Back on Nov. 4, Kansas City Chiefs wide receiver Rashee Rice added a further twist what has already been an eventful few years off-the-field since joining the NFL back in 2023 as a second round pick out of SMU, in filing for bankruptcy.
The primary reason for him doing so is the large amount of debt the 25-year old has accrued for the damages he has been required to pay out to the victims of a multi-vehicular crash that saw him receive five years probation and 30 days in jail.
Writing on the Huddle Up substack, sports business writer Joe Pompliano analyzed Rice’s full bankruptcy filings and uncovered some very notable details.
• $13,640 in his checking accounts • No investments (stocks, bonds, etc.) • Rents an apartment from Marquez Valdes-Scantling
Rice owes roughly $3 million to victims who were injured during his
Rashee Rice Open to Selling Super Bowl Ring to Pay Legal Fees
Rice has less than $14,000 in his checking account ($13,600), which amounts to a little less than his monthly take-home pay, which is a shade under $15,000.
However, he almost $3.5 million, the majority of which consists of money to be paid out via settlements in court and legal fees. His total assets amount to approximately $677,000.
He does not have any investments, including stocks and bonds.
Perhaps the most stark details are that not only does he rent an apartment from former teammate and fellow Super Bowl champion Marquez Valdes-Scantling, but that he is willing to sell his $160,000 Super Bowl ring if he needs to.
Rashee Rice Made Noteworthy ‘Decision’ on Bankruptcy Filing
As Pompliano notes in the article itself, Rice made the interesting decision to file for Chapter 7 v.s. Chapter 13 bankruptcy.
This is important because Chapter 13 bankruptcy allows one to alter the repayment of the debt such that there is a greater amount of time to pay it off. Channel 7, on the other hand, wipes it out fully.
Given that Rice is – he would hope – perhaps just months away from getting a reasonably sizeable offseason extension with his rookie contract expiring at the end of the season, Chapter 13 would have made sense.
Whilst Pompliano frames it as a decision by the Chiefs WR, the reality is that Rice’s debt far exceeds that of the limit of just over $500,000 of unsecured debt – with almost of his money owed coming through that channel.
Rice could have used Chapter 11 bankruptcy instead to restructure his debt payments, but that is far more expensive and takes far more time.
This way, the fourth-year man will attempt wipe as much debt as he can off the table and aim to fiscally start afresh ahead of his (likely) impending new contract this offseason.
Rashee Rice Bankruptcy Details Emerge; Chiefs WR Willing to Sell Super Bowl Ring