This article explores the factors that have contributed to Kosar’s financial portfolio, from his remarkable NFL career to post-retirement ventures and challenges.
Early Life and NFL Career
Born on November 24, 1963, in Youngstown, Ohio, Bernie Kosar showed exceptional football talent early on. He led the University of Miami Hurricanes to a national championship in 1983, laying the way for his NFL career. Kosar signed a five-year $5.2 million contract with the Cleveland Browns in 1985, including a$1 million signing bonus, averaging $840,000 per season.
His tenure with the Browns established him as a formidable quarterback.
NFL Earnings and Contracts
During his NFL career, Kosar made big bucks. In 1989, he agreed to a six years contract with the Browns for $15 million plus a $3 million signing bonus.
However, he probably made around $7.5 million from this deal, for reasons that vary. Over his 12-season career, Kosar earned around $19 million in salary, reflecting the lucrative nature of pro football typical of the era.
Post-Retirement Ventures
Kosar ventured into various businesses after retiring in 1996. He co-purchased the NHL’s Florida Panthers in 2001 and acquired a minority stake in the Arena Football League’s Las Vegas Gladiators in 2007, relocating them to Cleveland as the Cleveland Gladiators.
Kosar also invested in real estate, owning properties, including a mansion in Ohio for about $1.5 million.
These ventures were a way of diversifying his income beyond football.
Financial Challenges and Bankruptcy
Kosar struggled financially despite his earnings. In 2009, he filed for Chapter 11 bankruptcy, with $9.2 million in assets against $18.9 million in debt.
Other contributing factors included failed business ventures, real estate losses, and large personal loans to friends and relatives. Notably, he owed $1 million to the Cleveland Browns and $3 million to his former wife, Babette.
At one point in time, his checking account reportedly had just $44, underscoring the severity of his financial situation.
Rebuilding and Current Ventures
Kosar has recently embarked on rebuilding his financial standing. His autobiography “Learning to Scramble” was published in 2017, a book which shares insights into his career and personal life.
In October 2023, he launched “U Matter wellness Essentials,” a line of wellness products, in partnership with Ohio-based Foundation Health Solutions.
These initiatives reflect his resilience and adaptability in the face of past financial hardships.
NFL Pension and Residual Income
Kosar currently earns a $200,000 annual income from his NFL pension. This steady income stream supplements his earnings from business ventures and investments. The pension underscores the long-term benefits associated with a professional football career.
Personal Life and Support System
Kosar has had a personal life entangled with his financial journey. He was married to Babette from 1990 until their divorce in 2007, and they have four children together.
The financial implications of his divorce, including a $3 million settlement, significantly impacted his net worth. Despite these challenges, Kosar’s commitment to his family remains a central aspect of his life.
