Fifty-Five Can’t Come Soon Enough for Iverson
credit: SneakerFits.com
Allen Iverson was back in the news over the weekend on his 45th birthday thanks to Darren Rovell reminding the world about the clause in Iverson’s Reebok contract that pays him $32 million dollars when he hits 55 years old.
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
Reebok locked Iverson into a lifetime contract after his MVP season in 2001. The deal pays A.I. $800,000 per year for use of his name (and nicknames), likeness, and agreed upon appearances. It also includes the now-famous $32 million trust fund that he will have access to when he turns 55. It isn’t widely reported who conceived the idea, but Iverson should be counting his lucky stars that it was written into the contract.
Financial Hardship
Iverson amassed over $200 million via salary and endorsements throughout his playing career. After years of frivolous spending and a bitter divorce, the always reputable CelebrityNetWorth.com estimates that he is worth only $1 million. Like a lot of other athletes from his era, Iverson spent (and gambled) like there was no tomorrow and ended up in serious debt. He seems to have slowed down and smartened up as he’s gotten older, which was likely the plan when the trust was envisioned 19 years ago. It must be noted that based on the stipulation of their divorce, it appears that his ex-wife will be entitled to half of the payment on June 7, 2030.
Reebok Status
credit: WearTesters.com
Iverson remains a vital part of Reebok’s brand identity. The brand successfully re-released the Question and Answer V in various colorways throughout the season. Reebok, now owned by adidas, has functionally disbanded their performance basketball sector, meaning Iverson is the biggest name representing the brand (Conor McGregor has surpassed A.I. as the most famous endorser of the brand as a whole). Current NBA players Josh Richardson and Montrezl Harrell (along with the currently unsigned Trey Burke) are signed with the brand, though it remains to be seen whether they are looking to re-enter the performance market, or the players will wear classic sneakers.
Going Forward
With next season being the 20th anniversary of the 2001 Finals team, expect to see Iverson a lot around the Wells Fargo Center (if games aren’t played in empty arenas). I anticipate that the team will wear the black throwbacks that fans have been clamoring for since the introduction of the yearly alternate uniforms. Don’t be surprised to see a re-release of the Reebok Answer IV in multiple colorways.
