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, 2015, 12:10 AM EDT
These are just classic.
Sep 2, 2015, 10:30 PM EDT
He’s making $1.5 million less than if he opted in this season, but he does have another year.
Sep 2, 2015, 9:30 PM EDT
With the additions to the Celtics’ roster, this is the smart play.
Sep 2, 2015, 8:31 PM EDT
He could be back on the court around Thanksgiving, if a team picks him up.
Sep 2, 2015, 7:30 PM EDT
It’s not unreasonable.
Sep 2, 2015, 6:31 PM EDT
Don’t bring a loaded Glock to an airport, people. It’s pretty much common sense.
Sep 2, 2015, 5:38 PM EDT
Expect the Mavericks to be cautious with his return.
Sep 2, 2015, 4:59 PM EDT
Best ever little guy? Calvin Murphy is in the HOF, so he’s the man.
Sep 2, 2015, 4:13 PM EDT
It won’t be called Seagull Kneivel
Sep 2, 2015, 3:14 PM EDT
Advanced stats aren’t always the answer
Sep 2, 2015, 2:17 PM EDT
If only I could get people to run up to fist bump me while I walk…
Sep 2, 2015, 1:20 PM EDT
I’m not optimistic, but at least they appear to be trying
Sep 2, 2015, 12:23 PM EDT
Point guard reportedly working out in Philadelphia
Sep 2, 2015, 11:33 AM EDT
Watch this and try not to smile
Sep 2, 2015, 10:33 AM EDT
Heat got a steal
Sep 2, 2015, 9:28 AM EDT
Sep 2, 2015, 8:30 AM EDT
Welcome to the big stage, Canada.
Sep 2, 2015, 8:00 AM EDT
For Lawson personally I hope this move and this situation is what he needs to get his life in order.
Sep 2, 2015, 12:05 AM EDT
Lin’s alter ego: Wayne
Sep 1, 2015, 11:07 PM EDT
Griffin will give Pistons 19 players, 17 with guaranteed salaries
- Shaq tells Suzy Shuster he, Kobe Bryant could have tied Jordan’s six titles 25
- Dwight Howard tried to take loaded gun through airport security, will not face charges 29
- Will Miami make a run at Kevin Durant? 17
- Report: Veteran forward Chuck Hayes agrees to deal with Clippers 6
- Report: Lakers to sign Brazilian, FC Barcelona point guard Marcelo Huertas to one-year deal 10
- Shaq to Kobe on podcast: “I just want people to know that I don’t hate you” 18
- D’Angelo Russell on Tracy McGrady tweet: “Some Lakers fans are spoiled” 28
- Anthony Davis “definitely” plans on shooting more threes this season 4