Chiefs receiver Rashee Rice files for bankruptcy after Dallas crash costs mount
The filing lists $3.2 million in debts and $677,054 in assets, including a Super Bowl ring used as collateral for legal fees.
By Marta Gray ·
Rashee Rice, wide receiver for the Kansas City Chiefs, submitted a Chapter 7 bankruptcy petition to the Federal Bankruptcy Court in the Northern District of Texas on Wednesday. The legal action addresses financial obligations stemming from a vehicle collision in Dallas and associated legal proceedings. Rice’s attorney, Thomas M. McMurray, did not provide comments to CBS News Texas on Thursday.
The court documents state that Rice claims total assets of $677,054. He lists more than $3.2 million in liabilities owed to 20 different creditors. The majority of this debt is tied to settlements and costs related to a car crash on Central Expressway in Dallas that occurred in March 2024.
Specific items in the asset inventory include a Mercedes Benz valued at $53,800 and a Super Bowl LVIII ring valued at $160,000. Rice also reports more than $420,000 in deferred compensation. Cash deposits across three bank accounts total $13,640. The filing does not list any real estate or a home among his assets.
Rice reported earning $1.25 million so far this year. The documents show that the Super Bowl ring serves as collateral for McMurray’s legal fees. This arrangement secures the payment for legal services rendered in connection with the crash and subsequent legal matters.
The underlying incident involved a high-speed collision on North Central Expressway on March 30, 2024. Rice was driving a Lamborghini while his friend Theodore Knox drove a Corvette in the adjacent lane. Both vehicles were in the far-left lane near University Boulevard. The Lamborghini struck the center median wall, causing the two cars to collide. Police records indicated Rice was traveling at 119 mph and Knox at 91 mph, with a posted speed limit of 70 mph.
In July of last year, Rice pleaded guilty to charges including collision involving serious bodily injury and racing on a highway causing bodily injury. The plea agreement required him to complete a 30-day jail sentence within a five-year probation period. He began the 2025 NFL season while the timing of his incarceration was pending.
On May 19 of this year, Rice violated his probation conditions by failing a drug screening. The court ordered him to serve the 30-day jail sentence. He completed that term on June 16. The bankruptcy filing now outlines his current financial position following these legal and personal events.
