This Day in Sports Business History October 9

On October 9, 2007, the financial fallout from Michael Vick’s legal troubles took a major turn when an arbitrator ruled that the former Atlanta Falcons quarterback was required to repay nearly $20 million in signing bonuses he had received between 2004 and 2007. The decision came after Vick’s suspension from the NFL and prison sentence related to his role in a dogfighting operation, which voided the guarantees in his contract. The ruling not only represented one of the largest clawbacks of money in league history but also set a precedent for how NFL teams could protect themselves in future contracts when a player’s conduct damages the franchise’s reputation and business interests.