“I don’t even have money for a cheeseburger,” AI said when he got divorced from his wife. From humble beginnings to millionaire status, so many athletes are seen making significant financial shifts. However, a few mistakes and bad financial decisions have sometimes landed these millionaires right back where they started. One such story is that of Allen Iverson. His popularity and success are well known, as is his bankruptcy. What many don’t know is he has worked hard to regain his footing. While he has been on the right path, one odd situation might come back to haunt him and ruin his biggest deal.
After declaring bankruptcy, Iverson’s most important financial lifeline was his lifetime deal with the $2.5 billion brand Reebok. He has maintained his deal and was later announced as the vice president of basketball for the brand. Apart from that, Reebok had also set up a trust fund for the basketball legend. With this fund, Iverson will receive $32 million when he turns 55. And while it seems that he has finally secured his future and bounced back to his status of owning several millions, there’s a catch.
It’s the postnuptial agreement that he signed right before his divorce proceedings with Tawanna began as per Complex. The agreement had specific conditions, and if he failed to meet them, he would lose the entire trust fund to his ex-wife. Some of those were basic, such as that he can’t cheat, must have discussions before spending more than $5K, must not use physical or verbal abuse, must be home by midnight and a few more.
Unfortunately, he couldn’t keep up with any of those conditions. The two finalized their divorce in 2013 with Iverson losing the fund value. However, Tawanna decided to give back half of Iverson’s trust fund to him. Even if his ex-wife hands him half the amount, he will only receive $16 million instead of the full $32 million. There’s still five years until he gets the fund value.
9) Allen Iverson is only 5 years away from receiving the $32M trust fund from Reebok.
When’s the date?
June 7, 2030.
It’s great to see the comeback of one of the most exciting hoopers of all time. pic.twitter.com/us7O8PXjQK
— Andrew Petcash (@AndrewPetcash) March 26, 2025
Iverson is one of the players who earned millions from his deals. How did he end up losing his hard-earned fortune?
How did he lose his $200 million fortune
Iverson was well known for splurging at clubs. Equally famous are the stories about his car collection. Matt Barnes who might know it once said, “Allen was the first guy that showed me how NBA players spend money in strip clubs. That guy went. HARD. He’d throw so much money, and this was when I was first in the league, that I used to take my foot and scoop the s*** under my chair and either re-throw it or put some in my pocket.”
He spent lavishly. As per ClutchPoints, he used to spend $10,000 on clothes! He also had an odd habit of keeping his cash in trash bags around his house since he didn’t trust banks. During his career, he earned nearly $200 million, but later, the basketball player claimed that he had no money to buy a burger, as per The Washington Post.
Disaster struck when the former Philadelphia 76ers player couldn’t pay back a $900,000 debt he owed to a jeweler, which became a huge controversy at the time. However, times have changed. His efforts have helped him. He has also made a deal with former NBA star Al Harrington’s to get in the cannabis industry with their endeavor. He currently owns $1 million and likely $17 million by 203o.
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