Former NBA player Darius Miles has filed for bankruptcy, losing millions despite making big money during his pro career. (Photo : Getty Images/Chris McGrath)
Former NBA player Darius Miles is the latest sad story for a once promising individual that went astray. Miles last played for the Memphis Grizzlies back in 2009 after a series of controversies tied up to a former team, the Portland Trail Blazers.
Miles entered the league in 2000 when he was drafted as the third overall pick of the NBA Draft. He was one of the few players who headed straight to the NBA and showed promise. Unfortunately his plight wasn’t the same as the ones experienced by LeBron James, Kobe Bryant, Tracy McGrady and Kevin Garnett.
Miles ended up a journeyman having stints with other teams. Aside from the Clippers, Grizzlies and the Blazers, he also had stints with the Boston Celtics and the Cleveland Cavaliers. Aside from his salary, Miles also had endorsement deals through his career, Bleacher Report reported.
Whatever assets Darius Miles had is now long and gone. He filed for bankruptcy back in June with remaining assets worth $460,385 opposed to liabilities estimated to be around $1.57 million, the Belleville News-Democrat reported.
In the report, among the items listed include $20,000 child support debt and a couple of losses from real estate investments. Also on the list were more properties, jewelry and signed jerseys.
According to the Daily Mail, hearing about NBA players filing for bankruptcy is common, usually happening five years after their retirement due to bad investments and luxury-based purchases. Former NBA player Adonal Foyle, it may also be a case of not being prepared to understand the business side once their playing career is over.
Foyle singles out the fact that Miles may be unaware of all that, bypassing college and not having the right guidance though his career. As he points out, it includes the business side of things which is something that Miles may not have counted on.
In comes the role of agents and managers, the ones who play a key role in the careers of NBA players these days. To some, they may seem as moochers but the fact of the matter is they help guide players to the right direction.
Check out the video below covering the unfortunate fate of Darius Miles.
