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.
Apr 19, 2014, 7:12 PM EDT
Warriors steal Game 1 in Los Angeles.
Apr 19, 2014, 5:30 PM EDT
It looked good as soon as it left his hands.
Apr 19, 2014, 4:06 PM EDT
Playoff games are played in the halfcourt and the Nets owned that in Game 1.
Apr 19, 2014, 2:39 PM EDT
A rare and raw show of emotion from a team’s GM was caught on camera.
Nash to Nowitzki: ‘What would you do if you were me? Would you come back?’ Dirk: ‘I’m not sure, bro.’ (VIDEO)
Apr 19, 2014, 2:00 PM EDT
Dirk Nowizki is brutally honest.
Apr 19, 2014, 12:30 PM EDT
“Garnett and Pierce are so old the Raptor had to ask his dad about them.”
Apr 19, 2014, 11:00 AM EDT
Words continue to be exchanged between two teams that clearly don’t like each other.
Apr 19, 2014, 9:29 AM EDT
The owners are behind Silver’s effort to raise the age limit. Now there’s just the pesky matter of negotiating with the players’ union.
Apr 19, 2014, 8:00 AM EDT
You can construct a scenario where the Pacers are in trouble… except they play the Hawks.
Apr 19, 2014, 2:15 AM EDT
Making your playoff preview reading convenient.
Apr 19, 2014, 1:54 AM EDT
Grizzlies’ guard will definitely be missed in the rotation.
Apr 19, 2014, 1:50 AM EDT
We may not see him on the sidelines of TNT games these playoffs.
Apr 18, 2014, 11:55 PM EDT
This should be the East’s most competitive first round matchup.
Apr 18, 2014, 10:31 PM EDT
How quickly can Miami flip the switch?
Apr 18, 2014, 9:16 PM EDT
Can the Pacers regain their early-season swagger now that the playoffs are here?
Apr 18, 2014, 6:45 PM EDT
Expect a fight by the end of Game 2.
Apr 18, 2014, 5:50 PM EDT
People shouldn’t sleep on the Raptors, particularly the Nets.
Apr 18, 2014, 5:05 PM EDT
Dallas has lost nine straight to San Antonio. Don’t expect that streak to stop now.
Apr 18, 2014, 4:19 PM EDT
All the draft lottery odds are here, so Lakers fans can look and see what that little run of wins to close out the season did to their odds.
Apr 18, 2014, 3:27 PM EDT
We look at all 8 first round series.
- Warriors take Game 1 from Clippers 0
- Nets defense smothers Raptors, gets Brooklyn Game 1 win on road 27
- PBT Extra: Are Pacers or Spurs in any trouble in first round? 5
- All PBT’s first round playoff previews in one place 0
- Grizzlies guard Nick Calathes suspended 20 games for violating NBA’s anti-drug policy 28