Allen Iverson might be the poster boy for why million dollar athletes go broke so fast. He’s a degenerate gambler, an alcoholic, a bling-bling connoisseur, and is highly regarded in the gentlemen’s club community for his generosity. Needless to say, my childhood sports hero would never describe himself as fiscally conservative. That’s why news of A.I. having essentially a $32 million retirement fund just seems unfathomable.
Last week, an Iverson biography titled “Not a Game” hit bookshelves across the country and it was chock-full of interesting tidbits about “The Answer,” including his Reebok deal.
From Black Sports Online:
As far as the Reebok contract, Babb claims in the book it pays Iverson a yearly salary of $800k until his final payment of $32 million which he receives when he is 55 years old. Babb states the $800k is what Iverson lives off of now after blowing $150 million in NBA salaries and most of the $800k goes to creditors, bills and his Ex-Wife Tawanna.
Apparently someone in Iverson’s inner-circle worked the shoe deal to have this massive payout at a much later date because they knew Allen all too well. They knew all those dinners at TGIFridays with multiple tables of strippers would add up. When everyone’s ordering full racks of ribs with a side of lap dance it can get a little pricey. Alimony and child support are no joke, either.
Allen turned forty yesterday, so he still has a decade and a half before he can touch any of that coin, but he’s got to be forever in his buddy’s debt for thinking long term. Seriously, Iverson has lived life with the foresight of a goldfish up to this point.
Though, $32 million still seems like a steal for the amount of money he made Reebok.
Don’t lie, you know you owned this shoe at one point in your life..
[via Black Sports Online]