(Getty Images)Former Boston Red Sox pitcher Curt Schilling says he's "tapped out" financially after personally investing "north of $50 million" into his failed 38 Studios video game company.
That revelation came Friday morning as Schilling spent 90 minutes in the WEEI studios with the "Dennis & Callahan Show." Where this puts Schilling's overall financial picture is unclear — Baseball-Reference estimates the pitcher made a total of $114 million in salary from 1990-2008 — but he said he is preparing his family for a "very different" life in the future.
Schilling said he sat down his family about a month ago and explained to them that "38 Studios was probably going to fail and go bankrupt, and that the money that I had earned and saved during baseball was probably all gone. And that it was my fault. And that they might start hearing some things in school and things like that. And let's be clear: We're not talking about a terminal illness or somebody (dying). But it's a life-changing thing. It's not a conversation I would wish on any father, or on anybody. But I had to do it, and explain to them that part of growing up is being accountable. This was my decision to do this, and I failed. And life would probably start to change and be very different for us."
There's likely a lot of people taking some schadenfreude from Schilling's bad news. He was an outspoken player during his day (and remains that way today) while a lot of people also disagree with his politics. Those employees and their families who were "blindsided" by the company's bankruptcy, and Rhode Island taxpayers who guaranteed a $75 million loan to 38 Studios are probably also glad that Schilling didn't escape without his own penalty.
Where Schilling goes from here is anybody's guess. His bills are likely to mount as creditors come after him with legal proceedings. His gift for gab probably ensures that he'll always be able to draw a paycheck in the baseball analysis world, but it'll be a mere drop in the bucket to the money he just lost by severely overestimating his worth as a businessman and video game maker.
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