Friday, March 2nd, 2012 at 12:36 pm  |  64 responses

Allen Iverson Isn’t Actually ‘Broke’


When a Georgia judge took control of Allen Iverson’s bank account to repay a jeweler, fans and pundits speculated The Answer was broke. Well, that’s not really the case. From the NY Post: “However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his ‘nothing in moderation’ lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate. A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually. 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.”

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  • http://dsjfkl.com Jukai

    Great, he’s not broke because he’s not allowed to touch all of his money. A+.

  • http://slamonline.com nbk

    DUH – plus, his financial advisers obviously took being paid to be his financial advisers seriously. which is nice, you know, that people did their job. They must have had a lot of “practice”

  • Kabraham

    bobcats should sign after they lock down a good spot in the draft

  • Lp

    He gets 1 million annually.. That’s not broke.

  • bike

    I wouldn’t be too hard on teams not picking him up. He is 36 and his greatest asset, first step and quickness, isn’t what it used to be. The problem with AI is, despite what he says, that he may not ever be able to stomach adapting to a role player bit. The guy seems to be set in his ways which is to be expected.

  • http://slamonline.com datkid

    damn iversion being treated like a kid…. but at least he’s not broke!

  • Nella

    Legal baby-sitting aside, this arrangement is actually really smart. Keeps him living comfortably, and he can’t get put in the poor house by his own hanger ons. More former athletes should have enough foresight to set something like this up.

  • anynomous

    that is smart as h*** to actually setup your own retirement plan especially as an athlete where youre not offered 401Ks or IRAs. @datkid there`s nothing kid-like about it. that`s being an adult and securing your future and the future of your family. but at the end of the day, it`s really depressing that it had to come this because this information was definitely leaked on purpose and it was necessary to shut everyone up. And all of the speculation about Iverson being broke came from one little ruling. Talk about jumping to conclusions.

  • djb

    Go AI! That`s wats up.

  • http://www.youtube.com/watch?v=ZKT7UybFxe4 IAMORANGE4EVER

    AI ain’t with being broke.

  • Big James

    That is great that Mr.Iverson took upon him self to set up retirement plan of this nature. I wish i could live off a million annualy. I wish more famous people would take up this type of strategy for there career and future. Thats great that he is not broke. But it is sad that the lakers would not sign him. hes better than their present starting point guard. And he is better than any body on their bench.

  • Paul H

    Surely these sort of restrictions would have required his approval at sometime? Protect him from himself?

  • Mo

    Does this take into account his lifetime contract with Reebok?

    Instead of $50 million over 5 years (or whatever it was)he chose to sign the first lifetime deal in professional sports. From what I remember it’s like 1 million a year for life. I wonder if that’s what the article refers to.

  • anynomous

    Allen Iverson is better than a lot of starters and most subs in the nba. I hope he gets the opportunity to show what he has. His ball handling skills are too advanced for him not to be an option. And he`s always had an uncanning ability to create space with his dribble. As long as he has his handles, he can be effective.

  • Mo

    I’m interested in the NBA Pension plan. I think I read you qualify for full pension after playing for 10 seasons. Most NBA players only play 2 or 3 seasons on average. I doubt there’s a 401k plan in the NBA because it maxes out at $17k a year in contributions. That’s peanuts to these guys.

  • sid

    @mo I dont think so because this sounds like more of a savings account that you set up in a bank. Based on the article: There`s already $32 million in the account that he doesn`t have full access to yet. From this one can infer that tangible money was specifically set aside for his future. But yeh, I heard from several sources that he has a lifetime contract with reebok as well. And, I never bought into the stories about him blowing all his money anyway so this doesnt surprise me in the least. Some ppl just dont have anything better to do but speculate. Although, some of the speculation I felt was bordering on outright lies because many of these articles didnt emphasize that their story had no basis or evidence to support it like a filing for bankruptcy. I can probably count the number of retractions (of the “being broke” articles) on one hand.

  • http://slamonline.com Allenp

    That life time contract with Reebok was only in effect when he was playing. It was the “lifetime” of his career, not his natural life.
    Kevin Garnett has deferred huge chunks of his salary until after his career is completed, and plans to receive and annual disbursement as well to avoid being “broke.” He’s basically created his own private pension fund.
    That’s fine. I think that it’s very smart actually.

  • jake

    This is old news… He didn’t pay the jeweler because AI said he receieved bad quality Stuff.

  • http://www.usatoday.com/sports/nba/sixers/2001-11-28-iverson-reebok.htm Kurt Turner

    @Allenp … It wasn’t the lifetime of his career, it was the lifetime of his life. http://www.usatoday.com/sports/nba/sixers/2001-11-28-iverson-reebok.htm. Read the article. “We believe we can continue to bring forth products and engage consumers on Allen’s behalf and ours for years after his career is over.”

  • http://stapledesign.com Spaceship Jay

    nbk ftw; No one is picking up Iverson because of his age and poor work ethic off the court. Also, guys like Westbrook, CP3, Rose, DWill, Lin(!), Rondo, Irving, Wall(!), etc would eat AI alive with a side of lightly buttered toast on a nightly basis.

  • Cameron

    Spaceship Jay…you nor I have seen AI play for a while, so how do you know what shape he is in? He is 36 but who knows, maybe he can still run with them. I’m a believer that AI can come back.

  • bdogg

    the bobcats could use him…like kemba and gerald henderson is a nice role player..after that..not much else..nuff said! mj sign AI!

  • T-Money

    this makes me very happy.

  • anynomous

    @kurtturner great feedback. MJ is still making money off of his jordans (with no lifetime contract domesticly and abroad). reebok already knew back then that AI`s kicks and other accessories would be a hot product even after basketball.

  • DruNyce

    This is not surprising. The media has always disliked A.I. & put out exaggerated negative reports on him.

  • http://slamonline.com Allenp

    Turner
    I read something when he was in Memphis about how he had to be on a roster for that contract to kick in, let me see if I can find it.

  • http://www.slamonline.com Pardeep

    I knew he wasn’t actually broke, but yeah the rest of the young cats in the league are just too damn quick they’d Iverson would humiliate himself, But then again he is quicker than Derek Fisher, Steve Blake and Jason Kidd and Steve Nash….Lakers should still sign him.

  • Red Star

    It sickens me when I think about it too Slam. How the F isn’t Iverson in the League!!!!!!!!!!

  • quest

    i dont see why he cant fill the jj barrea role on a contender score defend make good decisions with the ball and hit shots. i think the problem is him screwing up your team is the kinda thing a coach/gm gets fired over

  • dannyb

    AI is his own trust fund baby

  • http://theurbangriot.com The NUPE

    Who said he was broke in the first place? A judge essentially ‘forced’ AI to pay for some jewelry and AI PAID the money from his account. IF he was broke, he wouldn’t have had the $600k to pay. He’s know for spending a lot but he’s also made a lot and the fact that he has this additional account means he didn’t make all bad decisons with his money. But, I’m still wondering where any credible story came out about him actually being broke or near broke.

  • djb

    At this point, coming up with reasons why AI isnt or shouldnt be in the league is just like beating a dead horse. “He isnt willing to accept a bench role” – yet Hes already said that hes willing to take any role that was offered and there are still several teams who could use him as a starter. “Hes too old” – yet there are players who are just as old in age and/or body, and some who are even older. “He has a bad attitude” – yet half of the players in the nba have attitudes which translates to an edge on the court but a nuisance off the court. “Hes too much of a financial risk” – yet players are signed everyday who dont possess anywhere near the fan attraction/appreciation AI has always had.

  • Allenp

    He’s been out of the League a long time. How much does he really have left/

  • Cameron

    djb…I totally agree with you. He’s said what coaches wanna hear but they wanna take a chance on, for example, Rasheed Wallace or Gilbert Arenas. AI isn’t nearly as much trouble as they are.

  • http://theurbangriot.com The NUPE

    One advantage of being out of the league for a while is that it gives your body time to heal/repair. Also means he can come back a little rusty, but that can be worked off. I’d take AI with ‘fresh’ legs for 15 minutes a game, with many players being worn down in this short season, he could be a great addition.

  • djb

    @allenp if AI hasnt been playing for the past season and a half, then how can he accumulate any extra mileage versus a player (of any age) who has been playing during this period? The age is not as important as the amount of time spent on the hardwood competing. AI is known for being a physical, freak of nature who has shown the ability to recover abnormally quickly from injuries as well as play through great pain. So, I view his absentee from the game as a recovery period that gives him time to replenish some (but not all) of the fuel that was loss while playing for 10+ years.

  • jayrose

    Really wish AI can just ball man. He’s the reason I got into basketball. Hope someone gives him a chance.

  • http://www.youtube.com/watch?v=vvq1vA8J3yk&context=C3a073dbADOEgsToPDskLjCOqOSkB_QWjFA4PGEInv anynomous

    @jayrose cosign

  • Drob

    Cosign Jayrose…for real i can remeber ppl talking about Jason williams having the best handles…and i bought it then I saw the 2001 playoff run 76ers had, and I was sold..forget John starks, A.I. was my new number 3…i studied his game while being amazed with what he could…every year he brought something new…he could score, steal, pass..anything u needed him to do…that boy loves responsibility…..We need him back…the L ain’t the same without him

  • http://slamonline.com datkid

    it’s good to hear regardless anonymous… it’s great to see that one of the leagues greatest talents won’t go broke…

  • anynomous

    @datkid :)

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  • http://thetroyblog.com Teddy-the-Bear

    Lol, Orange with the adept Geto Boys reference.

  • @Deknowz

    I would pay money TODAY to see AI play on ANY NBA team. #Fact

  • Sean B

    Slam it is really starting to get depressing how much coverage you still give this guy who hasn’t played a meaningful minute of basketball in like 5 years. He cannot play anymore. If he could he’d be in the league.

  • quest

    lin wasnt in the league and he could play so that point is moot. every years someone falls through the cracks for one reason or another,

  • anynomous

    @quest fact. @sean b fictional nonsense.

  • sid

    @seanb you sound ridiculous. you think that everyone whose capable of playing in the nba is actually playing in the league right now? no chance. quest it right on point, who knows how many guys fall through the cracks cuz of one reason or another. Allen Iverson is definitely one of them.

  • http://www.youtube.com/watch?v=CKyTYP8zafI&feature=g-u&context=G235ed5bFUAAAAAAAAAA hyperactive

    @cosign sid. AI should be playing the nba.

  • dreamsports70

    It’s almost as if Iverson is being punished for not fulfilling David Stern’s image of what an NBA star should represent. In every corporation you have a large segment of the working class that “Wears the Mask.”
    As Paul Lawrence Dunbar says, “We wear the mask that grins and lies, it hides our cheeks and shades our eyes.”
    Iverson is unmasked, unafraid and unapologetic for bearing the armor of the environment that shaped him. For this he’s being targeted.
    Can he still play? H.E. double hockey stick yes. Give the man his touches and he’ll still light it up. When he went to Detroit, Memphis, and Philly for the second stint, He only averaged 14 shot per game.
    Even if he made 50% of shots that’s only 14 pts. per game.

    So the media creates propaganda that he doesn’t have it anymore, when they know if he got the same touches, his numbers would be on par with Lebron, D Wade, and Kobe.
    His speed didn’t disappear when he went to Detroit, his touches did. Let Lebron, Kobe or any other player who’s strength is scoring only get 14 touches and watch their scoring average drop.
    Google Allen Iverson, “The Resurrection.”

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