Arkansas head football coach John L. Smith field for bankruptcy Wednesday, and revealed he owes $25.7 million and has only $1.2 million in assets tied to retirement accounts.
According to a report by USA Today, Smith stated in the filing that he had only $500 in his checking account and just $300 cash on hand.
The 63-year-old said in July that he was dealing with financial troubles, but the extent was not revealed.
Smith made some poor real estate investments from 1998 to 2002 while as the head coach at Louisville, and the court filing said the only property he really owns is eight acres in Iona, Idaho, worth $8,000, which he inherited from his parents.
Smith’s largest debt is $20 million owed to a Louisville based company called Terra Springs LLC. He is currently on a 10-month contract that pays $850,000.
This is the second time in the last six months the Arkansas football program has dealt with controversy regarding its coach.
Arkansas named Smith head coach in April, after firing Bobby Petrino for misleading school officials about a motorcycle accident that involved him and a young coordinator of the football program.
Petrino originally lied that the young woman, Jessical Dorrell, was not in the accident, and also denied the two were romantically involved. It was later revealed Petrino lied on both accounts, and was dismissed from the team.