It’s not rare to see athletes suffering financially later on in life. Known for their combination of athleticism and mega paydays, those who play for the NFL are often viewed as some of the most successful men on earth. Unfortunately, the majority of athletes spend more time reading up on playbooks than they do financial literacy.
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In 2015, Fortune Magazine reported that 16% of retired NFL players file for bankruptcy post-retirement. Furthermore, Sports Illustrated reported that 78% of NFL players face financial hardships following their time in the league. Former NFL WR Plaxico Burress knows all about these financial struggles firsthand.
In 2018, Burress faced foreclosure on his 5,500-square-foot mansion in New Jersey. In 2013, the former Giant was forced to sell another home for $480,000 after seeing liens placed on his property stemming from an unpaid debt of $160,000 that he owed to a woman after rear-ending her in 2008.
Furthermore, Burress foolishly sent a bad check to the New Jersey tax authority, a move that ended with him serving a probation of five years. In his latest effort to seemingly make some extra change, Burress sold his Super Bowl ring last year. Considering that the ring is the physical embodiment of the New York Giants ruining Tom Brady and the New England Patriots’ attempt at a perfect season, one has to wonder what circumstances would force the former WR to sell it.
However, while this decision baffled him, Shannon Sharpe wasn’t fully convinced it was made purely for financial gain.
“I saw Tom Brady auction off his watch. Do we think Tom Brady is destitute? …I don’t know. I won’t speculate, but I know people will speculate because it’s a Super Bowl ring. You work so hard to get that… but football rings don’t mean the same to everybody else,” Sharpe said on Nightcap.
Inclined to agree with his co-host, Johnson noted that the memorabilia is only as valuable as the next person is willing to pay for it: “You can’t eat that ring. That ring can’t pay the bills, but it can if you get rid of it.” However, there’s a piece of the story the two analysts seem to be missing.
The Super Bowl XLII ring sold for a whopping $280,600—the second-most expensive Super Bowl ring ever sold. However, it’s not the WR who is getting the money. Burress’ ring was put up for auction by an anonymous owner. As it turns out, Burress had either given away the ring or sold it to a private buyer before it went to auction.
The auctioned ring was accompanied by a letter of authentication from the wide receiver himself. “I, Plaxico Burress, certify this Super Bowl Championship ring…is the actual, authentic ring I received on May 29, 2008, at a private ceremony held with my New York Giants teammates at Tiffany and Co. in New York City,” the letter read.
Regardless of what his current finances may or not be, the selling of his Super Bowl ring marks the end result of countless poor decisions. After years of bad calls and even more unpaid debts, the once revered receiver is now nothing more than an example of what future players should hope to avoid upon entering the pros.
