04/25/24
March 31, 2011
Cowboys' Dez Bryant Owes $840K in Unpaid Debts: Only one year into his NFL career, Dallas Cowboys wide receiver Dez Bryant owes $840,000 in unpaid personal debts, according to lawsuits filed against him by creditors. "He's in a dark place in his life," said his advisor David Wells. "Until you find that light, you're going to continue to be in a dark place."
$588,000 in jewelry purchases is absurd.
posted by Ying Yang Mafia at 01:43 PM on March 31, 2011
I think this is potentially more correctable than Pacman's failings (which seemed to gravitate towards off-field behavior that put himself and others at risks other than purely financial). Bryant needs to get his finances in order and debts paid (which will presumably be difficult in the short term with the lockout/labor stoppage) and the Cowboys would be well served to hook him up with some financial counseling and a trustworthy financial adviser who will put him on a budget and help oversee his purchases. It seems Bryant was not particularly well served by his current mentor/adviser, David Wells, who probably should have counseled Bryant against the $600,000 jewelry purchases that Wells apparently helped facilitate or, at a minimum, should have told Bryant he was on his own for that transaction.
posted by holden at 01:52 PM on March 31, 2011
Holden - why should the Cowboys, as Dez Bryant's employer be involved in any way with regards to his personal financial trouble. They pay him very well and it is really no business of theirs what he chooses to do with his money. Even if he proves to be an idiot when it comes to finances.
This is why I tend to side with owners in the labor dispute. They are the ones who have in many cases been involved in the business of professional football for generations. Why on earth would they want to make players who for the most part are short lived in the football business, their business partners, especially when this is typical of the business acumen they bring to the table. It's a good argument for keeping players employees (albeit highly paid ones) Rather than making the percentage partners in business. I realize the players want a percentage of the revenue but siding with the players would also mean to me, that ticket sales people, parking attendants , hot dog vendors etc should also share in the revenue of the league as they are also employees. If team employee, who was working as a grounds keeper, had similar problems living within their means (which would obviously be much lower in terms of salary) would you suggest the Cowboys get involved in helping sort out the problem?
posted by Atheist at 02:18 PM on March 31, 2011
Players aren't only business partners, though. They're the product.
posted by WeedyMcSmokey at 02:24 PM on March 31, 2011
Holden - why should the Cowboys, as Dez Bryant's employer be involved in any way with regards to his personal financial trouble. They pay him very well and it is really no business of theirs what he chooses to do with his money.
Because he's an investment. Why wouldn't they?
posted by yerfatma at 02:39 PM on March 31, 2011
I would say NFL football is the product, the teams are the product, the NFL merchandise is the product. The players are transient, and they are also their own brands who can sell themselves as product endorsers or spokesmen as they see fit. But if every current NFL player disappeared today, the league would survive and continue. Regardless of who the players are, the NFL has always been the premier customer, paying the highest amount for talented employees that a football player can sell his skill set to.
At one time Steve Young choose to become the highest paid football player in the world when he sold his talents to the USFL's Los Angeles team. Well that was an employer that went bankrupt trying to compete for the best talent, but the fact remains the player can sell his talents to who ever they want if they are not under a contract.
I am not trying to hijack the tread, but Dez Bryant's situation, and Adrian Petersons statements calling the players slaves, are just such a good example of the kind of attitude that separates them from the business that has made the NFL great. The NFL is a successful business due to the management of the teams and league. Player talent is a commodity that is bought and sold by those in a position to accept the risk, involved with paying someone millions of dollars who may or may not deliver, or may or may not last. If Dez Bryant cannot live within his means, it is not the business of his employer, nor should it concern Dez if Jerry Jones looses or makes money owning the Dallas Cowboys.
Player salaries are such that these guys actually can spend a million dollars on jewelry. Maybe they should strike for a jewelry allowance while they are at it.
I think a real good point is that although football players are not really different than great hockey players, baseball players or basketball players, the reason the NFL is so much more successful is their business model and execution, which enable it to pay football players the way it does. Other professional sports leagues are not in the same financial shape. That is not because of the players, but because of the way the league and teams have conducted their business. I certainly would not like to see the brilliant business minds of the players kill the league. They should just start their own league and force the NFL to compete with them if they are so smart..
posted by Atheist at 03:15 PM on March 31, 2011
Cowboys would be well served to hook him up with some financial counseling and a trustworthy financial adviser who will put him on a budget and help oversee his purchases.
I think there's far more to this than just getting a financial advisor. He's not making bad investments. He's showing no self control. And putting a budget down on paper isn't going to solve that.
posted by justgary at 04:11 PM on March 31, 2011
good point justgary - I doubt the lack of a financial adviser is the reason he is not paying for almost a million dollars in jewelry. Geez who is this guy, Elizabeth Taylor? I don't know what his contract is worth but being in debt with what he must make is just plain stupid and frankly you just can't fix stupid. We are not talking about debt for a home or business, we talking about buying jewelry when you don't have the money to pay for it. How he doesn't have the money is beyond me but I just know what he owes for jewelry. Imagine what else he has spent money on.
OOPS I just re-red the article and discovered most of this debt was incurred while he was still a student at OSU. He was spending money like a multi millionaire before he even made it. How the F on earth did he even get that kind of credit? I mean I know he was destined for the NFL but who would extend him credit for almost $600K in jewelry before he was even drafted?
posted by Atheist at 05:01 PM on March 31, 2011
His "adviser" who said he is in a dark place is the one who set him up with lines of credit before he was out of school.
Anyway, I don't think being financially irresponsible at 22 years old is anything to write home about. I also fail to see why this is a symptom of some bigger character issue. Comparing him to Pacman -- someone who repeatedly got into violent scuffles? I don't see it at all. Bryant's debts are just on a bigger scale, but he'll have no trouble paying the money back.
posted by bperk at 05:19 PM on March 31, 2011
I think there's far more to this than just getting a financial advisor.
Me too. If you're running up six figure debts all over the place and aren't paying them back even when you've got the money, it's more than poor budgeting. It calls his character into further question.
posted by rcade at 05:32 PM on March 31, 2011
I agree with rcade on this. This is not an issue of just poor money management, it is an issue of character. It shows what is important to him, it shows a lack of responsibility among other character flaws. Most kids learn at an early age if you borrow something you must return it or pay it back. Of course most people do not grow up with the same sense of entitlement as do star athletes. It is this sense of entitlement that is at the heart of the NFL labor dispute, which was why I brought it up. Just because you are a great athlete, doesn't mean you deserve to own part of your college or be a partner in an NFL team. You are really nothing more than a talented athlete who gets paid a lot for those talents.
I hope people are getting sick of athletes and celebrities that feel they are above the law, can do whatever they want, or are owed even more that they already receive.
posted by Atheist at 06:26 PM on March 31, 2011
Deon Sanders tried to mentor the fool, but now Prime Time wants nothing to do with Bryant.
To address why the Cowboys would care enough about Bryant's finances, to the point that they'd help he get counseling, if Bryant has legal issues, it's hard for him to focus on football. If he's in jail it becomes impossible for him to contribute. Employers, good ones anyway, care about their workers enough to where they would help a person get whatever help they need to deal with life. I know that I have access to counselors of all types, at no cost to me. Now, it could be argued that employers do that in self-serving manner, but either way, the Cowboys do have an incentive to keep this player's life under control.
That being said, anyone that buys that much jewerly before they have the money is a disaster waiting to happen. Dez, pull your pants up, hock the jewerly, and try to stay out of the news for a while.
posted by dviking at 06:31 PM on March 31, 2011
To the points about this not being any of the Cowboy's business, if this becomes an issue that adversely affects on-field performance, it is going to be the Cowboy's business. In addition, there are myriad ways that public perception of a team's players can affect a team's bottom line (from ticket sales -- although the Cowboys are not going to have any issue with that -- to jersey sales to the overall "brand" perception of a club and the goodwill and value of that brand). The Cowboys have already invested a substantial amount of money in Bryant, and they have an interest in seeing a return on that investment, both on the field and through the other ways in which players can enhance team value.
The NFL and teams are actively involved in training, mentoring and counseling their players on financial issues already; it just seems to me that the Cowboys could and probably should (once Bryant is their employee again) nudge him in the right direction and provide the resources to help him make better decisions. To compare this to a run-of-the-mill employer-employee relationship does not account for the fact that this is not a typical labor market, a typical type of employee, or a typical type of employer. And, as dviking notes, it is not as if employers in more typical contexts do not provide access to counselors, advisers, etc. of all types. I know mine does.
posted by holden at 07:21 PM on March 31, 2011
Most kids learn at an early age if you borrow something you must return it or pay it back.
If you seriously believe most 22-year old are responsible with money, then you have not been around many people that age. College-aged kids are notorious for getting into credit card debt, and unlike Bryant, they don't have a big payday right around the corner. The credit card companies hang out on campus giving stuff away to suck in this kids. Bryant had it even worse because he had an "adviser" helping him accrue ridiculous amounts of debt.
Further, if living beyond your means and failing to pay back debts promptly is a character flaw, what percentage of Americans do you think are afflicted with that particular character flaw? It certainly has nothing to do with being an athlete and having a sense of entitlement.
posted by bperk at 07:32 PM on March 31, 2011
But if every current NFL player disappeared today, the league would survive and continue.
Really?
Assuming a balance of skill is evenly spread across the league, it means that the best replacement quarterback available would be the (32*3)+1=96th best quarterback in the world at this point. That's assuming, of course, that it isn't a current college player, or CFL player under contract, or arena football player under contract.
Now replace every quarterback for every team based on that logic. Instead of the 1st-to-96th best quarterbacks spread out among the league, you'd have the 97th-to-192nd best currently-not-under-contract-or-in-college quarterbacks.
Now replace every player for every position for every team based on that logic.
Would the fans really come out to watch the scabs? Would the networks really pay the large sums of money for the scab NFL?
I think the definition of "survive and continue" would have to be very limited. I don't think the market for that level of football would survive in many of the cities that currently host NFL teams.
posted by grum@work at 07:54 PM on March 31, 2011
Would the fans really come out to watch the scabs? Would the networks really pay the large sums of money for the scab NFL?
Yes, because what's the alternative?
posted by graymatters at 08:48 PM on March 31, 2011
College-aged kids are notorious for getting into credit card debt, and unlike Bryant, they don't have a big payday right around the corner.
To complete the comparison, they also don't usually owe 800 grand.
I grew up with financially responsible parents that did their best to make me financially savvy. I had a checking account at an early age, knew about compound interest, had done the work sheets that showed paying off 10,000 at the minimum would take me... forever. And I still got in over my head my freshman year. I was given a credit card with an insane limit (more money than I had ever seen) and I didn't even have a job. I quickly learned that dates were more fun (and frequent) with money than without.
It didn't matter the years of having financial responsibility speeches pounded into my head. And it's going to take more than a budget to help Bryant. That's all I'm saying. There's something going on more than a lack of a budget.
I could take a second job at walmart to pay off my debts. If Bryant is injured and can't play football any longer that 800,000 is going to look like mount everest. So give him a budget, surround him with good people, and find out what's going on with him now. A second job at walmart isn't an option.
posted by justgary at 09:00 PM on March 31, 2011
Further, if living beyond your means and failing to pay back debts promptly is a character flaw, what percentage of Americans do you think are afflicted with that particular character flaw?
It's a matter of scale, Bperk. After only one year of being pro, he's accrued $840,000 in debt and is being sued by several creditors -- even though with a five-year, $11.8 million contract he has the resources to pay off his debts in full.
The only way to get into so much personal debt trouble so fast is if you can't control your spending at all and you simply don't give a shit about paying anybody back.
posted by rcade at 09:28 PM on March 31, 2011
The credit card companies hang out on campus giving stuff away to suck in this kids.
I got a call yesterday soliciting me to sign up for a credit card.
posted by Ying Yang Mafia at 12:28 AM on April 01, 2011
Is it bad that i read bryant and Automaticaly think "Bear"
posted by Folkways at 07:03 AM on April 01, 2011
With the way Jerry Jones was crowing over his deft, brilliant drafting of Bryant - grand larceny and the coup of the decade - and now faced with this, I don't think Jerry has a humiliation chip in his hard drive whatsoever.
Let alone a recognition of reality chip. It doesn't seem to matter how big a fool he is shown to be. He keeps coming back to the flame.
posted by beaverboard at 09:13 AM on April 01, 2011
He was spending money like a multi millionaire before he even made it. How the F on earth did he even get that kind of credit? I mean I know he was destined for the NFL but who would extend him credit for almost $600K in jewelry before he was even drafted?
Gee, maybe because not everyone around him has his best interests at heart?
posted by yerfatma at 09:31 AM on April 01, 2011
The only way to get into so much personal debt trouble so fast is if you can't control your spending at all and you simply don't give a shit about paying anybody back.
Maybe that's it. I think another option is that he knew he was going to get a big pay day, was surrounded by people who were giving him unreasonable lines of credit, he started spending like crazy, and his payday wasn't as big as he hoped. Bryant got a shade under $2 million for signing. After his agent and paying taxes, he'd probably have to give up more than half of what was left to pay off his jewelry purchases. And, he hasn't even bought a house and car yet. Then, he is confronted with labor problems and he doesn't want to give up all his available cash.
posted by bperk at 10:52 AM on April 01, 2011
I think a real good point is that although football players are not really different than great hockey players, baseball players or basketball players, the reason the NFL is so much more successful is their business model and execution, which enable it to pay football players the way it does. Other professional sports leagues are not in the same financial shape.
The only problem with giving credit to the business model and execution is that it forgets that the reason the NFL is successful is simply because it's popular and consumed. It's advantages are obvious and only tangentially related to the people deciding how to make money off it.
Every game means something (no other sport can boast that) and is an event. The game supports huge stadiums. The TV audience is gigantic. It is a sport that easily marries itself to gambling. You seem to be crediting the owners with creating the game and all the other things that make football unique. I think NFL networks is great and NFL Films is the one true genius addition from the NFL, but I don't see how you give all thanks to owners who's skills are solely related to taking advantage of these opportunities to grow revenue.
And the NFL players aren't nearly paid as well as those other sports. Moreso when you consider the average career length and crippling injuries virtually guaranteed.
Lastly - if the NFL was in such great shape they wouldn't be having a lock-out.
posted by WeedyMcSmokey at 05:43 PM on April 01, 2011
Weedy I really believe the lock out is an attempt of the owners to retain ownership of their business on principle rather than turn it into a revenue sharing cooperative. The players union isn't including other league employees in revenue sharing as that would be seen as ridiculous. I am just not sure why it isn't just as ridiculous for the players. If my family built a business like say the Rooneys or the Hunts etc for generations, I would be damned if I would allow an organized group of employees to access to my books or make them partners. I feel they have the right to collectively bargain for pay raises, better benefits what ever, but when they demand partner ship ( they are already receiving 53% of the revenue by contract) I would also draw the line.
posted by Atheist at 06:33 PM on April 01, 2011
What a waste of talent and opportunity.
Say hi to Pacman on your way down, Dez.