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Report: Allen Iverson is not broke because a friend was smart

Mar 2, 2012, 1:11 PM EDT

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Someone in Allen Iverson’s inner circle was a true friend to the man.

We reported recently on a judge ordering Iverson to pay more than $850,000 to a jewelry store for goods received, and the judge needing to go into his bank account and get what they could.

If that happened to you or me, it’s a sign that we’re broke. There have been a lot of reports Iverson is busted. That is why he is willing to play in Puerto Rico or the D-League.

But like I said above — and as Peter Vecsey laid out in detail in the New York Post — someone in Iverson’s inner circle was a true friend. Someone recognized if just given the money he would burn through it, so…

A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.

At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).

If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.

The $32 million is known as the “Reebok fund” among Iverson’s friends, because the money came from shoe deals.

Now, living with in those means may be a challenge for Iverson. But someone had the foresight to protect the man from himself, and that is going to save him. That is what a true friend does.

  1. ajpurp - May 28, 2012 at 8:58 PM

    Really? What do you think the bail out was? Every working persons money going straight to the large financial institutions lending to people who couldn’t pay their mortgage instead of goof to more useful causes, seriously every household in the country could’ve gotten a stipend out of that for their months mortgage. Instead we’re stick with the health system like it is, nothing to show for our tax money getting dumped into these clompanies because theyre scared it’ll happen again so theyre holding onto it, and we’re still paying taxes out the *ss, but yeah we won’t wind up paying for these people’s inability to manage their finances, pay their mortgage and their indiscretions. Not with the government we have in place..

    • patsfan15 - Feb 4, 2013 at 8:22 AM

      That money is Allen iversons earned money. Your entire comment is absurd.

  2. macsimillian - Aug 29, 2012 at 5:12 PM

    I see so many comments about “only black athletes” squander all their earnings and are broke shortly after retiring. I am absolutely positive that the percentages match equally to the ratio of white and black athletes in sports. White athletes are just as often in the news for ending up broke or also in legal trouble.
    It’s the same with musicians . . .white bands are just as often broke after earning millions in their heyday. Life doesn’t discriminate, it happens to us all, good and bad. Stupidity doesn’t discriminate either.

    • sw19womble - Jan 24, 2013 at 4:49 PM

      Agreed – I work with an entertainer (white) who has been a complete idiot with money throughout his life. He has spending money, and spends it. Every time he’s gotten his hands on any “capital” or principal amounts – for instance when an asset has been sold – he’s burned through it in the space of a few months.
      It comes with the territory.

      • midjerseyfatcat - Feb 10, 2013 at 9:29 AM

        You mean somebody like Billy Joel or Elton John?

  3. rudster69 - Dec 3, 2012 at 8:21 PM

    Some of these players hit the big time at 18 ,19 and have no clue about what to do with millions, most of us on here have no clue what and how to invest 1 million never 150 million and to trust soimeone that won’t burn you when all u know is people that robbed and stole there whole life and you have to pick someone to take care of your LIFE, not money but LIFE, please we all need some kind of help, who live a certain way and it cost money, do you live in a 3 decker and have 150 mil in the bank? NO u FOOL, you are basically forced to live a certain lifestylre and most of the atheletes that still have money years after there done is because they had investors they could trust, not gang bangers that were your friends since high school that you learned to trust but not with what you have now, I give you ever helped him big props, everyone needs a real friend, I’m tired of listening to all these wall street bankers on here, you would’nt have a clue on what these players have to do, it’s not only playing it’s fund raising , spending time all over the world doing things you never heard of and then some from waking up in the hood to all that, PLEASE GROW UP!

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