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Even Sports Agents File for Bankruptcy

Leigh Steinberg

Prior to becoming a Seattle trademark lawyer, I was preparing myself to start working at a sports agency and picked up the book “Winning with Integrity” by Leigh Steinberg. The book gives a great glimpse into the world of sports agents and the business of sports. What it left out however was how Mr. Steinberg was an alcoholic and took loans from clients and other creditors in order to support his lavish lifestyle. Mr. Steinberg was known for his amazing parties, especially during the week of the Super Bowl. Granted, some of these parties were to help support charities, but Mr. Steinberg simply borrowed more than he could pay back which is a common theme among people who file for bankruptcy. Mr. Steinberg just did it on a larger level.

According to Mr. Steinberg’s chapter 7 bankruptcy filing as reported by ESPN it appears as though he may have a tough time discharging a debt owed to a former client of his since a judgment was already entered against him for $900,000 plus interest. The former player/client, Chad Morton, plans filing an adversary proceeding against Steinberg to obtain a judgement in the bankruptcy court stating that this debt will not be dischargeable due to allegations that Steinberg made fraudulent conveyances to avoid paying off the debt. Debts that are are owed to creditors and that were incurred due to fraud or involve fraudulent conveyances will not be dischargeable. It’s funny that a man who once wrote a book entitled “Winning With Integrity” seems to have been lacking integrity for some time. Steinberg alleges that the debt owed to the former player was not authorized by him, but rather his company. However, as the owner of the company he should have been aware of who his business was borrowing from.

This story just goes to show you that anybody can find themselves filing for bankruptcy, even those that have had a tremendous amount of success in the past.

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