Rumors Not True, Allen Iverson is Not Broke! [Details]
Rucuss staffMarch 3, 2012
It’s no secret that former NBA player Allen Iverson is strapped for cash these days.
Iverson may have owed a jewelry store $860,000 for nonpayment, but that doesn’t mean he’s broke. As it turns out, Iverson is just bad with his finances. Lucky for him, he has a few smart people around him that got him to invest in his future.
According to Peter Vecsey of the New York Post, someone in Iverson’s camp was smart enough to get the basketball phenom to set up a trust fund worth $32 million. Iverson can not touch the money until he’s 55, but he does receive a million dollar payout every year.
The New York Post reports:
At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).
If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.
Busted or “in the chips,’’ it’s distressing we’re driven to dissect Iverson’s fiscal fitness and downright depressing we’re discussing his career in the past tense.
Was Iverson really that bad an hombre for the whole NBA to turn its back on such a crowd-pleasing talent? I can name 10 teams without exhaling that would be better off with Iverson starting or subbing. What’s more, their fan bases would get a whole more entertainment bang for their misspent buck.
Iverson was able to accumulate the mass trust fund, thanks to earning around $250 million throughout his 14-year career. The substanial amount of money comes from his NBA contracts and endorsement deals, which includes a lifetime Reebok contract.
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