Skip to content

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

Mar 2, 2012, 1:11 PM EST

90040781SD036_Memphis_Grizz Getty Images

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.

Latest Posts
  1. Derrick Rose scheduled for surgery Friday, will have all or part of meniscus removed

    Feb 26, 2015, 5:45 PM EST

    Derrick Rose Derrick Rose

    He is having all or part of the meniscus removed, which makes for a faster recovery.

  2. Reports: Kings’ Darren Collison to have surgery, likely done for season

    Feb 26, 2015, 5:00 PM EST

    Golden State Warriors v Sacramento Kings Getty Images

    While in theory he could return for a few games, in practice that’s not going to happen.

  3. Heat sign Michael Beasley to 10-day contract

    Feb 26, 2015, 1:11 PM EST

    San Antonio Spurs v Miami Heat - 2014 NBA Finals Game Three Getty Images

    This will be Beasley’s third stint with Miami

  4. Would Rajon Rondo leave the Mavericks for the Lakers?

    Feb 26, 2015, 12:29 PM EST

    Los Angeles Lakers v Dallas Mavericks Getty Images

    Reports emerging Rondo ‘unlikely’ to re-sign with Dallas

  5. This is the fear: Is Derrick Rose on his way to the Penny Hardaway, Bill Walton club?

    Feb 26, 2015, 11:12 AM EST

    Chicago Bulls' Derrick Rose waits for the start of a media interview at the start of the team's training camp at the Berto Arena in Chicago, Illinois Reuters

    It’s too early to say with Rose what hs legacy will be.

  6. Jusuf Nurkic gets most-polite technical foul (video)

    Feb 26, 2015, 9:08 AM EST

    Phoenix Suns v Denver Nuggets Getty Images

    Nuggets center just handed ball to Markieff Morris

  7. Frustrated DeMarcus Cousins takes out anger kicking chair (VIDEO)

    Feb 26, 2015, 1:42 AM EST

    Memphis Grizzlies v Sacramento Kings Getty Images

    Cousins tried to contain his anger and did… until the folding chair provoked him.

  8. Michael Carter-Williams believes he wouldn’t have been traded from Sixers if it was up to his head coach

    Feb 25, 2015, 10:00 PM EST

    Philadelphia 76ers v Milwaukee Bucks Getty Images

    Carter-Williams was sent to the Bucks in a deadline day deal, but believes he’d still be with the Sixers if Brett Brown was calling the shots.

Featured video

Is Derrick Rose the next Penny Hardaway?
Top 10 NBA Player Searches
  1. M. Carter-Williams (8259)
  2. K. Durant (8195)
  3. C. Bosh (7998)
  4. D. Howard (7302)
  5. S. Curry (6933)
  1. P. George (6868)
  2. D. Rose (6737)
  3. A. Davis (6471)
  4. B. Beal (6238)
  5. I. Canaan (5824)