Mychal Kendricks was signed by the Cleveland Browns to provide veteran leadership and Super Bowl experience. Just a few months later, the Super Bowl winning linebacker has been waived and his football career is in jeopardy.
Hours after being charged with insider trading the Browns have waived Kendricks. The Browns signed the former Philadelphia Eagles linebacker to a one year deal worth just over $2 million. While the money lost is just pocket change, the experience and championship pedigree will be tough to replace.
We've released LB Mychal Kendricks
— Cleveland Browns (@Browns) August 30, 2018
General Manager John Dorsey released the following statement in regards to the release of Kendricks.
“Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.”
“Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.”
Earlier in the day Kendricks released the following statement through attorneys.
“I would like to apologize. Four years ago, I participated in insider trading, and I deeply regret it. I invested money with a former friend of mine who I thought I could trust and who I greatly admired. His background as a Harvard graduate and an employee of Goldman Sachs gave me a false sense of confidence.”
“To this point, I had worked my tail off since I was 5 years old to become a football player. I was drawn in by the allure of being more than just a football player. While I didn’t fully understand all of the details of the illegal trades, I knew it was wrong, and I wholeheartedly regret my actions.”
“Since the beginning of the investigation, I have fully cooperated with the authorities and will continue to do so. I accept full responsibility for my actions. Although I did not take any of the profits for myself, I am committed to repaying all of the funds gained illegally and accept the consequences for my actions.”
“I sincerely apologize to my coaches, the owners, and my teammates on the Eagles and the Browns, the NFL, and the magnificent fans to whom I owe my career. I also apologize to my family, who I have failed in this. You all deserve better. I will work my hardest to re-earn your trust and respect, serve as an advocate to educate others, and show you that I will never be involved in anything like this again.”
Kendricks is potentially facing up to a year in prison.
Scott Piker is the Managing Editor for Full Press Coverage Browns. So follow him on twitter @ScottPikerSport