How Did MLB Legend Curt Schilling Go Bankrupt?
How Did MLB Legend Curt Schilling Go Bankrupt?
By Oliver Wiener May 30, 2024 14:16
The name Curt Schilling needs no introduction in the field of baseball. His successful tenure as a power-pitching righthander allowed him to reach milestones like 3,116 strikeouts, 83 complete games, and a World Series title in 2004. On the flip side, Schilling's path through the world of entrepreneurship went the other way, resulting in a financial disaster.
The Baseball Legend
For Schilling, his father, Cliff, introduced him to the game early in life, setting the stage for a stellar baseball career. Passion for what he did, joined only 16 pitchers in the 3,000 Strikeout Club and has won World Series games for three different franchises (Phillies, Diamondbacks, Red Sox). His most famous performance was a win over the Yankees in the 2004 American League Championship Series battling through a famously bloody sock.
Entrepreneurial Missteps
In 2006, Schilling founded 38 Studios, hoping to make a World of Warcraft challenger to get into the video game development game. His zeal for the game set him up for whooping problems because he was just like a stranger in terms of managing a company. Reckoning, the first game it published (a game the company didn't develop) went on to sell 1.2 million copies across the globe. However, the high cost of game development eventually took 38 Studios into bankruptcy, which ended with a lawsuit over the breach of a $75 million taxpayer-funded loan agreement.
Financial Downfall
When 38 Studios filed for bankruptcy, it listed $22 million in assets and $151 million in debt. The latest you may recall is that Schilling himself was bankrupted, losing $50 million, all while having to auction off some of his memorabilia (think his famous 'bloody sock'). His lack of business acumen combined with his lack of a cushion after 38 Studios failure only made his money situation worse.
Life After Bankruptcy
Once he went bankrupt, Schilling was able to land a gig as a color commentator and analyst at ESPN. However the network released him following some ugly social media posts that landed him a suspension.
Lessons Learned
Schilling's story is a wake-up call for entrepreneurs to learn and become experts in whatever they are working on. The error is a lesson in research and preparation when it comes to passion projects — one underprepared artist's dream amounted to millions down the drain.
In closing, the road that Curt Schilling has taken from baseball to broke is what happens in the game of LIFE. Though he was a hit on the field, his business pursuits were an expensive lesson in ensuring you have the right diligence and expertise behind you in all your ventures
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