Once a rising star in the NBA, Darius Miles has hit rock bottom financially.
The 34-year-old former prep-to-pro player filed for bankruptcy in June, the Miami Herald reports. His first NBA contract was worth $9 million and he grossed more than $65 million in salary and endorsements over a nine-year career.
Miles was the third overall pick in the 2000 draft by the Los Angeles Clippers. He earned All-Rookie First-Team honor in 2001. The 6-foot-9 Miles played for the Clippers, Cavaliers, Trail Blazers and Grizzlies, averaging 10.1 points and 4.9 rebounds for his career.
According to former vice president of the NBA players’ union Adonal Foyle, this is nothing new for former NBA players.
Via the Herald:
“They need to understand that what they do isn’t just on the basketball court, they are the CEO,” Foyle said. “They need to find the right people to watch over their money and then watch those people. It’s a lot of work.”
Sixty percent of NBA players file for bankruptcy in the five years after their retirement. Bad investments, misplaced trust, luxury purchases and child support can contribute to players’ financial collapse, said Foyle, who has authored a book on the subject.
Miles’ story is unfortunate, but the reality is it happens often.
