Beyond stardom and massive fanfare, playing in the major leagues has also given MLB players tremendous financial power over the years. Several MLB stars have built financial empires on the back of their successful baseball careers.
However, others have failed to manage their wealth and have struggled financially after their retirement. Here, we look at 10 MLB players who went bankrupt.
#1 Lenny Dykstra
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Former New York Mets outfielder Lenny Dykstra earned three All-Star selections and won the World Series. However, his financial failures after retirement overshadowed his accolades.
Dykstra filed for Chapter 11 bankruptcy in July 2009. Court documents showed he owed more than $31 million in debt while holding $50,000 in assets, according to CNN.
The former All-Star slugger pleaded guilty to bankruptcy fraud, concealment of assets, and money laundering in 2012.
#2 Harmon Killebrew
One of the greatest hitters of his time, Harmon Killebrew filed for bankruptcy in 1993 after major financial failures in his post-retirement business ventures, according to the Minnesota Star Tribune. The 13-time All-Star slugger went into debt after his investments in the automotive industry backfired.
The Hall of Fame slugger also fell victim to a fraudulent investment scheme by a California developer. He also took personal loans from former Minnesota Twins owner Calvin Griffith and MLB icon Reggie Jackson.
#3 Gaylord Perry
Former San Francisco Giants pitcher Gaylord Perry won two Cy Young awards during his legendary career. The five-time All-Star was inducted into the Hall of Fame after his retirement.
The Giants legend, who owned a 400-to-500-acre farm, turned to farming after his retirement. However, he struggled financially and filed for Chapter 7 bankruptcy in 1986.
“It’s just a farming situation that couldn’t be helped,” Perry told the Greensboro News & Record. “I’d rather be farming, but you can’t eat and farm, too.”
#4 Liván Hernández
Former All-Star pitcher Liván Hernández spent almost two decades in MLB. He helped the Marlins win the World Series in 1997 and was named World Series MVP for his stellar performances.
The All-Star pitcher, who reportedly earned around $50 million during his 17-year MLB career, filed for Chapter 13 bankruptcy in 2017, according to the Miami Herald.
In the court filings, Hernandez said he owed creditors up to $1 million.
#5 Jack Clark
Former San Francisco Giants slugger Jack Clark earned four All-Star selections during his illustrious career. The two-time Silver Slugger winner also coached for the Los Angeles Dodgers after retiring.
Clark filed for Chapter 7 bankruptcy during his stint with the Boston Red Sox in 1992 after having owned 18 luxury automobiles. He filed for bankruptcy protection a second time after retiring in 2018, according to ESPN.
#6 Denny McLain
Former All-Star pitcher Denny McLain’s MLB career lasted just nine years. Despite his shortened MLB stint, McLain earned several notable accolades. McLain became the first pitcher in the American League to win the Most Valuable Player Award and the Cy Young Award in the same season in 1968.
He filed for bankruptcy twice: once in 1970, citing unsecured claims of about $400,000, and again after his retirement in 1977.
#7 Jose Canseco
Former All-Star slugger Jose Canseco was one of the best hitters of his time. Canseco, who won the AL MVP title in 1988, led the home run charts twice.
Although he earned around $55 million over his illustrious MLB career, Canseco filed for Chapter 7 bankruptcy in July 2012.
According to the Las Vegas Sun, Canseco had less than $21,000 in assets and nearly $1.7 million in liabilities at the time of the filing.
#8 Yasiel Puig
Former Los Angeles Dodgers slugger Yasiel Puig has not played in the major leagues since 2019. He signed with a team in the Canadian Baseball League earlier this year.
Puig, who reportedly earned $52 million during his MLB career, filed for Chapter 11 bankruptcy in July. His debts totaled $9,446,357 and he had assets worth $1,691,285, according to his bankruptcy filings.
#9 Rollie Fingers
Legendary pitcher Rollie Fingers was elected to the National Baseball Hall of Fame after nearly two decades in the major leagues. Fingers, who won the AL MVP and Cy Young Award in 1981, is often credited with pioneering modern relief pitching.
However, the four-time Rolaids Relief Man Award winner struggled financially after his MLB career ended in 1985. The three-time World Series champion filed for Chapter 7 bankruptcy in March 1989 after a string of failed business investments.
#10 Graig Nettles
Unlike many MLB stars who struggled financially after retirement, Graig Nettles’ troubles began during his final season in the majors.
The two-time World Series champion filed for Chapter 11 bankruptcy in 1988 after his liabilities exceeded $1 million.
Edited by Arvind Sriram
