Dec 5, 2012, 7:25 PM EST
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.
Feb 26, 2015, 10:30 PM EST
Rose will undergo surgery Friday morning.
Feb 26, 2015, 9:15 PM EST
Stoudemire has interest in a reunion.
Feb 26, 2015, 8:15 PM EST
Yes it’s a little late in coming, but it’s worth remembering what a quality player he was.
Feb 26, 2015, 7:21 PM EST
“30 minutes with Marv Albert is enough.”
Feb 26, 2015, 6:31 PM EST
Doc Rivers the GM is doing Doc Rivers the coach wrong.
Feb 26, 2015, 5:45 PM EST
He is having all or part of the meniscus removed, which makes for a faster recovery.
Feb 26, 2015, 5:00 PM EST
While in theory he could return for a few games, in practice that’s not going to happen.
Feb 26, 2015, 4:14 PM EST
Good luck prying Cousins from Sacramento
Feb 26, 2015, 3:27 PM EST
He is weeks away from playing in a game.
Feb 26, 2015, 1:58 PM EST
3. An unfair standard
Feb 26, 2015, 1:11 PM EST
This will be Beasley’s third stint with Miami
Feb 26, 2015, 12:29 PM EST
Reports emerging Rondo ‘unlikely’ to re-sign with Dallas
Feb 26, 2015, 11:12 AM EST
It’s too early to say with Rose what hs legacy will be.
Feb 26, 2015, 10:27 AM EST
Charles Barkley would approve
Feb 26, 2015, 9:44 AM EST
Kings center wasn’t the only one kicking up a storm
Feb 26, 2015, 9:08 AM EST
Nuggets center just handed ball to Markieff Morris
Feb 26, 2015, 8:30 AM EST
Nothing is official, but this isn’t good.
Feb 26, 2015, 8:00 AM EST
Walker had been ice cold up to this point.
Feb 26, 2015, 3:02 AM EST
They do not look like a team ready to repeat.
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- Report: LeBron James wonders why he doesn’t get more MVP consideration 37
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- Mavericks suspend Rajon Rondo one game after argument with coach Rick Carlisle 43
- Derrick Rose is hurt again. Where do the Bulls go from here? 28