While he has been off the court for many years Allen Iverson’s name still holds a lot of weight in the sneaker game. He has secured the bag thanks to his apparel sponsor.
Page Six is reporting that the basketball legend is in for a very cozy retirement thanks to Reebok. The online gossip rag claims that the former Georgetown Hoya is set to receive a $32 million dollar trust fund payment due to his lifetime contract with the Boston based company. Business analyst Darren Rovell claims that the paperwork in question has specific clauses that speak to a vesting option that both parties mutually agreed to back when AI originally signed the agreement in 2001. “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” he wrote.
The deal pays Iverson $800,000 a year. Details of the payout arrangements were revealed during the famed shooting guard’s divorce proceedings with his ex-wife. The separation was made final in 2013. As per the judgement she will receive half of the fund in 2030.
Photo: Judy Eddy/WENN.com
Allen Iverson Is Set To Collect A 32 Million Payout From Reebok In 2030 was originally published on hiphopwired.com