From All on the Field sports blog: When Latrell Sprewell turned down a $21 million dollar contract extension with the explanation that "I've got my family to feed," he was actually understating his case.
As it turns out, he also had big payments on his $1.5 million yacht and a mortgage on a house near Milwaukee. (I'm guessing it was an ARM?)
Sprewell hasn't played since turning down Minnesota's extension offer in 2004, but now that he's been forced to sell the boat and his home may be foreclosed upon soon, he's probably wishing he'd taken it.
At 37 and likely out of shape, you have to think Sprewell's playing days are over. That extra 21 mil probably wouldn't have locked up financial security -- if he couldn't manage the $14.6 million per year he was making in 2004, $7 million would be sand through his fingers -- but at least it would have prolonged the apparently inevitable disaster he finds himself in now.
Editors note: How I managed to finish this post without a reference to Sprewell "choking," I'll never know.