Jack Johnson Files For Bankruptcy

By Cory Buck | Nov 20, 2014

Oct 9, 2014; Buffalo, NY, USA; Columbus Blue Jackets defenseman Jack Johnson (7) during the game against the Buffalo Sabres at First Niagara Center. Mandatory Credit: Kevin Hoffman-USA TODAY Sports /

Columbus Blue Jackets defenseman Jack Johnson filed for bankruptcy after his parents took out high-interest loan against his future NHL earnings.

When Jack Johnson signed a seven year $30 million contract with the Los Angeles Kings, it would have been easy to assume he was set for life. Instead he’s broke, forced to file for bankruptcy. We’ve read this story before and usually it’s because of a shady agent or a family friend, but in the case of Jack Johnson, it was his own parents who did most of the damage.

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“I’d say I picked the wrong people who led me down the wrong path,” Johnson told Aaron Portzline at The Columbus Dispatch. “I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.”

Those people, according to sources, are mainly parents Tina and Jack Johnson Sr., who each made multiple high-risk, high-interest loans against their son’s future earnings so that mom and dad could afford a nice Manhattan Beach home.

Portzline writes, ‘Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults.’

Since Jack signed the loan contracts put forth to him by his parents, it was Jack who was on the line for the money owed and not his parents.

“Jack would ask (his parents) questions: ‘What’s this? What are these guys calling about?’ ” a source said. “And they would tell him not to worry about it, just worry about playing hockey. These were his parents, right? He trusted them. It wasn’t until last spring or early summer that he understood there was a significant problem.”

The entire piece by Portzline is a fantastic read and a haunting look at the sway role models and parents can have over rich, young minds unprepared for the money they’ve suddenly earned.

As a result of his parents’ reckless greed, not only is Johnson broke, but some of his future earnings will go toward paying off his debts. Additionally, and rightfully so, Johnson currently doesn’t speak with his parents.

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