Sports agent Leigh Steinberg, the inspiration for the “show me the money” character in the movie “Jerry Maguire,” filed for bankruptcy protection for debt ranging from $1 million to $5 million.
Steinberg, who represented NFL stars like Troy Aikman, Steve Young and Ben Roethlisberger, cited his children’s health problems, a “forbidden” business transaction from one of his employees, and a former struggle with alcoholism as catalysts for the financial problems.
His attorney, Alessandro Assanti, said Steinberg’s two children had suffered “serious medical issues,” including the eye disease retinitis pigmentosa, which can cause near blindness. That and other problems caused Steinberg to turn to alcohol, Assanti added, though he has been sober since 2010.
“So many terrible things were going on in his life personally, it was difficult to balance,” Assanti said.
Steinberg’s attorneys filed for Chapter 7 bankruptcy protection late Wednesday in Santa Ana, Calif.
He has represented at least six of the NFL’s No. 1 draft picks since 1989, according to The New York Times.
Stephen Cannella, a Sports Illustrated senior editor, said in many ways Steinberg created the role of the modern sports agent — not just in football but in every sport. He had the ability to negotiate big-money contracts and he was the first agent to develop a superagent persona.
“If you were a top-tier player, especially a quarterback, then there was little debate over who you wanted your agent to be,” Cannella wrote in an email. “Having him as representation almost became a status symbol for players coming out of college, a way of announcing yourself as a start before you had even signed a contract.”
SOURCE:abcnews.com
