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The Cleveland Browns haven't had much success in the NFL for decades. But if there was an era in Browns history where they had a legitimate chance to win a Super Bowl, it was their five-year window in the 1980s led by Ohio native Bernie Kosar. Even before he played a snap in the big leagues, the Browns made a huge investment by making him one of the four highest-paid quarterbacks in the NFL as per the LA Times. He'd sign a 5-year, $5.2 million contract. But after a few years after he retired, he'd only have $44 in his bank account. Here's how betrayal, the collapse of the real estate market, and a few bad investments led to Kosar's demise.
Kosar's Path to the NFL
Despite falling short of winning a Super Bowl, Kosar remains a fan favorite among diehard Browns fans. He was a former number-one pick in the 1985 supplemental draft who forced his way to the Browns and played his first nine years with the franchise. Kosar even managed to lead them to the playoffs during his first five years in the league, making the conference championship game three out of five times. During the summer of 1989, the Browns offered Kosar a lucrative $15 million extension, making him one of the highest-paid players in the NFL.
In his rise to fame, Kosar did what almost every professional athlete would do with their money if they didn't have an accountant or legal advisor; let their parents handle the finances. In Bernie's case, he entrusted his father to safeguard his money only to find out years later he siphoned the money without his permission. Nonetheless, after 13 seasons and one Super Bowl ring with the Cowboys, Kosar retired from the NFL earning more than $20 million.
How Kosar Went Bankrupt
Kosar invested in different businesses during his retirement. He had an ownership stake with the Florida Panthers and a minority share in the Arena Football League. In 2009, people were shocked to find out the Browns legend filed for Chapter 11 bankruptcy. What's even more staggering is the amount of money he owed to different people and only having $44 in his checking account. In total, Kosar owed nearly $14 million. $1,000,000 to the Browns, $3,000,000 to his ex-wife Babette, and $700,000 to the Arena Football League.
Today, Kosar has a reported net worth of $100,000 as per Celebrity Net Worth. A far cry from the millions he made while playing on the gridiron.
