*Allen Iverson is one of those athletes people just love to talk about, but one thing that people have been talking about for nearly 20 years is the lifetime deal he signed with Reebok at the beginning of his career. Oh, too young to remember? Well, let’s take a trip down memory lane. Shall we?
The year was 2001, the most successful in AI’s hall of fame career. He had just led the Sixers to the NBA Finals and earned league MVP honors that same year.
Reebok would reward Iverson with a lifetime deal that would include an additional $5 to $10 million per year for the rest of his playing days, $800,000 per year for the rest of his life, as well as a trust fund worth $32 million that he couldn’t access until his 55th birthday-which is June 7, 2030.
Today, Iverson’s 47th birthday brings him one year closer to his groundbreaking kicker.
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Similar to Bobby Bonilla, who gets $1.19 million in deferred contract salary per year based on July 7th based on a deal struck two decades ago with the New York Mets, Iverson’s deal assured him additional income throughout his playing days and may secure his future and that of his peeps (family) as well.
The deal was struck at a time of great controversy as an increased number of former NBA all-stars were turning up broke.
According to Sports Illustrated, 60 percent of former NBA players become bankrupt within 5 years of their retirement.
Happy Birthday Allen Iverson and congratulations on another year of not going broke.
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