A player who changed the culture of the game, despite only being 6 feet in height. The tattoos, the cornrow hairstyle, and the explosiveness on the court led to his rise to stardom in the NBA. As many players in the league suffer from financial strain, AI also faced the issue, and it was so heightened that he had to file for bankruptcy. But a recent video about the legend seemingly suggests he suffered another launch, that too, for launching an apparel design for his own brand. But is it true?
Let’s take a look back at 2012, when the Answer told his then-wife Tawanna Turner that he couldn’t afford a cheeseburger during divorce proceedings. Later, he filed for bankruptcy that year. Many reported at that time, including endorsements, that Allen Iverson is believed to have earned more than $200 million at this point in his career. But his spending habits meant he was unable to keep up. Now, let’s talk about the recent video.
A reel on Instagram with an AI voice background states, “Allen Iverson is 49. He lost $40 million trying to launch a high-end clothing line, but he couldn’t care less, because he just gave back $100 million to change lives.” Unfortunately, at the time, there is no source to confirm the loss suffered by the 76ers legend in the fashion industry. The video further adds more unconfirmed news regarding Iverson’s spending.
“His donations have provided $5 million in direct aid to struggling families in Virginia. He’s funded $8 million for mentorship programs, helping kids find the right path. And every year, he puts $10 million into youth basketball camps, making sure the next generation has a shot at greatness.” These claims, too, like the previous, remain unverified, but one habit of Allen Iverson that is confirmed was his reckless spending on luxury cars, jewelry, and extravagant nights out. One former NBA star even confirmed what he witnessed.
“He’d throw $30,000, $40,000 every time we went.” Matt Barnes told Sports Illustrated that Iverson would often drop sums at strip clubs. So, what’s the current status of the former MVP and his financial troubles?
Allen Iverson on overcoming his issues and his current business endeavors
“I didn’t have a plan, I was 21 years old. I was on the fly, I never had money before in my life,” he told Afrotech. The main reason for a turnover in his condition is possibly due to his partnership with Reebok. The lifetime deal saw him receive a yearly income of $800,000, and he will scoop a $32 million trust fund when he turns 55 in six years. Truly, one of the best decisions Iverson ever made. Later, he joined the sportswear brand as vice-president of the basketball division.
Mar 10, 2022; Philadelphia, Pennsylvania, USA; Former Philadelphia 76ers player Allen Iverson acknowledges the crowd during the game against the Brooklyn Nets during the second quarter at Wells Fargo Center. Mandatory Credit: Eric Hartline-USA TODAY Sports
The president of the division is none other than fellow NBA icon Shaquille O’Neal. Both at one point represented the brand during their playing days, and their pairs sold out quickly. Now, both are in executive positions to help bridge the gap between Nike and Reebok. In 2020, Allen Iverson took on the role of vice-president of the basketball division at Reebok. His reported net worth is now $1 million.
The figure may seem inadequate, but it’s in the right direction of progress for the NBA icon. In addition to this, Iverson has ventured into the cannabis industry, launching his own strain in collaboration with ex-NBA star Al Harrington, founder of cannabis company Viola.
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