Young's fall has been precipitous.
As Shutdown Corner noted last fall, Young signed a contract in July 2006 that, in theory, could have set him up for life. The No. 3 overall pick of the 2006 NFL draft, Young's six-year contract with Tennessee was worth just over $48 million, had a maximum value of $57.79 million, and contained $25.74 million in guaranteed money. Of that initial contract, Young earned over $30 million, as well as another $4 million from Philadelphia in 2011. He'd tried to catch on with Buffalo before the 2012 season, but Bills officials hinted that Young's financial troubles, and the concern about their effects on his psyche, were part of the reason he was cut.
The Pro Player loan was only part of Young's financial problems. He has contended that his former agent, Major Adams II, and former advisor, Ronnie T. Peoples of Peoples Financial Service, conspired to misappropriate at least $5.5 million of his money. Young's attorneys contend that Adams and Peoples falsified documents and forged his signature.
Peoples countered that the loan was, in part, to pay for a $300,000 birthday party Young threw for himself, and that Young's erratic buying habits made budgeting impossible. "It's almost like I can have a $30,000 [monthly] budget that I know we had to pay here," he testified in February, "but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money."
Pro Player loaned Young the $1.9 million at 20 percent interest. Young was one of many athletes who took out high-interest loans to make ends meet, or more, during the lockout.
As Yahoo! Sports reported in 2011, many lending agencies offered loans to players at interest rates ranging from 18 to 24 percent, with default rates running as high as 36 percent.
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I still don't understand why these players continue to get agents. hired a law firm for that 10% commission. and what kind of party u need for $300,000... Where is the so called friends who partied and was having fun wit u when u had that party??
you can tell this nikka either thought he had too much money to ever spend it all... or just flat out stupid.