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Chris Henry gave control over his own money to the Bengals
Chris Henry requested the Cincinnati Bengals organization to oversee his personal finances.
Henry, a wide receiver drafted in the third round out of West Virginia University in 2005, signed a five-year contract for about $6 million. The contract included annual salaries plus playing-time and other incentives. Chris Henry made 2.5 million as a member of the Cincinnati Bengals and was declared bankrupt by his attorney.
Henry’s $360,000 Florence house, purchased in 2005 during his rookie year, was auctioned in May 2008 when he failed to pay the mortgage. Henry’s SUV was repossessed in 2008 while he was in court.
When the Bengals re-signed him in 2008, they began to manage his money.
I don’t see anything wrong with this at all. Given that he made an impressive choice, I’m sure he has enough to leave behind to his family. For the athletes who don’t know how to manage their money, they should take heed and do the same.
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