Kansas City Chiefs wide receiver Rashee Rice signed a four-year contract worth almost $6.5 million when he entered the NFL in 2023. Three years later, he’s filing for bankruptcy, and some of the numbers in his bankruptcy filing are pretty staggering.
Rashee Rice, 26, filed for Chapter 7 bankruptcy on Nov. 4, saying he has about $3.46 million in debt and only $677,054 in assets.
So where did all of his money go? Sports business analyst Joe Pompliano conducted an in-depth investigation into that question, buying Rice’s 76-page bankruptcy filing and reviewing his financial records.
According to Pompliano’s Huddle Up newsletter, Rice has just $13,640 in three checking accounts, does not own a home and rents an apartment from former Chiefs teammate Marquez Valdes-Scantling. He also reportedly has no investments in stocks or bonds.
Rashee Rice’s Super Bowl Ring Is Being Used To Pay His Lawyer
Rashee Rice’s assets include a $53,800 Mercedes-Benz, $421,825 in deferred compensation and his Super Bowl LVIII championship ring, according to The Big Lead. The ring, valued at $160,000, is being used as collateral toward a debt of $185,226 he owes to his attorney, Thomas McMurray.
Rice also said she earns about $59,512 a month before deductions. After taxes and other deductions, he takes home about $32,640. Pompliano also reviewed Rice’s Chiefs pay stubs that allegedly included deductions for fines, game tickets and jerseys. After subtracting $29,030 in monthly expenses, he’s left with about $3,610.
Rashee Rice’s Legal Troubles Have Cost Him A Lot
Rice’s debt is largely a result of a Dallas street-racing crash in March 2024 that injured several people. Rice was convicted of two felonies and sentenced to five years’ probation and 30 days in jail. He served that sentence earlier this year after failing a drug test.
He also still owes nearly $980,000 from one settlement and faces additional claims from other victims. Earlier this year, his former SMU teammate, Theodore Knox, was also ordered to pay $2.9 million because of the crash.
Rashee Rice’s bankruptcy filing also lists a contested claim for $200,000 by his ex-girlfriend Dacoda Jones, who accused him of domestic violence. The Chiefs previously responded to the allegations, and Rice denied them.
Rice is entering the final year of his rookie contract and could be in line for another big payday in free agency after this season. Given his current financial situation, the timing couldn’t be better.