Sad Song for a Former King Jack Johnson
It’s a familiar story and ultimately a sad story, but this time with a disgusting twist.
In a tremendously well written and researched piece by Aaron Portzline at the Columbus Dispatch it was reported that former Los Angeles Kings, and now, current Columbus Blue Jackets defensemen Jack Johnson is filing for bankruptcy.
Johnson is claiming to have less than $50,000 of assets and debts of more than $10 million, though it could be closer to $15 million.
Summary of the Story
Johnson parted ways from his agent Pat Brisson (who represents stars Sidney Crosby, and Patrick Kane) after his 3-year Entry-Level rookie contract. From there, in 2011 before resigning a seven-year, $30.5 million contract extension with the Los Angeles Kings, Johnson signed a power of attorney, turning his legal financial rights over to his parents, namely his mother Tina Johnson.
Fast-forward three years. Johnson has earned $18 million over his nine-year career, and was expected to earn $5 million this season. Instead, most of that money is gone. Now Johnson has surrounded himself with a new team of financial advisors and an attorney, as he is trying to avoid the “bad people” who have led him to financial ruin.
Those bad people: Tina and Jack Senior. Jack Johnson’s parents.
Portzline’s article goes on to describe how over the years numerous high interest loans were taken out in Jack’s name, followed by numerous defaults and ensuing lawsuits. Toward the end of last season Johnson’s paychecks were garnished to the point that Johnson is basically playing NHL hockey for free.
Jack Sr. and Tina went on to monetize Johnson’s contract – meaning they borrowed against money (or using the expected wages as collateral/estimated assets) Jack was promised to earn in future years under the terms of the contract. Jack and Tina took out a series of mortgages, and other loans to afford a $1.8 million house three blocks from Jack’s place in Los Angeles, renovations to the house, vacations, and traveling money to follow Jack to his games. So they say.
“There’s something unique about the sport of hockey that’s difficult to describe, impossible to quantify, and yet profoundly obvious. . . . It’s played on an edge, and it lives on that edge.”
Unsurprisingly Johnson is confused and hurt by the actions taken by his parents, cutting off all contact with his family. Though, he is not going to pursue criminal charges.
Afterthoughts
The first question that comes to mind would be: Where did all that money really go? Only Jack’s parents know.
On the surface it appears to be like a classic Ponzi or “Madoff” scheme. Using paper assets to generate more cash-flow in the form of loans, or in Madoff’s case investments, to payoff previously generated loans, debts, or investors. In this particular case most of the lenders identified the scam right away, as two of them initiated law suits within a month of loaning the money to Mr. and Mrs. Johnson.
Whenever Jack received phone calls or mail regarding his loans, and debts his parents would say something to the effect of, ‘Don’t worry, just focus on playing hockey.’
How despicable. ‘We’re committing fraud in your name son, nothing to see here.’
It’s indubitably common for young athletes to trust their parents. It’s ordinarily common for nearly anyone to trust their parents. It’s also typical that someone close to a professional athlete takes advantage of their youth and money, using it as their own personal lottery. It is unusual that a player’s parents would be the ones to take advantage of their son.
Some may think the parents didn’t do it on purpose. It was sincerely accidental mismanagement of money and trust, borrowing from the wrong people. Sadly, this doesn’t seem to be one of those cases.
Shock for Johnson and the Sport
Familiar tales of star athletes declaring bankruptcy have been and undercurrent in professional sports. However, most of those tales come from the NBA, or NFL. Think of NFL players Warren Sapp, Art Monk, Eric Dickerson, and even John Elway. All four NFLers are Hall of Famers.
This isn’t a familiar story for hockey. There are a few cases, like the great Bobby Orr and his experience with “superagent” Alan Eagleson, but that was a rare instance.
Perhaps that’s because hockey has always been a sport that attracts hard-working, blue-collar people.
It’s also a sport that is very family centric. Parents spend hours upon hours taking kids to practice in freezing cold rinks, congregating to get coffee and hot chocolate. Perhaps it’s because the parents of kids sit closer together, huddling to stay warm.
There’s something unique about the sport of hockey that’s difficult to describe, impossible to quantify, and yet profoundly obvious. The sport has a cavalier culture, that’s always been on the cusp of normal, but chooses to remain on the outskirts. It’s played on an edge, and it lives on that edge.
Prime example: a question was recently posed, Could a person, or more accurately a character, like Don Cherry make it in any other sport?
Hate him or love him, you have to respect him; because he knows what he’s talking about, and 99.9% of the time he’s dead right. That is, when he’s not saying something offensive.
It’s a wonder what Don would have to say about Jack Johnson’s situation.
Anyone intimately involved in hockey will explain, you find good people around this sport.
Football, baseball, and basketball parents don’t have to wake up at 5:00 a.m. to help kids get to practice three times a week because that’s the only time the playing surface is available. That’s dedication. Purchasing equipment and helping youth players get dressed is a little more involved than a pair of cleats.
It’s a sport where players on the team become very close, because they fight for each other. Sometimes literally.
Hockey teams are families, or more, like tribal clans. In hockey, shifts are 30-seconds to a minute and a half, so every player is going to play. Every player is important. It’s not like basketball where only five guys play most of the game. It’s not like baseball where one batter or pitcher can win a series. It’s not like football, where only three to five guys touch the football; whereas in hockey almost everyone touches the puck. It’s the only major sport where players rely on, or even have a goalie.
What has happened to Jack is not only tragic, it’s disgusting. And it’s not just a shock for him, but the entire community of hockey.
Due to the high percentage of players in the NFL that go bankrupt after their football careers are over, the league has mandated that all rookies and new players undergo financial seminars outlining how to manage their money. Perhaps it’s time the NHL implements something similar.
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Puck Prose
Education may have helped, but this wasn’t about mishandled finances. It’s about parents who broke their son’s bank, and more importantly trust. All for the sake of the all mighty dollar, and some cushy digs.
A Side Note:
It might be a common misconception that ESPN, and/or Sportscenter, the self-declared largest sports network in the country, would have mentioned such a big story, or covered some part of it with an acknowledgement or comment at some point during the day.
It was simply not the case.
Once again, there’s a glaring discrepancy of ESPN’s preferential treatment among the four major North American sports.
The NFL, NBA, and MLB comprise nearly 95% of the coverage. There’s no statistical analysis behind that number, it’s a simple conclusion.
While viewers can readily discover what Lebron James has had for lunch, or how many liter’s of sweat Lebron expounded at practice, or who Johnny Manziel texted or met for a drink; viewers are barely privy to any basic news coverage or game results and analysis of the NHL.
This isn’t a criticism, it’s a casual observation. When ESPN covers something it does great work, no one would argue that. Well, maybe Daniel Tosh. Some fans just wish there would be more attention put on one of the most rapidly growing professional sports: hockey and the NHL.
Oct 31, 2014; Columbus, OH, USA; Columbus Blue Jackets defenseman Jack Johnson (7) against the Toronto Maple Leafs at Nationwide Arena. The Leafs won 4-1. Mandatory Credit: Aaron Doster-USA TODAY Sports