“Don’t Want to Sue My Dad” – Browns Legend Warns NFL Stars After Family’s Financial Decisions Left Him Bankrupt

Bernie Kosar earned around $20 million from his NFL contracts.

“Don’t Want to Sue My Dad” – Browns Legend Warns NFL Stars After Family’s Financial Decisions Left Him Bankrupt

Bernie Kosar (Image via Sports Illustrated)

Bernie Kosar earned a decent chunk of money during his twelve-year-long NFL career. But by 2009, the former Cleveland Browns, Dallas Cowboys, and Miami Dolphins quarterback’s net worth had hit negative, forcing him to file for bankruptcy.

Kosar, an alum of the Miami Hurricanes, was drafted by the Browns in 1985. He had three winning seasons with Cleveland before joining the Cowboys in 1993. The following year, he signed with the Dolphins and retired in 1996.

Kosar reportedly earned up to $20 million from his NFL contracts and, at one point, was among the top-paid quarterbacks in football. He let his father and uncle manage his money, which proved to be a big mistake.

I let my family [take care of the money], because we didn’t really have jobs and I just wanted to play football. I let them do the business stuff. I’m glad I did it. I got massive experience from it. But play your sport and let professionals do that. Not all of them are great, but they’re more licensed and regulated than our family. So, if something goes wrong in your family, I don’t want to sue my dad. You see it a lot with the families. You see Lamar Jackson’s mother negotiating his contract.

Bernie Kosar said on the Sage Steele Show

Retirement brought several business opportunities. Kosar bought a stake in his hometown hockey team, the Florida Panthers. He also became a part-owner of the Cleveland Gladiators of the Arena Football League. However, in 2009, Kosar’s representatives announced that he had filed for Chapter 11 bankruptcy.

Bernie Kosar reported $9.2 million in assets and $18.9 million in debt. He owed $1.5 million to the Browns, $3 million to his ex-wife, and nearly $9 million to a bank because of failed real estate deals.

Kosar received a slight reprieve in 2010, when U.S. Bankruptcy Judge Raymond B. changed his bankruptcy case to Chapter 7. This meant that a court-appointed trustee could sell his non-exempt assets.

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Bernie Kosar sent a message to Jerry Jones

Kosar entered free agency after the Browns released him in 1993. Meanwhile, the Dallas Cowboys found themselves in a spot of bother after Troy Aikman suffered a serious injury and could not play football.

Don’t Want to Sue My Dad - Browns Legend Warns NFL Stars After Family’s Financial Decisions Left Him Bankrupt
Bernie Kosar (Image via ESPN)

So, the Cowboys signed Kosar to steady the ship until Aikman’s return. Kosar signed a $1 million contract to be the backup to rookie Jason Garrett. The Cowboys went on to become Super Bowl champions that year. Kosar played four games in the regular season and a couple in the playoffs. This made him eligible to earn a ring.

However, Kosar later misplaced the ring. On the Sage Steele Show, Kosar appealed to Cowboys owner Jerry Jones to replace the one he lost.

I lost [the Super Bowl ring], so I can’t wear it. And Jerry, I’m going to be calling you because it got stolen. I’m going to be calling you for another one, bro. So, please help me out again.

Bernie Kosar said

Jerry Jones has yet to respond to Kosar’s request. Kosar made 126 appearances in the NFL. He completed 1994 passes for 23,301 yards, 124 touchdowns and 87 interceptions.

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