10 Biggest Sport Contract Busts Of All Time
Although almost every athlete will get into their sport because of a love of the game rather than a desire to get rich, once they move from amateur teams to the professional world they can become dominated by the financial elements. The best sportsmen and women can earn millions of dollars every single year with hugely lucrative contracts on offer in everything from soccer to NFL and basketball to rugby. Every contract that is agreed between a team and an athlete is something of a gamble though, with no one able to be certain just how successful a move could turn out to be. This has led to some pretty disastrous contracts that have cost owners huge amounts of money.
The Boston Celtics signed coach Rick Pitino in 1997 after he had taken the University of Kentucky Wildcats to the NCAA National Championship. The seven-year contract came in at a total of $70 million, though Pitino couldn’t replicate his success at the NBA team before he retired in 2001, costing the Celtics a huge amount of money.
Darren Dreifort signed for the LA Dodgers in 2001 on a five year contracted valued at $55 million. What made the contract strange was that the pitcher had a history of serious arm injuries and so it seemed unusual that they would give him such a long deal with a salary that high. As you might have guessed, his career with the Dodgers was full of injuries, with Dreifort only able to compete in three of the five seasons he was contracted for.