Allen Iverson is not broke. Nowhere near it in fact. Contrary to popular belief, even our own, Iverson isn’t trying to get back into the NBA for the money. He’s doing it for the love for the game. A source has told NY Post’s Peter Vecsey that Iverson not only has millions at his disposal, but he also has protected his money against himself by putting over $30 million in trust until he’s 55 years old. He is paying himself a monthly salary off the interest however….
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.
Now that we can finally put that to bed and stop worrying about Iverson’s financial situation, how about we talk about what matters. Hoops.
I am deeply saddened by the fact that no NBA team has been willing to take a chance on Iverson for even a 1 year contract. The man is a legend, and every time we have seen him play in the last 6 months he has shown signs that he is still better than most NBA guards currently employed. It is a disservice to fans of the bottom dwelling teams, and even to the fans of teams who are on the cusp of contending but need an extra spark, that he hasn’t been given an opportunity.
We would love to see A.I. grace an NBA court once more, but even if he doesn’t we are glad to hear his future and finances are secure.
[Source NY Post]