There Goes Another Star Athlete’s Money Down the Drain

by Jason Unger

Curt Schilling

It’s such a regular occurrence, we could probably start a whole blog about athletes and their money problems.

Today, it’s news that Curt Schilling, former All-Star pitcher for the Red Sox, Diamondbacks and Phillies (not to mention his short stint with my Baltimore Orioles, before he was traded away in one of the worst trades ever) saying that he’s lost basically all his money from playing baseball, thanks to a bad investment in his own video game company.

There’s other factors at play here – Schilling says comments from Rhode Island governor Lincoln Chafee kept investors away from his company – but while it may not be investing in floatable rafts, it may not have been the brightest idea.

From ESPN.com:

Former Boston Red Sox pitcher Curt Schilling says the collapse of his 38 Studios video game company has probably cost him his entire baseball fortune, and he put part of the blame on Rhode Island Gov. Lincoln Chafee.

Schilling said during an interview on WEEI-FM in Boston on Friday that he put more than $50 million of his own money in the company and that the money he made playing baseball is “probably all gone.”

Schilling also says Chafee’s public comments last month questioning the firm’s solvency harmed the company as it tried to raise private capital to stay afloat.

38 Studios filed for bankruptcy protection on June 7. It had been lured to Rhode Island from Massachusetts in 2010 after Rhode Island offered a $75 million loan guarantee.

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