1 minute ago
The 800k is great. But setting up the $32million annuity was the smartest thing ever done for AI. Deferred income annuity, very powerful financial tool.
Repost from blacknationapp Former NBA star Allen Iverson, who last played an NBA game more than eight years ago, is still receiving a hefty amount of money from athletic apparel and footwear brand, Reebok. In fact, he is reportedly getting paid $800,000 a year from the brand and the CEO of company believes he's still worth it.
A lot of fans of "The Answer" have been worrying he would go financially broke following reports of his broken marriage, gambling and drinking rumors, and other controversies. Turns out, Iverson is doing just fine and Reebok is still paying him $800,000 annually, despite playing his last game with the Philadephia 76ers back in February 2010 where he scored 13 points and lost against the Chicago Bulls.
Iverson initially received a 10-year, $50-milion contract after being selected first overall pick in the 1996 draft by the 76ers. The Reebok Question, the first signature sneaker for "The Answer" released by the brand, was what he wore during the 1996-97 season where he was named the Rookie of the Year.
Reebok signed Iverson to a lifetime deal right after he led the 76ers to the 2001 NBA Finals and was declared the league MVP. Aside from $800,000 annually, the contract also includes a $32-million trust fund he can't access until he turns 55 years old in 2030. Unfortunately, he will be able to get only the half amount as indicated in the divorce settlement with his ex-wife Tawanna in 2010. "He's an iconic personality," Reebok CEO Matt O’Toole told Bloomberg. "Let's get on a plane to Shanghai together. You bring Allen Iverson into a market like that. I'll stand firmly that he has a big place in basketball and sports history."