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 20, 2014, 5:00 PM EDT
A previous report said Gibson was less than thrilled with remaining a reserve.
Sep 20, 2014, 3:30 PM EDT
Blatche can play, but the NBA offers simply weren’t there.
Sep 20, 2014, 2:00 PM EDT
10-story-high banner will return after a similar one was taken down when James left in 2010.
Sep 20, 2014, 12:28 PM EDT
Sessions could start at point guard for Sacramento.
Sep 20, 2014, 11:00 AM EDT
Unsurprisingly, Curry supports his backcourt mate 100 percent.
Sep 20, 2014, 9:30 AM EDT
He had toe surgery in mid-August.
Sep 20, 2014, 8:00 AM EDT
This is what you want out of these guys.
Tyson Chandler says negative comments questioning his impact on chemistry with Knicks were ‘the ultimate shock’
Sep 19, 2014, 11:00 PM EDT
Chandler, now with Dallas, fires back at the Knicks.
Sep 19, 2014, 9:45 PM EDT
Chapman played four years for the Suns, and is facing charges in Scottsdale, AZ.
Sep 19, 2014, 8:15 PM EDT
Must-read quote from Bogut on how he does NOT want to be perceived.
Sep 19, 2014, 5:59 PM EDT
This post is here to make life easier for you when you want to find these at the end of the season and point out how wrong we were.
UPDATED Report: Timberwolves make push for Eric Bledsoe, Suns not interested in sign-and-trade talks
Sep 19, 2014, 5:11 PM EDT
It has to be a sign and trade and Minnesota doesn’t have a lot of leverage here.
Sep 19, 2014, 4:00 PM EDT
“It was more just becoming a better all-around player, trying to take the next step and become a leader on this team and will my team to win.” —Jeff Green
Sep 19, 2014, 3:28 PM EDT
And you wonder why Phil Jackson is worth $12 million a year to the Knicks organization.
Sep 19, 2014, 2:50 PM EDT
Budenholzer got thrust into a position with the power a lot of coaches covet.
Sep 19, 2014, 2:07 PM EDT
Sep 19, 2014, 1:30 PM EDT
Best. Name. Ever.
Sep 19, 2014, 12:47 PM EDT
Heat point guard one-ups Andre Drummond with trick shot
Sep 19, 2014, 12:44 PM EDT
Will he make Cleveland’s regular-season roster?
- Andray Blatche signs deal to play in China next season 1
- UPDATED Report: Timberwolves make push for Eric Bledsoe, Suns not interested in sign-and-trade talks 35
- LeBron James unveils latest signature shoe from Nike: The LEBRON 12 12
- ProBasketballTalk 2014-15 Preview: Toronto Raptors 10
- Dwyane Wade credits David Stern’s dress code for improving his style 18
- Kevin Durant has grown close with Karl Malone 15
- ProBasketballTalk 2014-15 Preview: Philadelphia 76ers 5
- Steve Kerr said Danny Ferry made mistake but is a “man of high character” 38