Red Sox pitcher's millions gone after gaming firm collapses

Former Red Sox pitcher Curt Schilling says he's "tapped out" after putting more than $50 million of his own money into the 38 Studios video game company.

Um, yes. The game was called "Reckoning." 38 Studios

Sometimes, professional athletes aren't always as good (or lucky) in the real world as they are on the field, the court, or the course.

Some estimate that between 60 percent and 80 percent of NBA and NFL players go bankrupt within 5 years of retirement.

Famous names such as Allen Iverson and Mark Brunell have experienced huge financial woes.

Now former Boston Red Sox pitcher Curt Schilling says he's "tapped out" after the demise of his video game company, 38 Studios.

ESPN reports that Schilling told WEEI-FM in Boston that "the money I saved during baseball was probably all gone."

He said that he had put more than $50 million of his own money into the business.

Schilling wanted to create a rival to World of Warcraft . This is the equivalent of trying to start a new baseball team in the Bronx.

Schilling is a man who believed that the less government there is, the better. Yet he somehow decided to take a $75 million loan guarantee from the government of Rhode Island, leaving Massachusetts behind.

38 Studios filed for bankruptcy protection on June 7. Naturally, there now seems to be bickering between Schilling and Rhode Island Governor Lincoln Chaffee.

It is not entirely clear where all the money went, and state and federal authorities are now investigating. Schilling is being sued for $2.4 million by Citizens Bank. The entire workforce of almost 400 has been laid off.

Still, Schilling seems to accept that bad things happen to good pitchers. He knows that this will affect his family, as well as himself. He told WEEI-FM: "I would imagine the next foreseeable time in our lives is going to be consumed by this. It's a life-changing thing."

He did insist, though: "I'm not asking for sympathy. It was my choice. I chose to do this, I wanted to build this, I wanted to create the jobs and create something that had a long-standing, world-changing effect. And we were close. We were close to getting there, and it fell apart."

The probability is that blame will fall not just on his shoulders.

But I wonder why someone with relatively little business experience believed that he could take on World of Warcraft when so many others had tried and not exactly succeeded.

If he did, as he says, put so much money into this business, was there no one to suggest to him that perhaps this might not be the most prudent course of action? Wasn't he, in fact, the equivalent of an unheralded rookie facing a Curt Schilling fastball?

Perhaps when you've become used to believing you'll win, it's hard to be dissuaded otherwise. When you're used to winning, it's sometimes hard to know what you don't know.

 

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