Damon Jones Joint problems may have ended Damon Jones’ career slightly before his time. Now he’s embroiled in a series of scandals and financial calamity that go beyond embarrassing and will alter the trajectory of his deservedly charmed life. During his playing days, Jones earned upwards of $21 million. His journey saw him land on nine separate teams during his career, but he had a major impact during his three-year stint with the Cleveland Cavaliers from 2005–2008. On the ground, behind the curtain, his cash position has grown critical. This precipitous decline has led to two bankruptcy filings and a series of lawsuits.
The initial bankruptcy filing, in 2013, made public the entire financial picture. He claimed at the time to have just $200 in cash on hand. He had under $300 in bank accounts and approximately $2,400 in his IRA. He reported listing a $10,000 Nike endorsement as his only earnings over a six-month span. Two years later, it became hell on earth. When they did eventually file for bankruptcy again, they showed only $50 in cash and less than $50 in their bank account.
The financial difficulties did not end there. At one point, Jones was in such a hole it owed creditors an incredible $644,109. He used some of his $86,000 car loan for a Mercedes. On top of that, he had $47,000 in debt to the Bellagio Hotel and Casino in Las Vegas, a city he frequently traveled to in the offseasons. His opulent lifestyle and serious gambling addiction landed him in deep waters and have been a cause for negative attention, as well as his undoing.
Jones’ connection to the NBA continued even after his playing days were over. As a staff member, he traveled often with the LA Lakers. He was able to go to practices and had the full freedom of the locker room and training rooms. Despite having this connection, his relationships with others within the league have fizzled. A close friendship with LeBron James soured over the past few months, with West and his erstwhile collaborator completely out of contact for an extended stretch.
Beyond estranging friends and family, Jones ran into trouble on the court as well. Notably, he was involved in an incident where J.R. Smith threw a bowl of chicken tortilla soup at him during a team practice facility cafeteria dispute.
Through all of these challenges, Damon Jones has developed a real sense of optimism, hope, and determination in his approach to life and living. “My confidence is never gone, never in my life,” he stated. His self-assuredness extends to his shooting abilities as well, as he claimed, “Not to be arrogant at all, I think I’m one of the top-five shooters in the world.”
Not everyone shares that confidence. As several former NBA players have observed, these types of conversations with Jones became more uncomfortable. One former player remarked, “Honestly, I started to try to avoid him because I didn’t want to have money conversations.” A long-time friend and colleague of Jones mourned the loss with us, stating, “About two years ago my wife and I concluded that I had to stop answering his phone calls and returning his text messages. We had come to the end of the line with respect to funding.”
The impact of these personal connections has been deeply alarming to many of the people who care about this man. A longtime league executive commented on Jones’ precarious situation: “There are probably some people out there pretty worried about Damon right now. He has nothing to lose and nothing to bargain with — other than rolling over on other people.”
Bankruptcy isn’t the only legal trouble Damon Jones has gotten himself into. He has been sued at least four times for defaulting on personal loans. On two separate occasions, management companies have filed eviction notices against him. These concerns are symptomatic of a much wider history of financial improprieties that stretches all the way back to his time as a player.
Even though Jones is in a tough spot right now, he’s optimistic about his future. He recently tweeted an optimistic betting suggestion related to an NBA game: “Get a big bet on Milwaukee tonight before the information is out! [James] is out tonight. Bet enough so Djones can eat too now!!!”
Damon Jones is clearly paddling through stormy seas at the moment. His meteoric rise and devastating fall from NBA superstar to cash-strapped millionaire tells the story of a dream gone bad at its blackest and brightest. Dan’s story is a powerful example of why it’s so important to be smart with your money. It highlights the importance of developing positive connections, inside and outside the game.
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