Dec 5, 2012, 7:25 PM EDT
We had this same discussion a couple years ago.
When Allen Iverson was playing in Turkey, a report came out of Philadelphia about how Iverson was just hemorrhaging money and was broke. Which is stunning for a guy who made an estimated $154 million in NBA salary alone. Other reports have echoed this.
That was followed by a counter report (out of New York) that Iverson was not that bad off because a wise financial advisor and friend had essentially put Iverson’s money in a trust that paid him a yearly allotment and he couldn’t touch the rest. I want to believe the latter report, but the truth likely is somewhere in the middle.
According to docs, Allen brings in $62,500 in monthly income, but his expenses are FAR, FAR, greater … costing him a cool $358,376.66 PER MONTH!!!!…
A large chunk — $125,749.33 to be exact — is spent paying off various creditors (like his jeweler) … and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).
But Allen says he blows a lot on OTHER expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.
Those figures need a disclaimer — be careful trusting the numbers lawyers use in a divorce case. Or any case. The goal here is for Iverson’s lawyers to make him as destitute as they can, therefore reducing what he has to pay his soon-to-be ex-wife.
My guess is Iverson is living way, way beyond his means anymore. I hope that a smart financial advisor did leave a safety net there for him.
In the end, who knows what is real. But this is the kind of controversy that has shadowed Iverson since he was in high school, it’s part of what has made him a polarizing figure. Which is a shame, because his game was so much fun.
Sep 3, 2014, 12:20 AM EDT
This is a long shot. At best.
Sep 2, 2014, 11:30 PM EDT
NBA Live 15 hits the stores Oct. 7.
Sep 2, 2014, 10:30 PM EDT
Raduljica deserves another NBA contract following adequate rookie year
Sep 2, 2014, 9:30 PM EDT
Mavericks hold draft rights to Finnish point guard who’s under contract with Russian team
Sep 2, 2014, 8:30 PM EDT
Derrick Rose, James Harden and Kenneth Faried appeared stunned by traditional pregame dance
Sep 2, 2014, 7:30 PM EDT
Golden State also announces signing of Aaron Craft, who previously reached deal
Sep 2, 2014, 6:36 PM EDT
Can’t blame a team for trying, I guess.
Sep 2, 2014, 5:45 PM EDT
He will miss most and maybe all of training camp.
Sep 2, 2014, 4:59 PM EDT
I think the Warriors are pretty set at the guard spot, but he would had some toughness.
Sep 2, 2014, 4:13 PM EDT
When big men run the floor hard, good things happen.
Sep 2, 2014, 3:30 PM EDT
Ingles off to hot start in World Cup
Sep 2, 2014, 2:43 PM EDT
I mean, there’s always a chance.
Sep 2, 2014, 2:01 PM EDT
Team USA was supposed to be a perimeter-based team, but through three games the bigs are stealing the show.
Sep 2, 2014, 1:18 PM EDT
Greek Freak in action.
Sep 2, 2014, 12:39 PM EDT
Curry fired back on Twitter to someone who made a joke at the expense of his shoes.
Sep 2, 2014, 11:59 AM EDT
Erik Spoelstra is changing things up a bit.
Sep 2, 2014, 11:18 AM EDT
Rose was originally penciled in as the starter, but Kyrie Irving has been more deserving thus far.
Sep 2, 2014, 10:37 AM EDT
This should make Bulls fans extremely happy.
Sep 2, 2014, 9:59 AM EDT
Cleveland, now with championship aspirations, may not feel the same way.
Sep 2, 2014, 9:22 AM EDT
Mozgov could play with LeBron James, for David Blatt (his Russian national team coach)
- Report: Tracy McGrady works out with Kobe, eyes return to NBA 0
- Report: Washington Wizards contact Ray Allen, too 4
- Hornets rookie Noah Vonleh out 6-8 weeks after sports hernia surgery 14
- USA sails past New Zealand for easy 98-71 win behind Anthony Davis, Kenneth Faried 9
- Ray Allen on making a decision about next season: “I’m not in any rush” 11
- Derrick Rose after first back-to-back in years: “I’m feeling good right now” 5
- Report: Rajon Rondo wants to start season with Celtics, see how things unfold 11
- Rajon Rondo’s agent denies they asked Celtics for a trade 14