Columbus Blue Jackets defenseman Jack Johnson should be in solid financial shape after signing a $30.5 million contract in 2011. That’s far from the case, though, as Johnson has had to file for Chapter 11 bankruptcy–and is blaming his parents for the problems. According to the Columbus Dispatch, Johnson granted power of attorney to his mother after signing the new contract which gave her full control of his finances. [photo: Al Bello/Getty]
Johnson is claiming that his parents bought a house without him knowing about it and that he has less than $50,000 in assets and more than $10 million in debt. The newspaper is also reporting that Johnson has now cut off all communication with his family. Johnson can’t be happy in the least about what is going on with his finances and with his parents did with his money.
It is a sad story showing something that probably happens more than what is actually reported with sports parents using their athlete’s money to give themselves a better after they had put out so much while the player grew up. Johnson is hoping to keep his current bank accounts so he can continue with his living expenses. This shouldn’t be happening for someone on a $30 million contract. Johnson is in a very bad place now due to his parents.