When Allen Iverson's Reebok endorsement saved the $1M worth spendthrift superstar from going broke
NBA legend Allen Iverson reportedly amassed almost $155 million in earnings over the course of his 14-year career in the league. The sum would cross $200 million if we take into account the earnings from his numerous endorsements.
However, Iverson was famously generous and extravagant in his spending, which led to his net worth dipping down to around $1 million. Within two years of retiring from the league in 2010, Iverson had burnt through his fortune. He even filed for bankruptcy when he failed to make a payment of around $900,000 to a Georgia jeweler.
That's where Iverson's lifetime deal with Reebok allowed him to bounce back from financial insecurity. Iverson had initially signed a 10-year, $50 million contract with Reebok when he was drafted first overall by the Philadelphia 76ers in 1996.
He further received a lifetime deal from the brand when he led the Sixers to the NBA Finals in 2001 and was also named the NBA MVP for the season.
Under the deal, Iverson will receive a yearly sum of $800,000. Moreover, he will have access to a $32 million trust fund when he turns 55 in 2030. The trust fund also pays him $1 million a year in dividends.
Allen Iverson also took charge as vice president of the basketball division of Reebok in 2023, with Shaquille O'Neal as the president.
Allen Iverson turned down a potential signature shoe deal from Jordan brand to sign with Reebok
Being the first overall pick of the 1996 NBA Draft, Allen Iverson had caught the attention of every major sneaker company, including the Jordan brand. They offered a prototype named after his nickname, "Bubba Chuck," to entice him. However, Iverson found Reebok's pitch to be the most convincing.
“Remember that like it was yesterday because that was a big decision for me,” Iverson told Complex. “Just looking back on it, I feel good about the decision I made for the loyalty from Reebok and our relationship.
“They (Nike) had a shoe, but I was convinced when I went in the meeting with Reebok that that’s what I wanted to do. They were great salespeople, and they made me comfortable about getting to where I’m at right now with the company.”
Allen Iverson would've been the Jordan brand's first signature athlete had he signed with them. However, his decision to sign with Reebok proved the correct decision from a financial perspective.