Clinton Portis Net Worth: The Financial Journey of the Former NFL Running Back
Clinton Portis Net Worth: The Financial Journey of the Fo...
By Jason Bolton August 26, 2024 12:08
Clinton Portis, the former NFL star at running back, has gone through a dramatic financial rise and fall in the years since his playing days. Portis spent big on everything from custom suits and fancy cars to wild parties, ultimately blowing through most of the money he made during a lucrative NFL career that came in at more than $43 million. This article dives into the financial history of Clinton Portis: his successful surge up to NFL stardom, and his financial decline.
Early Life and NFL Career
Clinton Portis was born on September 1, in the year of 1981, in Laurel, Mississippi. He played at Gainesville High School, then attended the University of Miami. Portis played on Miami's 2001 national championship team, one of the best college teams in recent memory, with unbelievable speed at positions like wide receiver Andre Johnson and tight end Jeremy Shockey.
It was his college success that led Portis to the NFL. The Denver Broncos selected Brown in the second round (51st overall) of the draft. In his pro career, he quickly took off and rushed for over 1,500 yards in each of his first two seasons with the Broncos.
Portis was traded to the Washington Redskins in exchange for All-Pro cornerback Champ Bailey and a second-round pick in 2004. Portis agreed to the deal and was promptly traded away for cornerback Champ Bailey in a blockbuster trade where he signed an eight-year, $50.5M contract in 2004, which made him the highest-paid running back in NFL history until that point.
Portis stuck around as a feature back in the NFL for nine years, putting up undeniably gaudy numbers:
- Total rushing yards: 9,923
- Rushing touchdowns: 75
- Receiving touchdowns: 5
- Pro Bowl (2003, 2008)
Portis raked in $48,544,750 throughout his NFL career. It was an income that ostensibly would live on, and with proper management, it appeared that financial stability could be maintained.
Investments and Financial Decisions
For all that wealth, however, Portis squandered a lot of money while he was an active player and once his NFL career stopped. Also, like many professional athletes, he had difficulty managing his new wealth and made poor financial decisions.
Portis's biggest mistake was losing money at a casino. He sank millions into a failed casino project in Alabama, which regulators killed in 2012. His former financial advisor, Jeff Rubin, who was subsequently banned by the NFL Players Association, had suggested he do it.
These bad investments, coupled with a life of extravagant spending, depleted Portis' wealth well before his NFL retirement. This misplaced trust in the machinations resulted in more than twice as many wronged investors by one investor count.
Post-NFL Financial Challenges
Portis filed for bankruptcy in 2015 amid financial problems. He listed his debts as about $5 million when he filed. The bankruptcy filing exposed the full scope of Portis' financial incompetence. He said he earned just $7,500 a month and spent an average of nearly $12,800 each month, which underscored how thoroughly his revenue had been overwhelmed by his expenses.
Portis also had major tax problems in addition to the bankruptcy. He is facing a federal tax lien of roughly $246,000, with most of that ($219,000) for taxes from 2014 to 2016.
However, in 2019, Portis' money troubles turned notorious when he was arrested and accused of defrauding the NFL's healthcare plan with a group of former NFL players. The league accused him of stealing nearly $100,000 from asking for the money to be sent his way by submitting phony reimbursement requests for medical equipment as part of its Gene Upshaw NFL Player Health Reimbursement Account Plan.
Portis pleaded guilty as part of a plea deal with prosecutors after his first trial over healthcare fraud ended in a hung jury. In January 2022, he was sentenced to six months in federal prison and then house arrest. This particular legal fight made his financial situation and reputation even worse.
Current Net Worth and Legacy
Into 2024, Clinton Portis' net worth is an impressive $5 million in the red. A sharp dive from the days of him being one of the highest-paid running backs in football. Portis' financial problems result from poor investments, irresponsible spending, unpaid taxes, and legal troubles.
However, his story should still be a warning to those prospective and future professional athletes. It demonstrates the value of proper financial control and potential risks when unscreened advisors. Nearly 80% of NFL players are bankrupt or in financial distress, on average, in under two years since they've retired. Portis' experience with it is a brutal example of how the fortunes made in professional sports can trickle away without sound financial advice and discipline. Still, Portis' on-field legacy is impressive regardless of any financial difficulties. He is 32nd in NFL history and holds many key rushing records for Washington.
Portis has since been upfront about how his financial decisions and their aftermath have affected him in recent years. He recently opened up about wishing he had not trusted the wrong people with his money and how necessary financial literacy is for young athletes.
This is an example of how athletes need better financial education and buffers as they transition out of playing situations. Portis is worth a negative net, but his story serves as a cautionary tale for all future athletes that they will play not forever; maybe another team needs to understand it could cost them later.
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