Besides moonlighting as a hero on the field with multiple records including 15 Pro Bowl selections, five Super Bowl MVPs, three-time regular-season MVP and two-time NFL Offensive Player of the Year, the NFL GOAT Tom Brady tried to become a successful businessman by investing in the crypto exchange FTX.
The investment decision proved to be one of the worst decisions taken by Brady as he alongside his former wife Gisele Bundchen reportedly lost nearly $70 million after the cryptocurrency exchange firm FTX collapsed.
Fortunately, the huge loss didn’t mark an end to TB12, however, the longtime great Pittsburgh Steelers center Dermontti Dawson wasn’t lucky enough to cover the loss of the same amount when the US was dealing with the housing market crash in 2008.
Dermontti Dawson bankrupted by the 2008 real estate market collapse
The Pro Football Hall of Fame was among those unlucky people who had to suffer a heavy loss following the US housing crash in 2008, one of the ugliest economic setbacks in the history of the continent.
Dawson filed for bankruptcy 13 years ago in 2010. The veteran player had assets totaling $1.417 million and liabilities totaling $69.659 million including his 41-foot motor home and $416,000 in mortgage payments on his Nicholasville residence.
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The former Stellers invested a huge sum of money into real estate with multiple partners, albeit, he didn’t get any notable return from those investments.
“Today’s real estate market and economic conditions, plus the fact that I own non-controlling minority interests in the entities which own the real estate, left me with limited options. I certainly wish things had turned out differently and look forward to continuing my contributions to the community”, he said following the news of bankruptcy.
Tom Brady lost millions in FTX scam, plenty of chances to recover
Brady and his ex-wife were among 9 million clients of the cryptocurrency exchange firm FTX that went through a huge collapse late last year. The NFL icon purchased a huge number of shares and also appeared in many commercials for the company, however, all those efforts went in vain.
Though the amount is big, the three-time MVP was lucky enough to survive and after retiring in February this year, TB12 is making huge amounts of money through his apparel business as well as inked a whopping $375 million deal with Fox Sports. The 45-year-old also showcased his business acumen by purchasing minority shares of the Las Vegas Raiders from Mark Davis.
Both the former Patriots and the former Steelers established themselves as heroes in the world of sports, however, their huge financial setbacks highlight the need for prudent decision-making in navigating complex economic landscapes.
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