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.
Jun 30, 2015, 3:03 PM EDT
He’s reportedly seeking a shorter deal, too, which negates L.A.’s inherent advantage.
Jun 30, 2015, 2:20 PM EDT
Shumpert is a restricted free agent, so Cavaliers can match any offer he might receive.
Jun 30, 2015, 1:30 PM EDT
It only takes one team to make Miami nervous.
Jun 30, 2015, 12:45 PM EDT
His brother said so in a radio interview.
Report: Kings probing John Calipari about his interest in coaching and running the team’s front office
Jun 30, 2015, 11:58 AM EDT
Ownership in Sacramento continues to be a disaster.
Jun 30, 2015, 11:17 AM EDT
And he could be traded again before his contract becomes guaranteed on July 11.
Gregg Popovich won’t be recruiting free agents at midnight, doesn’t want them if that factors into their decision
Jun 30, 2015, 10:40 AM EDT
Pop being Pop.
Jun 30, 2015, 9:55 AM EDT
Hawks are facing a lot of uncertainty with their roster.
Jun 30, 2015, 9:15 AM EDT
It’s becoming increasingly unlikely that Aldridge returns to the Blazers.
Jun 30, 2015, 8:30 AM EDT
This could be decided quickly.
Jun 30, 2015, 8:00 AM EDT
This was expected, there is no drama here.
Report: Tim Duncan, Tony Parker part of Spurs pitch to LaMarcus Aldridge (and they may be favorites)
Jun 30, 2015, 1:01 AM EDT
The Spurs are right at the front of the line with the Lakers to win Aldridge over.
Jun 29, 2015, 11:45 PM EDT
We knew Korver would need ankle surgery, but this is a bit of a surprise.
Jun 29, 2015, 10:45 PM EDT
Aldridge is expected to leave Portland, and the most recent report has the Lakers as the frontrunners to retain his services.
Jun 29, 2015, 9:45 PM EDT
Clippers remain frontrunners to retain Jordan’s services; Lakers, Mavericks also in the mix.
Jun 29, 2015, 8:45 PM EDT
Antic was with the Hawks the last two seasons.
Jun 29, 2015, 7:45 PM EDT
Davis is looking for a multi-year deal.
Jun 29, 2015, 6:50 PM EDT
The bottom line is this: Butler is going to be a Bull next season.
Jun 29, 2015, 6:16 PM EDT
The first rule of trading a player is to not look like you want to trade that player.
Jun 29, 2015, 5:20 PM EDT
Kind of hard to picture him going to the Raptors considering the other options on the table.
- Report: Kings probing John Calipari about his interest in coaching and running the team’s front office 18
- Report: Chicago Bulls give Jimmy Butler max qualifying offer 18
- Report: Dwyane Wade will not opt-in with Heat, to become free agent (as expected) 30
- Report: Knicks front runner to land Arron Afflalo (and Greg Monroe, too) 27
- Report: Luol Deng surprises Miami, opts in for 2015-16 season 31
- Report: Sense around league is Kevin Love will re-sign with Cavaliers 31
- Report: As deadline nears, signs still point to Dwyane Wade opting out, becoming free agent 42
- Report: Dallas most likely team to lure DeAndre Jordan from Clippers, Chandler Parsons already recruiting 24