Columbus Blue Jackets defenseman Jack Johnson is reportedly bankrupt.
The veteran blue-liner filed for bankruptcy on Oct. 7 and has a hearing set for January, according to Aaron Portzline of the Columbus Dispatch.
“I’d say I picked the wrong people who led me down the wrong path,” Johnson said last week. “I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.”
Despite earning more than $20 million in his nine-year career with the Los Angeles Kings and Blue Jackets - not including the $5 million he'll earn this season - Johnson has reportedly been in financial trouble for nearly four years.
Just prior to inking a seven-year, $30.5-million contract with the Kings in 2011, and three years after he parted ways with agent Pat Brisson, Johnson signed a power of attorney that reportedly granted his mother full control of his finances.
According to the report, Johnson's mother took out nearly 20 high-interest loans in her son's name, leading to a series of defaults and three lawsuits against Johnson, one of which is still pending.
From the report:
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 non-conventional lenders that resulted in a series of defaults.
Johnson has cut off contact with his family, a source told Portzline.
The third overall pick in 2005, Johnson spent five-plus seasons with the Kings and is in his fourth with the Blue Jackets.
He is scheduled to earn $5 million per season until 2017-18.
