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Columbus Blue Jackets’ Jack Johnson driven to bankruptcy by parents – SportsUntapped.com
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Added November 24th, 2014 by Ian

Columbus Blue Jackets’ Jack Johnson driven to bankruptcy by parents
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Defenceman Jack Johnson of the Columbus Blue Jackets is regarded as a pretty good NHL hockey player and that’s why the club is paying him $5 million for the 2014/15 campaign. In fact, the 27-year-old, who formerly played with the Los Angeles Kings, was signed to a $30.5 million seven-year deal by the Kings back in 2011. It’s estimated that he’s already made close to $20 million so far during his nine-year pro career. But despite all of the money Johnson is now going to file for bankruptcy.

According to reports, Johnson’s debts are over $10 million and he has about $50,000 in assets only. In addition, the Columbus Dispatch newspaper has stated that the player has been on the wrong end of three lawsuits which add up to $6 million. One of the suits has been settled and the other two are still pending. However, before fans start railing about immature and money-wasting athletes it should be noted that the cause of Johnson’s financial woes can be traced back to his parents Jack Sr. and Tina.

According to the newspaper Johnson’s mother Tina took out a loan of $15 million in Jack’s name against the hockey player’s future earnings. His mother took out more than a dozen high-interest loans from non-conventional money lenders and defaulted on several of them. Along with borrowing money in his name Johnson’s parents spent money on traveling, and paid close to $1 million to upgrade their property on Manhattan Beach which they bought without his knowledge. They also bought themselves brand new cars.

An unnamed source said Jack asked his parents what was going on since he received several phone calls from debt collectors who were inquiring about the unpaid loans. The source said his parents just told him to worry about his hockey career and not to concern himself with anything else. However, it was impossible to forget about the loans due to the amount of money involved. Johnson then cut ties with his parents and hired a lawyer to look into the matter. He’s trying to figure out how to gig himself out of the hole his parents got him into, but doesn’t have much time since his bankruptcy hearing has been scheduled for January in Los Angeles.

Johnson’s problems started after he and his agent Pat Brisson parted ways in 2008. Since the hockey player didn’t know much about finances he allowed his parents to take control of his money. He even signed power of attorney over to his mother Tina in 2011. His paycheques from the Blue Jackets are now being garnisheed following the series of escapades his parents have pulled. Johnson, who hails from Indianapolis, Indiana, had played in 507 career NHL games as of November 23 and had 45 goals and 154 assists for 199 points. He also has 19 points in 18 career playoff contests.

 
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