I got into this investment which was a land deal and a partnership and I was going to be a passive investor and make some money. Instead of just trusting God and coaching football, I was going to get rich in real estate. I don’t think I’m an egotist about football because I always know there’s somebody around the corner ready to knock our block off but in the business world I was somebody who thought he had this all worked out. I got into this investment and it was for about two years and all of a sudden I started getting late notices right before a football season started.He coached the season and then turned his attention to the debt.
After the season I beat it down to Oklahoma and when I sat down with the attorneys there were nine banks involved and it was way over a million dollars in debt. The interest alone was over thirty thousand dollars a month. I was bankrupt.Gibbs said that he prayed for help and he decided to pay back the banks.
I feel like I have an obligation to these banks and to these people and I’d like to work this out. I’m just praying to you and saying this is the biggest mess in the world. Only you could straighten this out . . . I went to all nine of those banks and they all worked something out.Now, $100,000 a year is not a lot of money by today's standards but the record shows that the bigger the money, the bigger the problems can be. Defensive end Luther Ellis, who earned about $20 million playing for the Lions and Broncos for 10 years before retiring in 2005, filed for bankruptcy last year. According to USA Today, 125 of the 254 players drafted will be attending the NFLPA's event this week. It seems a shame that nearly half of the rookies in the league will not have the benefit of the advice based on lessons that Gibbs learned the hard way.