Kukla's Korner Hockey

Kukla's Korner Hockey

The Perils of Financial Mismanagement by Sports Stars

11/24/2014 at 2:11pm EST

By Mike,

It is one of the strange anomalies of modern sport that even high earning players and coaches can go bankrupt, whether this is at the peak of their career or once they have put their glory days behind them. Some case are more unusual than others, however, with the recent circumstances surrounding NHL player and Columbus Blue Jackets’ defenceman Jack Johnson particularly strange. The player has recently filed for Chapter 11 bankruptcy, while he also claims that his parents are responsible for having led him financially astray.

The Blue Jackets, who sit eighth in the Metropolitan Division and host Boston at the Nationwide Arena at the weekend, have declined to comment so far. This has not prevented the news from reaching the Columbus Dispatch, however, which reports that Johnson’s financial issues began after he granted power of attorney to his mother and gave her full control of his finances. The news of his plight is even more surprising given the fact that Johnson signed a seven year, $30.5 million deal with the Blue Jackets as recently as 2011.

Johnson claims that his parents mismanaged his money, having paid for big ticket items such as a house on Miami Beach in California without the players’ consent. There is an also allegation that they borrowed a total of $15 million against their son’s future earnings, triggering high rates of interest that ultimately sent repayments spiralling. Defaults subsequently followed, leaving Johnson’s estimated $18 million career earnings decimated and the player facing an exceptionally uncertain future.

For now, Johnson has petitioned to maintain his existing bank accounts so that he can continue to fund his living experience. Going forward, however, it is uncertain whether he will recover financially or be able to build bridges with his family over time. For the Blue Jackets, they will be hoping to resist their inconsistent form and can be backed at 15/13 betting odds with bookmakers for the win.

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About Kukla's Korner Hockey

Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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