NFL Player Mark Brunell Files Chapter 11

by Deidre Woollard (RSS feed)
Jun 26th 2010 at 3:01PM

Another sports player is facing financial trouble. This time it's quarterback Mark Brunell, who won a Super Bowl last season as a backup quarterback for the New Orleans Saints. Brunell was paid nearly $52 million during his past 10 years in the NFL but filed bankruptcy on Friday. Brunell has been a three-time Pro Bowl pick but he hasn't been so successful off the field; he's facing multiple lawsuits over failed real estate and business loans. He was involved in a partnership called Champion LLC that included other NFL players Joel Smeenge and Todd Fordham (Smeenge has previously filed for bankruptcy). Brunell invested in Florida real estate including a project in Jacksonville Beach that had a $2.2 million loan made by CNL Bank in 2005. CNL began foreclosure proceedings on the property last year after accusing the partners of defaulting on the loan.

According to the Florida Times-Union, Brunell also invested in several other failed real estate projects in Michigan and Michigan-based Select Bank won a $1.1 million judgment against Brunell and his partners. Brunell has tried to keep up with the payments on his own but was no longer able to do so. "The timing of the group's real estate acquisitions at the height of the real estate market, in hindsight, clearly was not good," Brunell said in a statement e-mailed to the Times-Union. Brunell is currently a free agent and has not signed with another NFL team.

Brunell, who used to play for the Jaguars, has been active in the Jacksonville community, and created the Brunell Family Foundation in 1997 to raise funds for critically ill children and their families.The organization has raised nearly $800,000 to benefit charitable causes.

Professional athletes face a lot of choices when it comes to spending their money. Often real estate looks like a stable place to put one's money and see it grow rapidly but many athletes have faced trouble as the real estate market floundered and developments went belly-up.

Tags: bankruptcy, chapter 11, mark brunell, nfl

Filed under: Sports

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Reader Comments (Page 1 of 3)

rex Jun 26th 2010 4:14PM

That's too bad, he's a really good guy who's always very involved with charitable endeavors in whatever town he's playing for. I hope he gets all this straightened out.

King David Jun 27th 2010 12:26PM

So far the "expert" comments made by those in this string show that they should DEFINITELY stay barefoot and at home (I doubt that they could do more than that, even have, let alone, raise kids). For you "experts" know this: ANYONE with a POSITIVE REPUTATION becomes a conduit for others to acquire loans in order to then move forward in business ventures. The PROBLEM is, in this case, the REAL ESTATE MARKET HAS TANKED (in case no one has read that little fact to you as you sit and eat your bon-bons and Cheetos and watch Oprah) so everyone has been harmed by the loss of property values. Now, had the market stayed positive everyone who has invested would probably be happy and looking for their next deal BUT, well, I don't want to scare you because you're probably worried about those nasty storms that can move your tin can homes into the next county -- while you're sitting and eating your bon-bons and Cheetos and watching Oprah...

NYCBruce Jun 27th 2010 7:18PM

$52 MILLION he's made in the past 10 years, and now he needs to file for BANKRUPTCY??? How incredibly stupid he must be. Brunnell must have spent every waking moment when not on the football field FLUSHING A FORTUNE down the toilet! I can think of no better object lesson for the NFL to require that players finish their college degrees, perhaps with an emphasis on ECONOMICS? No tears from me, you bumbling fool!

Bridgett Jun 27th 2010 8:11AM

He may know football - BUT he doesn't diddle about business!

Take a few classes pal.

rob Jun 27th 2010 2:38PM

your right bridge : now i have this nose for successful ventures as t-shirts have become a billion dollar a year ++++++ bussiness and my new focused endeavor would be medical majiuana farming look for it to go sky high and i would love to be on the ground floor now thats the buzz

danzillo4 Jun 27th 2010 9:19AM

If ya made 52 million and felt ya needed more these days I'd say ya wuz a glutton!

nvdesertdreamer Jun 27th 2010 9:19AM

None of these overpaid athletes should ever be allowed to file for bankruptcy. I hope he loses everything.

danzillo4 Jun 27th 2010 9:23AM

When ya get greedy you will wind up needy! Made 52 million and wanted more!

Ole Guy Jun 27th 2010 3:33PM

People at this income level should be banned from Chapter 11. If they want to claim bankruptcy, Chapter 7 should be their only recourse.

While I am sensitive to the difficulties experienced by those who have lost thousands/millions in the fractured real estate market, a lack of sound judgement and fiscal prudence is no reason for this.

"Good guy" label notwithstanding, if one does not secure good financial guidance, and fails to exercise a modicum of common sense in their dealings, the American taxpayer should not have to bear the burdens of millionaires.

WminPhoenix Jun 27th 2010 10:07AM

Real estate and restaurants are two of the worse businesses one can investment money in. Restaurants because the profit margins are so thin and real estate is timining and location. It seems that jocks like to invest their money in both. The only one that I know of that has been success is Earvin "Magic" Johnson.

Sueb Jun 27th 2010 5:06PM

You are so correct. I once heard it said "you know the economy is headed for a collapse when even idiots were making money on Real Estate."

Napoleon Dynamite Jun 27th 2010 10:25AM

HB 1388 PASSED

Whether you are an Obama fan, or not, EVERYONE IN THE U.S. needs to know....
Something happened...HB 1388 was passed, behind our backs. You may want to read about it... It wasn't mentioned on the news... just went by on the ticker tape at the bottom of the CNN screen.

Obama funds $20M in tax payer dollars to immigrate Hamas Refugees to the USA . This is the news that didn't make the headlines.

By executive order, President Barack Obama has ordered the expenditure of $20.3 million in "migration assistance" to the Palestinian refugees and "conflict victims" in Gaza .

The "presidential determination", which allows hundreds of thousands of Palestinians with ties to Hamas to resettle in the United States , was signed and appears in the Federal Register.

Few on Capitol Hill, or in the media, took note that the order provides a free ticket replete with housing and food allowances to individuals who have displayed their overwhelming support to the Islamic Resistance Movement (Hamas) in the parliamentary election of January 2006.

Now we learn that he is allowing thousands of Palestinian refugees to move to, and live in, the US at American taxpayer expense.

These important, and insightful, issues are being "lost" in the blinding bail-outs and "stimulation" packages.

Doubtful? To verify this for yourself: www.thefederalregister.com/d.p/2009-02-04-E9-2488

PLEASE PASS THIS ON... AMERICA NEEDS TO KNOW

WE THE PEOPLE ~ Are losing this country at a rapid pace to illegal or misplaced immigrants who do not support freedom, justice or our way of life.
Don't let this be the "Palestinian" Mariel Boatlift of our generation. These people are enemy combatants that stand together against the United States of America. The Meriol Boatlift and amnesty program set up by Jimmy Carter in 1980 allowed Castro to send Cubans to the USA. Castro chose to allow prisoners and and those who were mentally ill to leave Cuba and freely gain access, liberties and to become citizens of the United States of America.

LET'S NOT ALLOW THIS NONSENSE TO HAPPEN ALL OVER AGAIN WITH PALESTINE

"PICTURES DON'T LIE"

Gaza Arabs: Hamas Terrorists executing Fatah Terrorists

http://www.road90.com/watch.php?id=rZIwlvfsAe

Gaza Arabs: Hamas and Fatah members celebrate the 9-11 Muslim attack on America

http://www.youtube.com/watch?v=KrM0dAFsZ8k

Charles Cunningham Jun 27th 2010 11:27AM

Napoleon Dynamite

Please do not post garbage. Research this before you post

John padrick murry Jun 27th 2010 1:41PM

this does not surprise me knowing this lib gov.

Bob Jun 27th 2010 5:51PM

That HB 1338 has absolutely nothing in it about bringing Hamas members to the United States. The bill was passed 45 years ago as a quick measure to bring any civilians from war torn areas where their lives would be in danger due to the conditions in their country rather than going through the typical immigration routine.

Many people from Southeast asia, Bosnia, Croatia and many other hard working people have come to the United States using this HB as the method.

All of them have turned into tax paying American Citizens and are NOT illegal aliens just living off of the current american taxpayers as this person would try to get you to believe.

Obama had absolutely nothing to do with passing this bill decades ago, although again, the poster would like you to think it is some current liberal deal to get around the proper guidelines.

Once again, this type of poster would rather come up with half truths and lies to deceive the american public. This is nothing other than a carry over from the days of Karl Rove, Dick Cheney and others would used the tactics of scaring the public rather than telling the ENTIRE truth.

Shame on you and all of your cronies Napoleon Dynamite.

Bob in Jacksonville

fwillie38301 Jun 27th 2010 10:16AM

Wow. A white football player with money problems. Where are the comments that you people say about black football players

pants on the ground Jul 3rd 2010 10:46PM

what you talking bout Willis????

a Jun 27th 2010 11:46AM

Wow!! I was thinking the same thing. Same as everything though. People will always like to complain about the black athlete and how they spend "their" money. Then again, they complain about us whether we are rich or poor.

Susan Jun 27th 2010 12:47PM

I don't care what color, nationality or religion who are, if you screw up with 52 million, you are an idiot in any language!!

nolan Jun 27th 2010 1:12PM

i answer to your stupid question do a % study black vs white and you will find balck players are more likly to go broke ...hell look at that idiot in the white house ...black and going broke with our money ..he wants to spread the wealth as long as it isnt his ....hmmmm i didnt vote for it

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