62-year-old celebrity sports agent Leigh Steinberg is filing for bankruptcy after a once-lucrative career was destroyed by alcoholism.
Despite a clean, confident, and successful image, the real-life inspiration for Tom Cruise’s film Jerry Maguire has been arrested several times for alcohol-related offenses, and in and out of rehab twice as often. Steinberg, who innovated the sports-agent field in the mid-70’s, was estimated to have been worth $100 million at one point in time – then things started to go downhill about 10 years ago.
The bankruptcy filing: Real-life-Jerry filed for personal bankruptcy protection late on Wednesday. His papers shows assets of $483,500, debts exceeding $3.1 million, (with more to amend later), average monthly income of $3,583.33, and average monthly expenses at $3,580 (which puts monthly income at $3.33).
What does he owe? $1.4 million in back rent for his Newport Beach office space, $450,000 to former NFL player Chad Morton, $90,000 to SMU coach and client June Jones, $100,000 in various taxes and $50,000 in credit card purchases.
Assets: $475,000 in Kool Systems stock, a $1,000 flat screen television, $150 in clothing, $50 in personal memorabilia, and a 2001 Mercury Mountaineer worth $6,700.
In summation: Ouch.
So start working again, Steinberg! Easier said than done. His license has expired and can’t be renewed until he settles scores with Morton.
So how did the sports superstar get here?
“The reality is that I’m 663 days sober today,” Steinberg said Thursday. “The irony is, this all should have happened two years ago. In other words, the scrutiny, bankruptcy, those stories are like two years after the fall; 663 days after my bomb, after I hit bottom. … The wreckage we’re dealing with is wreckage from the years of drinking.”
There’s probably a lesson here somewhere. [insert gratuitous “show me the money” reference here]
You think Steinberg can overcome bankruptcy?