There are scores of professional athletes, past and present, who have squandered millions of dollars in bad investments. At this point and alarming rate, the unofficial tally could extend into the billions.
Michael Jordan, the greatest player to ever grace the court of the National Basketball Association (NBA), is on the verge of adding his name to the long and undistinguished list, according to the Chicago Tribune.
“His Airness” is in jeopardy of losing a $1.5 million cash investment in Attack Athletics Gym, which is a 65,000 sq. ft. facility on Chicago’s West Side that “features four full-sized basketball courts, a 10,000 sq. ft. weight room and a client roster filled with current and former NBA stars, including Dwyane Wade, Scottie Pippen and Luol Deng.”
Tim Grover, the owner and Jordan’s trainer during his NBA heyday, owes more than $12.2 million to creditors. The bank that loaned Grover the money to build the gym filed a $10.2 million foreclosure judgement earlier this year when he failed to make payments. He then filed for Chapter 11 bankruptcy to stave of foreclosure; however, the case was dismissed by a judge last month, which opens the door for the lender to once again seek foreclosure on the property.
According to the bankruptcy filing, Jordan is the largest unsecured creditor. And he’s at risk of losing everything if the bankruptcy appeal is denied and the foreclosure is ultimately allowed to proceed.
Jordan, who despite his tremendous fame and fortune, as well as an admittedly unquenchable thirst to gamble huge sums on just about anything, has had a very successful track record since his (third) retirement from the sport in 2003.
In fact, his “Jordan” brand continues to be a very popular and rich source of income for the NBA Hall of Fame inductee. He also has a fine-dining steakhouse in Grand Central Terminal in New York, New York. And let’s also remember his Michael Jordan Motorsports, a professional closed-course motorcycle road racing team, and his investment in the NBA’s Charlotte Bobcats, which made him the first-ever former NBA player to become the majority owner of a league franchise.
The good investments, for now, far outweigh a potential bad $1.5 million loss.