Bruce McNall has a net worth of $500 thousand and is a former sports executive, Thoroughbred racehorse owner, and convicted felon. Bruce McNall’s net worth was easily in the $100-200 million level at his peak.
How did Bruce McNall end up in Bankruptcy?
Bruce McNall defaulted on a $90 million loan in late 1993. Consequently, Bank of America threatened to force the Los Angeles Kings into bankruptcy unless he relinquished control of the team. McNall ended up selling his controlling interest in the Kings in May of 1994 but remained president for some time. He also resigned as chairman of the NHL Board of Governors. Not long after that, McNall admitted in an interview with Vanity Fair to smuggling much of his prized coin collection out of other countries.
Meanwhile, Bruce McNall was accused and convicted of conspiracy and fraud after losing control of the Kings and admitting to cheating six different banks out of $236 million over a ten-year period. He was sentenced to 70 months in jail. Following his imprisonment, it was found that his extravagant spending had put the Kings’ finances in peril, resulting in the team’s bankruptcy in 1995.
McNall was released from prison 13 months early in 2001 due to excellent behavior. He served his probation till 2006. During his confinement, McNall maintained contact with many of his former hockey teammates, including Gretzky and Luc Robitaille, who would pay him visits. He also wrote to celebrities such as Kurt Russell, Goldie Hawn, and Tom Hanks.
McNall’s career resumed when he completed his prison sentence. In 2003, he released his autobiography, “Fun While It Lasted: My Rise and Fall in the Land of Fame and Fortune.” The following year, McNall was named co-chair of A-Mark Entertainment, a film financing and acquisitions firm.
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