top endorsement partners which included Coca-Cola, Electronic Arts, Kraft, and Nike all cut ties with him. He was asked to refund a portion of his earnings to the Atlanta Falcons. Also, multiple creditors took turns to file lawsuits against him, forcing Vick to file for Chapter 11 bankruptcy. According to the filing, Vick declared less than $50 million in assets with debts between $10 million and $50 million.
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Michael Vick Net Worth: Recovery, Retirement
After serving his 21-month sentence, Vick was released in 2009. Fortunately for the fallen star, the Philadelphia Eagles took a chance on him, signing him to a 1-year, $1.6 million contract with no money guaranteed. This was followed by a 6-year $100 million contract in 2011 with $40 million guaranteed.
Also, his endorsement portfolio was revived. Nike resigned him in 2011, making it the first time the sports company resigned an athlete they had initially dropped on a moral clause. Football pad makers, Unequal Technologies and MusclePharm also sponsored the resurrected quarterback.
However, Vick’s performance dwindled by the year, seeing him part ways with the Eagles in 2014.
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On the brighter side, the $49 million he earned between 2010 and 2014 allowed him to settle the bulk of his debts which had amounted to almost $18 million. According to the reorganization plan, Vick was to pay his creditors in 6 years.
Since over 50% of his earnings went to Uncle sam and legal fees, Vick was placed on an annual budget of $300,000. One of his biggest expense was his agent Joel Segal whom he paid $800,000 in 4 years. Thankfully, by the end of 2014 Vick had paid off almost 90% of his total debts.
Vick had the option to choose the Chapter 7 bankruptcy over the Chapter 11 as the former would have seen more of his debts forgiven. However, he chose not to, stating; “I didn’t want to stiff people who never stiffed me.”
Vick ended his NFL career with two one-year stints at New York Jets and Pittsburgh Steelers. The contracts were worth $5 million and $970,000 respectively. Vick spent the entire 2016 season as a free agent before making the decision to retire in 2017 at the age of 36. He never won a Super Bowl, but he sure left indelible memories in the hearts of football lovers.
With debts behind him, Michael Vick has turned a new leaf. As an NFL retiree, he continues to benefit from his Nike deal. He started a sports clothing line, V7 with Nike in 2012.
In a 2017 interview with 247 sports, Vick revealed that he has interests in coaching. “At the end of the day, I want to do a lot of things as an entrepreneur, but coaching is where I’m going to land at some point,” the 2010 NFL Comeback Player of the Year said. He added “I don’t know what level, but I think I’ll make a good coach. I know I’ll be a great motivator and help build future leaders.”
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