Abandoned and Bankrupt Ex-NBA Partner of Michael Jordan, Sued by Chicago Bulls' Prominent Player
In the world of professional sports, financial success often follows athletic prowess. However, for former NBA star Christian Laettner, his post-career journey has been marred by financial troubles, culminating in a Chapter 7 bankruptcy filing in 2016.
Laettner, who earned around $61 million during his 13-year NBA career, played for six teams: the Minnesota Timberwolves, Atlanta Hawks, Detroit Pistons, Dallas Mavericks, Washington Wizards, and Miami Heat. Despite his impressive earnings, his financial troubles emerged from a series of lawsuits and unpaid debts.
One of these lawsuits was filed by his former investment partner, Scottie Pippen, in 2010. The dispute arose from a failed attempt to purchase the Memphis Grizzlies in 2007, a venture that also involved Laettner's Duke University teammate, Brian Davis. The sale did not materialise, leading Pippen to seek the recovery of his investment.
Laettner's bankruptcy was primarily caused by business missteps and debts to creditors amounting to around $14 million. In 2016, he filed for Chapter 7 bankruptcy after being sued by a group of investors, which included Pippen and Shawne Merriman, to whom he owed millions for failed investments. Specific settlement details are not fully public, but it is known that he owed $2.5 million to Pippen and $3.7 million to Merriman.
The issue was resolved after those same creditors settled with Laettner. However, a PR disaster ensued in 2016 when Pippen's wife, Larsa, criticised Laettner on social media for allegedly not repaying the full amount.
Pippen's disapproval of Laettner extended beyond business dealings. In his 2021 autobiography, Pippen expressed his disapproval of Laettner's selection for the 1992 Olympic Dream Team, stating that he believed another NBA player should have been chosen instead. The conflict between the two athletes was further fueled by an incident on the basketball court during the 1992 NBA Finals.
Despite these challenges, Laettner's accomplishments on the court are undeniable. He was a six-time All-Star, and his collegiate career at Duke University was nothing short of legendary. Laettner has been enshrined in the Naismith Memorial Basketball Hall of Fame, U.S. Olympic Hall of Fame, FIBA Hall of Fame, and College Basketball Hall of Fame.
After retiring from basketball, Laettner ventured into real estate and invested in Major League Soccer. However, his attempts to purchase the Memphis Grizzlies proved unsuccessful, adding another layer to his financial struggles.
The story of Christian Laettner serves as a cautionary tale for athletes about the importance of financial management, particularly when entangled in high-stakes investment disputes. It underscores the challenges former athletes can face in navigating the complex world of business after their playing careers.
- Christian Laettner, who played in six NBA teams and earned approximately $61 million during his 13-year career, experienced financial troubles, leading to a Chapter 7 bankruptcy filing in 2016.
- One of Laettner's financial troubles was a lawsuit filed by his former investment partner, Scottie Pippen, in 2010, stemming from a failed attempt to purchase the Memphis Grizzlies in 2007.
- Pippen's disapproval of Laettner went beyond business dealings, extending to Pippen's criticism of Laettner's selection for the 1992 Olympic Dream Team and his disapproval of Laettner's actions during the 1992 NBA Finals.
- After retiring from basketball, Laettner ventured into real estate and invested in Major League Soccer, but his financial struggles continued due to his unsuccessful attempt to purchase the Memphis Grizzlies.
