MIAMI — David Sugarman, a Wall Street player who moved to Miami Beach to start the Sugar Time sports agency, has filed for bankruptcy — and he listed tennis legend Jennifer Capriati as his main creditor!
It’s another Gossip Extra exclusive: Sugarman claims in his bankruptcy filing that he owes the 37-year-old Capriati $480,000!
Sugarman, who often appeared as a pundit on national news shows, could be in the hole for $1.4 million, according to the federal court papers.
Ironically, the agency’s goal was to prevent clients from joining the swollen ranks of professional athletes who go bankrupt soon after retirement.
His Range Rover was repoed on Christmas Day and Collins Avenue condo foreclosed on, but he maintained ownership of two dogs and a 9 mm handgun, according to Sugarman’s filing.
“Jennifer invested in David’s business,” said Richard Wolfe, one of Sugarman’s lawyer. “David personally guaranteed Jennifer’s investment.
“Sports agency is a very competitive, very tough business. David just moved back to New York.”
With Capriati’s seed money and from his Washington Avenue office, Sugarman represented dozens of NBA and NFL players and helped them transition from college to the pros.
But Sugarman will also be remembered for his lawsuit against former partner Ronnie Chalmers, Miami Heat star Mario Chalmers‘ dad.
The lawsuit was settled, but according to court papers, Sugarman accused Ronnie Chalmers of failing to pay his share of the firm’s operating expenses and claims Chalmers took files and client information from Sugarman.