Contrary to popular belief, Allen Iverson isn't broke. When the news surfaced that AI owed more than $850,000 to a jewelry company, people started speculating over his lack of funds. As it turns out, Iverson has plenty of money to his name, but there's a huge catch. According to the New York Post and Peter Vecsey (so you may want to take this information with a grain of salt):
However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his ‘nothing in moderation’ lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate. A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually. At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10). If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.
Seriously, Iverson should personally go out and thank that friend who looked out for him. Because if it weren't for that person, AI would probably have some serious problems on his hands.
[via SLAM]
Follow @Complex_Sports for more news and commentary.
