Rodman Almost Broke When He Joined Bulls Spending Sprees, Las Vegas Trips Put Him On Verge Of Being Bankrupt

Dennis Rodman, man of many rebounds, hair colors, tattoos and body piercings, was nearly bankrupt before he joined the Chicago Bulls last year, a magazine reports.

Rodman was more than $1 million in debt because his spending sprees and forays to Las Vegas had gobbled up his $2.5 million salary, according to the June issue of SmartMoney magazine.

Rodman had trouble covering his $9,000 monthly alimony payment, had a $3,800 payment on a Ferrari overdue and had not made a payment on a half-million dollar house loan for five years, swelling the debt to $745,000.

Now Rodman is solvent again, thanks to numerous investments and commercial ventures in Chicago, where he’s become one of the most popular figures on a team aiming for a fourth NBA championship.

Rodman’s agent, Dwight Manley, told the magazine he got Rodman out of debt initially by intercepting his paychecks, putting him on a $1,000 weekly budget, extending payments on his debt and sending his client to autograph shows for $50 a signature. He also canceled Rodman’s credit accounts.

Now Rodman can be seen on billboards for a clothing store and in fast food commercials. He commands a $50,000 personal appearance fee and received a seven-figure contract for his new book, “Bad As I Wanna Be,” which has made the best-seller list.

Manley says Rodman will have $1 million in the bank by the end of the NBA playoffs and twice that much by the end of the year.

Rodman will also be seeking a new contract. He’ll be a free agent at the end of the season.