"I don't even have enough money for a cheeseburger." It's hard to imagine Allen Iverson saying something like this when you realize that he made $200 million during his NBA career. Luckily, there's a top-secret Allen Iverson clause, but more on that later.
Allen Iverson became a star the moment he stepped onto an NBA court. As the first overall pick in the 1996 draft, he made his debut as a member of the Philadelphia 76ers, scoring 30 points against the Milwaukee Bucks.
Iverson Terms
Iverson, who once led the 76ers to the NBA Finals, was eventually reduced to begging for enough change to buy a hamburger. This is a sad reality.
But Iverson never had trouble making money. His problem was managing his money. Iverson's monthly expenses include $10,000 in clothing, $10,000 in restaurant fees and more than $10,000 in groceries. This begs the question, how can you spend the same amount of cash on groceries and restaurants?
The answer is: his entourage. Allen Iverson would take care of his team, which could number as many as 50 people on a generous day. Iverson has complete trust in his team but seemingly no trust in the bank. He was known for storing cash in dozens of garbage bags scattered throughout the mansion. However, his generosity is not enough for his team, and occasionally bags of cash mysteriously disappear.
Iverson lost money on a car
Iverson made his life too expensive. Just ask Matt Barnes, who once said Iverson regularly spent $35,000 to $40,000 at strip clubs, so much so that Barnes himself had to pick up some of the bills for him.
Perhaps the most classic example of Iverson's financial irresponsibility came when he went to the airport. He infamously arrived at the airport and forgot where his car was parked. In typical Iverson fashion, he gave up the search and instead went to the dealer to buy a brand new car.
This isn't the only time Iverson has been irresponsible with his car. Iverson wrote a Players Tribune article in 2018 recalling a conversation with former teammate Larry Hughes.
Hughes admired Iverson's Bentley and said, "Hey, Iverson. I want a car like that." Iverson replied, "'Brother, you can have mine." References , Bentley’s starting price is about $200,000.
In 2011, Iverson's Lamborghini Murcielago was impounded after he failed to provide proof of ownership to police. According to the New York Daily News, Iverson became angry at the officer and said, "I can make more money than you have in ten years. Do you know who I am? Take the car away, I have ten more." Car!"
Allen Iverson's NBA career ended in 2010, and all the $200 million he earned was spent in 2012. He subsequently filed for bankruptcy when he was unable to pay a $900,000 debt to a Georgia jeweler.
Allen Iverson's Reebok lifeline
Fortunately, Reebok provided Iverson with support. The contract he signed in 2001 is arguably the most unique sports endorsement contract of all time. The lifetime contract pays $800,000 per year and provides Iverson with a $32 million trust, a portion of which he will receive in 2030.
Despite the controversy, Iverson remained a cultural phenomenon and his name was attractive enough to attract other offers. In 2012, Iverson was offered a $20,000-per-game contract by the New York Rodgers of the American Indoor Professional League and a $5,000 bonus for every goal he scored. Despite widespread reports of his financial woes, Iverson responded to the rumors in 2015.
Then, in 2023, Reebok and Iverson came together again. This time, Reebok appointed Iverson as vice president of Reebok Basketball. The chairman is Shaquille O'Neal, who has demonstrated excellent business acumen in various areas including restaurants and fitness centers.
For professional athletes, second chances like this are unprecedented. And by 2030, Iverson will have enough money to live a comfortable retirement life.
The only question is, will his financial management skills be different from the first time? Hopefully Shachi can give him some advice.
