Former NFL star seals deal to repay casino debt. Clinton Portis, former NFL running back with the Washington Redskins and Denver Broncos, is tackling a tough situation. But last week he reached an agreement in Florida bankruptcy court. Until August 2012, Portis will pay the Borgata Casino 10 percent of any income he receives above $30,000. Each year he will have to show casino officials his tax returns to check his income.
Background information on the Portis Hustle
In 2011, the Borgata Casino in Atlantic City gave the football star $200,000 in gambling credit.
Steven Silton, one of Portis’ lawyers, said that at that time, in January of 2011, Portis expected to make $8 million in the coming year. The athlete believed that his financial situation was very solid and that there was no question that he had more than enough financial capability.
Yet the Redskins cut Portis a month later because of difficult contract negotiations. So six of his cheques to the casino bounced and he didn’t have enough funds to cover his debt.
Silton adds: “He had no reason to believe that as of that time that he wasn’t going to be playing for the Redskins, or he wasn’t going to be making the money that he was contractually obligated to make.”
No amateur to money struggles
Since then Portis has repaid $30,000 of the $200,000 fronted by the casino. The remaining $170,000 balance is now $190,000 due to interest and attorney fees.
During the court proceedings, a lawyer said one the athlete’s financial advisers “absconded with upwards of $8 million” worth of Portis’ money. Since then, several of Portis’ advisers have been barred from working in the financial services industry.
Portis, on the other hand, retired in 2012 after rushing for under 10,000 yards. The football talent scored 75 touchdowns between 2002 and 2010. It’s a shame he hasn’t been this lucky at the casino.