Curt Schilling is broke

[Yankees 1903]

http://espn.go.com/boston/mlb/story/...-company-crash

BOSTON -- Former Boston Red Sox pitcher Curt Schilling said Friday that the collapse of his 38 Studios video game company probably has cost him his entire baseball fortune, and he placed part of the blame on Rhode Island officials, including Gov. Lincoln Chafee.

Schilling said during a 90-minute interview on WEEI-FM in Boston that he put more than $50 million of his own money in the company and that he's had to tell his family that "the money I saved during baseball was probably all gone."

"I'm tapped out," he said.

Schilling said he hopes to return to work soon as an analyst for ESPN. He took a leave of absence from the network after 38 Studios filed for bankruptcy protection on June 7. The firm was lured to Providence from Massachusetts in 2010 after Rhode Island offered a $75 million loan guarantee. The state is working to determine how much it's on the hook for after the company's collapse.

Although Schilling conceded that he "absolutely" was part of the reason the company failed, he said public comments made by Chafee last month questioning the firm's solvency were harmful as the firm tried -- but failed -- to raise private capital to stay afloat.

"I think he had an agenda," Schilling said about Chafee.

Chafee vocally opposed the state's loan guarantee to 38 Studios when he was running for governor in 2010. But after it was a done deal, he was the company's "biggest cheerleader," Chafee spokeswoman Christine Hunsinger said Friday. She had no other immediate comments on Schilling's interview.

Schilling also accused Chafee of failing to work with an investor who was willing to put $15 million to $20 million into the company to help it succeed. He said the investor walked away because of Chafee's inaction.

38 Studios laid off its entire workforce -- nearly 300 employees in Providence and more in Maryland -- last month. That move came after it was more than two weeks late on a $1.1 million payment to the state; officials have said that was the first indication the company was in financial trouble.

The firm had sought millions of dollars in tax credits from Rhode Island as it struggled to stay afloat, but Schilling said Friday that he wasn't looking for a bailout.

State and federal authorities, meanwhile, are investigating 38 Studios' finances. Citizens Bank also has sued Schilling to recover $2.4 million in loans it made to 38 Studios.

Schilling, who also pitched for Baltimore, Houston, Philadelphia and Arizona, won the World Series three times and is perhaps best remembered for pitching Game 6 of the 2004 American League Championship Series with an injured ankle that stained his sock with blood. He earned just more than $114 million in salary over his 19-year career in the majors.

Schilling said he never took any money from the company, not even a salary. He said the company was close to succeeding but just couldn't raise enough private capital. He also said he never intended to hurt the firm's workers.

"It's been kind of a surreal 60 days, 75 days," Schilling said. "It's crushing and devastating to see it fail the way it did."

Schilling was asked how the company's collapse has affected him personally.

"I don't know. ... It's not over yet," he said. "I would imagine the next foreseeable time in our lives is going to be consumed by this. It's a life-changing thing."

He said life for his family "will probably start to change and be very different for us" in the wake of losing so much.

But he added, "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."

A little off-topic but thought it was interesting. I wouldn't be surprised if had some other investments but putting $50 million into one company is very risky considering the industry.

[croce_99]

I have no sympathy for idiots like this. Go ahead and invest your money into something, but save a few million for yourself. It's not that difficult to understand.

Happens all the time in every sport.

[CityofTreez]

Hamels could've taken Harper's head off for Christ Sakes.....and I put $50mil into a video game business.

My name is Curt Schilling and I'm an idiot!

[Station 13]

Game companies are closing left and right the last 10 year with cost rising to make HD games. Pretty foolish to enter the industry.

[EastNYLos]

with all the money he invested he should've started one of those mobile game companies...i hear that's where it's at nowadays..

[C-ross12]

One of the first life lessons I learned was to not put all my eggs in one basket.

[RevHokALugie]

Well that sucks. Want to know what never will go bankrupt in America, McDonalds. If I were ever a multi-millionaire I'd open a few of them as a backup or something. Have you ever seen one go down due to lack of business?

[Jeffy25]

He hasn't filled for bankruptcy or anything. So I would assume he is probably still okay.

Not to mention he still has income coming in.

[rkelly7]

One of the first life lessons I learned was to not put all my eggs in one basket.

This, I feel bad though. Great pitcher, but he either doesn't know how to invest or his financial advisor is about to get fired.

Could have put that money in an IRA and had 100 mill by the time the time he was 65.

[spliff(TONE)]

I find this humorous. **** Curt Schilling. Having said this, I'm sure he's just fine financially and is just looking for sympathy. What an idiot.

[Max Power]

He'll never be totally broke. Between the autograph circuit and his incoherent rambling on ESPN, he'll make a decent living. And if he needs more, who would be a better reality show candidate than this attention whore?

[spliff(TONE)]

For him, being broke probably means "only" having a couple million dollars left. Cry me a river, you dumb-****.

[jtchilln]

Let's all be real....this guy is still going to live better than all of us. It's not like he's goign to lose his houses, cars and can't afford to do what he wants when he wants.

His definition of broke and ours is completely different....i'd be willing to bet he still has a few million in cash/assets laying around.

[Burkey3472]

He still has income coming in....so he won't be living on the street anytime soon.

[Driven]

You know, for all the way these millionaire athletes go bankrupt, at least Schilling was trying to invest in something.