Raiders head coach is bankrupt? \ stacker news ~Stacker

289 sats \ 33 comments \ @Bell_curve 27 Jun Stacker_Sports

Antonio Pierce, the head coach of the Las Vegas Raiders, is facing over $28 million in civil judgments stemming from his involvement as a passive investor in car dealerships in the 2010s. [1][2][3][5]

Specifically, two lenders - Nissan Motor Acceptance Corporation with a $23 million judgment and Hyundai Capital America with a $4.5 million judgment - have recently attempted to garnish Pierce's wages from the Raiders and liquidate the couple's assets to collect on these judgments. [1][2][5]

To protect their assets, Pierce's wife Jocelyn filed for bankruptcy in the U.S. Bankruptcy Court in Arizona on June 12, 2024. [1][2][5] The bankruptcy filing states that despite Pierce's limited role as a passive investor, he was asked to sign personal guarantees for the dealerships, leading to the substantial judgments against him when the businesses defaulted on loans. [1][2][5]

This financial crisis poses a significant challenge for Pierce as he enters his first full season as the Raiders' head coach, having previously served as the team's interim head coach last season. [2][3][5] The bankruptcy proceedings are ongoing, with a status conference scheduled for July 24 in Phoenix. [5]

Sources [1] Raiders coach Antonio Pierce subject to judgments of over $28M as ... https://www.nytimes.com/athletic/5591505/2024/06/25/antonio-jocelyn-pierce-bankruptcy-raiders/ [2] Antonio Pierce's wife files for bankruptcy stemming from Raiders ... https://www.cbssports.com/nfl/news/antonio-pierces-wife-files-for-bankruptcy-stemming-from-raiders-hcs-previous-car-dealership-involvements/ [3] Report: Antonio Pierce faces civil judgments totaling $28 million https://finance.yahoo.com/news/report-antonio-pierce-faces-civil-032546489.html [4] Unpacking bankruptcy reports around Antonio Pierce | NFL on NBC https://www.youtube.com/watch?v=uq7ucb7gke0 [5] Raiders coach Antonio Pierce's wife Jocelyn files for bankruptcy https://www.reviewjournal.com/sports/raiders/antonio-pierces-wife-files-for-bankruptcy-over-28m-in-judgments-against-raiders-coach-3075112/

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42 sats \ 27 replies \ @grayruby 27 Jun

I thought the Raiders played well under Pierce. Was looking forward to seeing what he did with a full offseason. Hopefully, this isn't too much of a distraction but hard to imagine it won't be.

71 sats \ 26 replies \ @Undisciplined 27 Jun

It wouldn't be a Raiders off-season without some unexpected BS.

This was happening during the season last year, so he's already proven that he can coach his way through it. It sounds like a bit of a nothing-burger, at least as far as he's concerned. He was a silent investor, so at most he's looking at some kind of financial penalty.

63 sats \ 25 replies \ @grayruby 27 Jun

I guess the best thing he can do is become one of the best coaches in the NFL and make a ton of money.

41 sats \ 10 replies \ @Bell_curve OP 27 Jun

He never should have invested in a car dealership, multiple dealerships

41 sats \ 9 replies \ @Undisciplined 27 Jun

Apparently

41 sats \ 8 replies \ @Bell_curve OP 27 Jun

Why do athletes go broke?

Because they buy businesses they don’t understand like car dealerships

Ironically John Elway owned many car dealerships in Colorado. He sold them all in 2004 for millions of dollars. Elway is the exception

41 sats \ 5 replies \ @Undisciplined 27 Jun

It's a tough situation for a lot of these guys. They have a ton of money, most don't have anyone they know and trust to advise them on how to manage it.

They have to do something with it, so it's not surprising that they invest in things they're familiar with, like car dealerships.

41 sats \ 4 replies \ @Bell_curve OP 27 Jun

Fidelity index fund

Done ✅

Obviously I am oversimplifying

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21 sats \ 1 reply \ @grayruby 27 Jun

Paul Coffey used to own a number of dealerships in the greater Toronto area. He had to sell a couple of them because they weren’t doing well. Bolton Toyota which used to be Paul Coffey Toyota used to be one of my customers but I never worked with them when Paul owned it.

50 sats \ 0 replies \ @Bell_curve OP 27 Jun

Car dealership is no picnic especially if it’s the end of the month especially July and August

Former great player on the Edmonton Oilers Paul Coffey!

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81 sats \ 13 replies \ @Undisciplined 27 Jun

Really, he just needs the players and Mark Davis to like him. Gruden would still be the coach now, if not for the email scandal, and he was doing a fairly mediocre job.

90 sats \ 6 replies \ @grayruby 27 Jun

Off topic. What do you think about the Knicks re-signing OG? Besides the fact that it was a ridiculous amount of money for a 3 and D guy,

71 sats \ 5 replies \ @Undisciplined 27 Jun

For OG, that money is insane. He's getting paid almost as much as Trae Young and he's like the third option (at best).

That said, I like the Knicks roster quite a bit. It seems like they're specifically gearing up to take on the Celtics.

42 sats \ 4 replies \ @grayruby 27 Jun

I don't know how they are going to stay under the cap but they should be really good.

50 sats \ 3 replies \ @Undisciplined 27 Jun

Do you think they can beat the Celtics? I'm still concerned that White and Holiday will be too daunting for Brunson.

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83 sats \ 5 replies \ @Bell_curve OP 27 Jun

I thought the best coach was the interim guy in 2021

Rich did a great job

41 sats \ 4 replies \ @Undisciplined 27 Jun

Yeah, my dad and I were pissed that they didn't give him a chance to earn the fulltime job.

41 sats \ 3 replies \ @Bell_curve OP 27 Jun

Especially since Josh McDaniels was hired after him

2 seasons wasted

Who was the OC in 2021?

41 sats \ 2 replies \ @Undisciplined 27 Jun

I don't remember, because Gruden was essentially the OC before he got canned and then Carr basically managed the offense the rest of the season.

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21 sats \ 3 replies \ @Undisciplined 27 Jun

His wife is, at least.

21 sats \ 2 replies \ @Bell_curve OP 27 Jun

I read she did it to protect her assets

Except California is community property

21 sats \ 1 reply \ @Undisciplined 27 Jun

That part confused me too. I'm sure it'll get settled out of court. They can afford it pretty easily now.

0 sats \ 0 replies \ @Bell_curve OP 27 Jun

Never mind She filed bankruptcy in Arizona

That’s their state of residence

Antonio previously coached at Arizona State

0 sats \ 0 replies \ @Satosora 28 Jun

People signing things they shouldnt sign.