Rashee Rice Made Millions. Where Did The Money Go?

It’s rare to see a 26-year-old professional athlete earning millions of dollars per year file for bankruptcy, but Chiefs receiver Rashee Rice has done exactly that.

For those not up to speed, in 2024, Rice was driving a rented Lamborghini Urus SUV at 119 mph while street-racing a friend in a Corvette. The Lamborghini hit the center median wall while attempting to weave in and out of traffic, which caused a six-vehicle pile-up. Several people were injured, yet Rice, his friend, and their passengers fled the crash site on foot without checking on the victims.

Rice later pleaded guilty to two felony charges. He was sentenced to five years of probation and 30 days in jail. The jail sentence had flexibility on timing, but after Rice violated his probation by testing positive for THC, he was ordered to serve the 30-day sentence earlier this year, one week after undergoing knee surgery.

The NFL also suspended Rice for six games in 2025, but that’s not why he filed for bankruptcy. Rice has filed for bankruptcy because several of the people involved in the crash were injured and sued him in civil court. As a result, Rice agreed to a $1 million settlement with one passenger and owes nearly $2 million to the others.

Some people would have filed for Chapter 13, which lets you restructure debt so that you have more time to pay it off. However, Rice is going for Chapter 7, which could let him wipe out the debt before he signs his next contract this offseason.

I don’t want to kick Rice while he’s down, but bankruptcy documents are public, and this filing gives us an inside look at an NFL player’s finances. So I bought a copy of the 76-page petition and spent a few days reading through all the details.

What I found goes far beyond what you have read online. That’s because the filing Rice submitted includes everything from the amount of money he currently has in his checking account to a detailed breakdown of his monthly expenses, a list of his investments (or lack thereof), and even screenshots of his weekly paychecks from the Chiefs, including deductions for taxes, fines, game tickets, and jerseys.

Today’s newsletter is for paid subscribers only because 1) the filing cost money to buy and 2) it took me a long time to read all 76 pages, but I promise it’s worth it.

Here’s a list of the most interesting details I uncovered (including screenshots of Rice’s NFL pay stub):

1. Rice has reported $3.46 million in liabilities (think: civil settlements) against $677,054 in assets. A single $421,825 deferred-compensation receivable makes up 62% of Rice’s assets, with the rest consisting of various other things like his 2023 Mercedes-Benz ($53,800) and Super Bowl LVIII ring ($160,000).

2. Rice says he has just $13,640 across three checking accounts, with no other reportable investments such as bonds, mutual funds, or publicly traded stocks.

3. Rice owes one of his lawyers $185,226 and has secured that claim with his Super Bowl LVIII ring, valued at $160,000. The filing says Rice plans to pay his lawyer and keep the ring. But if Rice defaults, his lawyer could seek to enforce the lien, potentially taking possession of the ring to keep or sell later.

Read more