How Much of Vick's Cash Will He Actually Get to Keep?

How Much of Vick's Cash Will He Actually Get to Keep?
August 30, 2011, 8:19 am
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$100 million is an astronomical sum no matter how you cut it up, but given Mike Vick's past bankruptcy situation, he owes a whole lot of that number to creditors. CNBC's Darren Rovell actually digs in and takes a look at just how his money will be divided up.

The takeaway? Vick will make about 11 percent of what the Eagles pay him according to Rovell.

How does Vick make out? Well, he's allowed to
keep the money left over after his creditors are paid off on the
schedule made by the court. So next year, he starts with $17 million,
takes $300,000 for himself, gives $5.85 million to his creditors, pays
taxes and makes after taxes and makes required monthly payments to his
ex-girlfriend and his mother, among others. That leaves him with about
$3.7 million.

Of that, he has to pay the lawyers and accountants, 50 percent
($1,850,000). Vick can then bank the other $1,850,000, but can't touch
it. That means that on a $17 million salary, Vick will net about $1.88
million next year.

>>New Contract Means Vick's Creditors Can Get All Their Money Back By 2014

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