Vick’s financial situation brings more bad news for Falcons
By PFW staff
July 10, 2008
It doesn’t look like the Falcons will be getting their money back from Michael Vick anytime soon.
A court ruled in February that Vick owed the Falcons $3.75 million in bonus money, which was only a small portion of the $19.7 million in bonuses the team had already paid him and hoped to recoup. Vick, however, filed for bankruptcy protection earlier this week and cited debts between $10-50 million.
Money that the Falcons get back from Vick would give them salary cap space, which they could use to sign free agents and re-sign players already under contract. If the franchise was able to regain a substantial portion of the $19.7 million it seeks, that could make a major difference in the team’s offseason plans next year.
It would appear that Vick, who is serving a 23-month prison sentence for his guilty plea to felony dogfighting charges, will not be able to repay those debts or any others for some time.
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