Phil Mickelson had gambling losses totaling $40 million between 2010 and 2014, according to a new biography of the golf superstar.
Alan Shipnuck, author of the forthcoming book "Phil: The Rip-Roaring (and Unauthorized!) Biography of Golf's Most Colorful Superstar," published an excerpt on the Fire Pit Collective Thursday, revealing both the extent of Mickelson's gambling losses and how his financial issues related to his breakup with longtime caddie Jim "Bones" Mackay.
According to Shipnuck, Mickelson's finances were audited as a part of the investigation into accusations of insider trading against him in 2014.
Per Shipnuck:
"According to a source with direct access to the documents, Mickelson had gambling losses totaling more than $40 million in the four-year period (2010–14) that was scrutinized.
"In those prime earning years, his income was estimated to be just north of $40 million a year. That's an obscene amount of money, but once he paid his taxes (including the California tariffs he publicly railed against), he was left with, what, low-20s? Then he had to cover his plane and mansion(s), plus his agent, caddie, pilots, chef, personal trainer, swing coaches and sundry others. Throw in all the other expenses of a big life — like an actual T. Rex skull for a birthday present — and that leaves, what, $10 million? Per the government audit, that's roughly how much Mickelson averaged in annual gambling losses."
Shipnuck also writes that financial issues were at the heart of Mickelson's breakup with longtime caddie Jim "Bones" Mackay. While Mickelson and Mackay kept things relatively amicable publicly, according to Shipnuck, it was Bones that dropped Mickelson over "a series of simmering grievances (laid out in detail in the book), including hundreds of thousands of dollars in overdue back pay."
Alan Shipnuck, author of the forthcoming book "Phil: The Rip-Roaring (and Unauthorized!) Biography of Golf's Most Colorful Superstar," published an excerpt on the Fire Pit Collective Thursday, revealing both the extent of Mickelson's gambling losses and how his financial issues related to his breakup with longtime caddie Jim "Bones" Mackay.
According to Shipnuck, Mickelson's finances were audited as a part of the investigation into accusations of insider trading against him in 2014.
Per Shipnuck:
"According to a source with direct access to the documents, Mickelson had gambling losses totaling more than $40 million in the four-year period (2010–14) that was scrutinized.
"In those prime earning years, his income was estimated to be just north of $40 million a year. That's an obscene amount of money, but once he paid his taxes (including the California tariffs he publicly railed against), he was left with, what, low-20s? Then he had to cover his plane and mansion(s), plus his agent, caddie, pilots, chef, personal trainer, swing coaches and sundry others. Throw in all the other expenses of a big life — like an actual T. Rex skull for a birthday present — and that leaves, what, $10 million? Per the government audit, that's roughly how much Mickelson averaged in annual gambling losses."
Shipnuck also writes that financial issues were at the heart of Mickelson's breakup with longtime caddie Jim "Bones" Mackay. While Mickelson and Mackay kept things relatively amicable publicly, according to Shipnuck, it was Bones that dropped Mickelson over "a series of simmering grievances (laid out in detail in the book), including hundreds of thousands of dollars in overdue back pay."
