Chiefs wide receiver Rashee Rice is in the final year of his four-year, $6.45 million rookie contract. However, he has liabilities that are much greater than his assets. And he seeks to wipe the slate clean for at least some of them.
Via ESPN, Rice filed for federal bankruptcy protection.
The filing lists debts of more than $3.45 million, of which $2.1 million is linked to multiple plaintiffs in the crash caused by his street racing incident in early 2024.
Rice has yet to secure a second contract. He’s set to become a free agent in March, and he’s played well enough to be signed, by the Chiefs or someone else.
By then, Rice should have enough money to pay all its debts without counting on the possibility of activating Chapter 7 bankruptcy laws to discharge one or more for pennies on the dollar.
This could be the first argument put forward by its creditors. Given Rice’s earning potential, it’s only a matter of time before he has the money to pay all his bills and settle all his debts.
Gn sports
