Net Worth Ranker
What Is Bernie Kosar’s Net Worth?
Bernie Kosar, a retired American football quarterback, has an estimated net worth of $2 million as of 2025. His financial journey is marked by both substantial earnings during his NFL career and significant financial setbacks later in life, a story highlighted in the ESPN “30 for 30” episode titled “Broke.”
Bernie Kosar’s NFL Career and Earnings
Kosar’s NFL career spanned from 1985 to 1996, during which he accumulated approximately $19 million in salary. In 1985, he entered the league with a 5-year, $5.2 million contract with the Cleveland Browns, which included a $1 million signing bonus, translating to an average salary of $840,000 per season. This initial contract demonstrated the Browns’ confidence in Kosar as their quarterback of the future.
In July 1989, Kosar signed a six-year contract extension with Cleveland that had the potential to reach $15 million, featuring a $3 million signing bonus. However, due to various circumstances, he likely earned around $7.5 million from this deal. The contract was structured to reward performance and longevity with the team, but events would soon alter his trajectory with the Browns.
In late 1993, Kosar signed a seven-year, $27 million contract extension with the Browns, positioning him among the highest-paid quarterbacks of that era. However, his tenure was unexpectedly cut short when he was released just five weeks after signing the deal. Despite the early departure, he received a guaranteed $4 million from the contract, providing a financial cushion during the transition.
After leaving the Browns, Kosar signed a one-year, $1 million deal with the Dallas Cowboys. During his two seasons with the Miami Dolphins, he earned between $600,000 and $700,000 per year, depending on performance-based bonuses. His time with the Dolphins was characterized by his role as a backup quarterback, contributing to the team in crucial moments.
Throughout his 12-season career, Kosar completed 1,994 of 3,365 pass attempts for 23,301 yards and 124 touchdowns, with 87 interceptions. He also rushed for 265 yards and five touchdowns. Kosar held the NFL record for most consecutive completed passes without an interception until December 26, 2010, when Tom Brady surpassed his record.
Bernie Kosar’s Post-NFL Ventures and Financial Difficulties
Following his retirement from professional football, Bernie Kosar ventured into various business endeavors, including opening a restaurant, becoming a part-owner of the Florida Panthers (NHL), publishing a magazine, and engaging in philanthropic activities. These ventures aimed to leverage his public profile and business acumen, but they faced challenges that ultimately contributed to his financial difficulties.
In June 2009, in the wake of the global recession, Bernie Kosar and his associated business ventures declared bankruptcy. Court filings revealed assets of $9.2 million and liabilities of $18.9 million, highlighting a significant financial imbalance. The filings also indicated that he had just $44 in his checking account at the time, underscoring the severity of his financial situation.
His listed liabilities included $1.5 million owed to the Cleveland Browns as “unsecured debt,” $3 million owed to his ex-wife, $9 million owed to a bank for real estate deals that had turned sour, and a $725,000 personal loan from the owner of the Cleveland Gladiators Arena Football League. These debts reflected a combination of business obligations, personal settlements, and investment losses.
The bankruptcy case, initially filed as a Chapter 11 restructuring, was later converted to a Chapter 7 liquidation. The sole asset fully protected by the bankruptcy was his NFL pension, estimated to provide around $200,000 per year. This pension served as a crucial source of income during his financial recovery.
In May 2006, Bernie Kosar purchased a 10,000 square foot waterfront home in Weston, Florida, for $3.499 million. The property was located within the same gated community as Dan Marino. By 2009, he had reportedly not paid taxes on the home for several years and was facing potential foreclosure. He eventually sold the mansion in October 2010 for $2.1 million, resulting in a significant financial loss.
In September 2012, Kosar acquired a 95-acre farm in Mantua, Ohio, for $1.35 million. This investment represented a shift in focus towards agricultural assets and a potential diversification of his portfolio.
Additional Financial Insights
Bernie Kosar’s financial journey, as documented in the ESPN “30 for 30” episode “Broke,” revealed that his father had used some of his NFL earnings to cover mortgages, car payments, and had a separate $1 million deal with the Cleveland Browns. This arrangement highlighted the complexities of managing newfound wealth and the potential for financial mismanagement.
Throughout his career and post-retirement ventures, Bernie Kosar experienced a mix of financial success and setbacks, ultimately impacting his net worth. His story serves as a cautionary tale for athletes and entrepreneurs alike, emphasizing the importance of prudent financial planning and risk management.
