Michael Garcia - June 23, 2012
The story of an athlete losing all of his money after retirement is nothing new. We've seen guys who've made $50 million, $80 million, or even $300 million (Mike Tyson) in their sporting careers lose it all.
So to hear that former MLB pitcher Curt Schilling is now broke isn't surprising, it's more about the way it happened. After baseball, Schilling founded 38 Studios, a video game company. Maybe that seems like an odd career path, but that's not the point. The point is, the company went broke after getting a $75 million dollar loan from Rhode Island to move their headquarters there.
Now, Schilling is saying he's 'tapped out.' Schilling, according to him, put more than $50 million of his own cash into 38 Studios and poof! It's all gone.
The company did actually have a hit game, Kingdom, and there was quite a bit of buzz over the next title they were going to release. But the financial troubles came and the company couldn't make payments to its creditors. 38 Studios laid off around 300 employees and is toast.
Schilling hopes to get back to ESPN as an analyst, but for now he and his family have some adjusting to do, saying their lives "will probably start to change and be very different for us."
Losing more than $50 million would have that effect, I imagine.
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