As noted by TMZ on Wednesday, October 3, 2012, they have learned that Michael Vick has already spent $29.6 million since 2008, which is noted to be around 95% of his total income, but a lot of his spending went to creditors and taxes. According to the report, Vick‘s bankruptcy case documents revealed that he made $31 million after encountering a financial trouble. The 32-year old former Atlanta Falcons player was said to have paid $9.2 million to creditors and $10.9 million to his tax, while $2.7 million went to accountants and lawyers. Back in July 2008, Vick filed for bankruptcy and cited debt amounting from $10 million to $50 million in Chapter 11 papers in US Bankruptcy Court in Newport News, Virginia, after NFL suspended him without pay. He was sent to prison after he was caught running a dogfighting ring. Nevertheless, with around $1.5 million left, the 2010 NFL Comeback Player of the Year reportedly signed a $100 million-6 year contract in 2011, with nearly $40 million in guaranteed money; and is being expected to earn more from endorsements and other ventures.
“We have re-signed Michael Vick as a Nike athlete. Michael acknowledges his past mistakes. We do not condone those actions, but we support the positive changes he has made to better himself off the field.” Nike spokesperson Megan Saalfeld was quoted telling to CNN in 2011.
