For Gilbert Arenas (and his children), all good things must come to an end. With the final installment of his lucrative $111 million contract coming on October 31, Arenas plans on making several cuts in spending, which includes taking his kids out of private school, according to TMZ Sports.
Back in 2011, the Orlando Magic used the amnesty clause to waive Arenas. While the move meant that Agent Zero's contract didn't count towards Orlando's salary cap or luxury tax, the team was still responsible for the $60 million left on his three-year deal. The two sides negotiated how they would defer the money remaining on his contract. “No, when they did the amnesty [clause], when the amnesty came in, I think it was two years ago, what they did was, instead of me getting paid $20 [million] a year, they extended the years and dropped the money down," Arenas told 106.7 The Fan’s Grant and Danny. "So instead of getting 20 I was getting 12 for a longer period of time. So I’m still getting paid until 2016.”
With the NBA checks no longer coming in, TMZ Sports is reporting that Arenas will be living off $169,895 in investment income every year, and as a result, his kids cannot continue to attend a private school, which costs $91,600 per year. "I anticipate that the children will need to transfer to public schools in 2017 and beyond," Arenas said.
Welp, you had a good run, Gil.
Send all complaints, compliments, and tips to email@example.com.