This NHL Player Is Nearly Broke: Says Parents Borrowed $15 Million In His Name
Rick Chandler 03:21 pm, November 20th, 2014
I hate it when I go to the ATM and find $15 million missing. It gives me a headache all day.
(Rolls eyes, smiles) Oh, mom ...
Jack Johnson is a defenseman for the Columbus Blue Jackets, and has three seasons remaining on a $30.5 million contract he signed with the LA Kings in 2011. So why does he have only six thousand bucks in his checking account? According to the Columbus Dispatch, Johnson granted power of attorney to his mother, Tina Johnson, when he signed the deal. Things have not gone well.
Johnson's parents bought a house and also took out loans at high interest rates, borrowing in excess of $15 million against their son's future earnings, according to the Dispatch. And now he's filed for Chapter 11 bankruptcy. ESPN:
Jack Johnson claims that Tina Johnson and his father Jack Sr. bought a house in Manhattan Beach, California, with his money but without the player's knowledge, according to the report. The mortgage on the house carried a 12 percent rate, while a loan for $3 million was at 24 percent, leading to huge fees and eventually default.
Here's the saddest part. From the Dispatch:
Johnson’s paychecks from the Blue Jackets have been garnisheed to the point where, at the end of last season, “His paychecks were gone before he even got them,” a source said.
“I’ve seen lots of instances of parents riding their kid’s coattails around,” said an NHL executive familiar with the case. “I’ve never seen a case as ugly as this one, where the parents took such advantage of their kid.”
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