It has been reported time and time again that Allen Iverson has blown through the millions and millions of dollars he made in his NBA career. There have been some documented money issues so I guess it is understandable for people to think that, but as usual, we never knew the full story. The answer is far from broke and he has one smart friend to thank for making sure he will be set for life.
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.
The smart friend realized if Iverson was just free to spend the money he would burn through it so he took some of it and set it up long term for him.
The $32 million is known as the “Reebok fund” among Iverson’s friends, because the money came from shoe deals.
That’s the type of friend you need to have around.