Former NBA player Darius Miles declares bankruptcy
Oftentimes, even the most modest of NBA players earn salaries that can last them a lifetime, but that’s not the case with ex-NBA player Darius Miles.
A veteran of seven NBA seasons, Miles, 34, made nearly $62 million throughout his playing career, but some 16 years later he is filing for bankruptcy.
According to a Belleville News Democrat report, the 6’9″ former swingman requested the court to allow him to sell off assets to pay off his creditors.
In a filing statement, Miles listed $460,385 in assets and $1.57 million in liabilities. He claims that a string of poor investments led to his financial ruin.
Among those listed in his bankruptcy filing were a $20,000 child-support debt and botched $100,000 investment in a California real estate deal in 2008. He also highlighted a separate real estate deal with fellow investors, former NFL Rams player Marshall Faulk and rapper Nelly, which is still mired in lawsuits to this day.
Aside from his NBA earnings, the former Clipper, Cavalier, Trail Blazer and Grizzly also had shoe endorsements and even appeared as an actor in two movies, alongside Scarlett Johansson in “The Perfect Score” and Ryan Reynolds in “Van Wilder.”
Meanwhile, National Basketball Player’s Association (NBPA) Vice President Adonal Foyle pointed out that 60 percent of ex-NBA players file for bankruptcy within five years of their retirement.
“It can be difficult for players, especially those who didn’t go to college, to be prepared to understand the business side of what they do,” he was quoted as saying in the report.
Heralded as a phenomenal talent for his success in high school, Miles showed enough promise to be selected No. 3 overall in 2000.
At age 19, he seemed well on his way toward stardom during his rookie year while averaging 9.4 points, 5.9 rebounds, and 1.5 blocks per game for the Clippers. However, he struggled to extend his shooting range and ball-handling ability, and failed to develop a go-to-move, which led to his once promising stock to drop.
After struggling in LA and Cleveland, Miles redeemed himself as a reliable all-around guy for the Portland Trail Blazers in 2004 to 2006, but often clashed with then head coach Maurice Cheeks.
Miles last played for the Memphis Grizzlies in the 2008 and 2009 season after two years away from the court following a microfracture surgery on his knee. His best game as a pro came in 2005 against a formidable Nuggets team where he tallied 47 points of the bench. Khristian Ibarrola