Though the Philadelphia 76ers legend Allen Iverson has not played in the league for over 10 years, Reebok is still paying him $800,000 per year. The deal Iverson signed years ago is said to have saved the 76ers star from going bankrupt after his NBA career ended. As per Action Network's business analyst Darren Rovell, Iverson will have access to the $32 million Allen Iverson Reebok Trust Fund when he turns 55 in 2030.
Allen Iverson turns 45 today. Ten years from today, on his 55th birthday, he receives a $32 million trust fund as part of the lifetime Reebok deal he signed in 2001. pic.twitter.com/ptbZTOYEsN— Darren Rovell (@darrenrovell) June 7, 2020
In 2001, Iverson signed a deal with Reebok that would pay him $800,000 a year throughout his lifetime. However, the deal included a $32 million trust fund which he would receive only after he turns 55 ten years later. This deal with Reebok was revealed after his ex-wife filed for divorce. She will now receive half of the trust when it matures.
Last year, the CEO of Reebok International Ltd Matt O'Toole stated that they think Iverson is an iconic basketball personality and continues to remain relevant for many of their customers, making him worth the money they are paying him. The 76ers legend won the NBA MVP award in 2001, after which he signed with Reebok and then-CEO Paul Fireman.
A new Iverson clip being shared on the internet shows Iverson's talent as a young football player. As Iverson turned 45 this week, people shared footage of the 76ers legend playing football. When Iverson played at Bethel High School in Virginia, he was a quarterback, running back, defensive back, and kick returner. When he was a junior at Bethel High School, Allen Iverson had led their football and basketball team to the Virginia State Championships. He even earned the High School Player of the Year awards for both the games.
While he was great at football, he stuck with basketball. He became the star player at Georgetown and was the No.1 overall pick by Philadelphia 76ers during the 1996 NBA Draft. Iverson was an 11-time NBA All-Star and was inducted in the Naismith Memorial Basketball Hall of Fame in 2016. In an interview, Florida State coach Bobby Bowden stated that he thinks of Allen Iverson as the player 'that got away'.
I vividly remember former FSU coach Bobby Bowden telling me that Iverson was "the one that got away." At that time he had Peter Warrick and Anquan Boldin was coming. But when asked Bowden said Iverson was the best high school athlete he ever saw. https://t.co/E7R2HPAbVw— Omar Kelly (@OmarKelly) June 7, 2020
As per Celebrity Net Worth, Iverson's net worth is $1 million. Though the player earned over $200 million from salary and endorsements in the NBA, overspending and a divorce impacted his finances which resulted in financial troubles and legal troubles. This includes his $32 million trust fund, which came to light when his wife filed for divorce.