So, is Allen Iverson getting his trust fund? The Answer signed a 10-year deal worth $50 million during his rookie year. But did you know that the deal almost didn’t happen if two executives who were avid fans hadn’t stepped in? After the first five years, he even got an upgrade. He signed a lifetime deal with the brand and received a special privilege that has the power to boost the former NBA player’s net worth. Does he still have access to this perk?
Due to his special lifetime deal with the sports and apparel brand, he received less money annually. However, the intriguing part is that he was guaranteed $800,000 annually for the rest of his life. As part of the deal, the company also set up a retirement trust fund of $32 million for Iverson. When will he get the trust fund, and is he entitled to the entire amount? There’s a tricky story to it.
Why is Allen Iverson’s trust fund seemingly in jeopardy?
In 2023, the brand decided to give Iverson another big role in the family by naming him Vice President of Basketball. The 11x NBA All-Star is still part of the family, and he will receive the entire fund. This will be awarded to the NBA legend when he turns 55 on his birthday.
However, as per Complex, Iverson had reportedly signed a prenup back in 2010. His ex-wife had filed for divorce that year, and in an attempt to get back together, he agreed to a complicated deal that he couldn’t keep.
There was a list of conditions, such as ‘no physical or verbal abuse’, ‘no infidelity’, and more. It was decided that the entire fund would go to his ex-wife, Tawanna Turner, if he broke these rules. He ended up breaking the rules.
However, Turner decided to take only half of the fund, which means he will receive $16 million when he turns 55. Apart from the other deals that Iverson has, this fund, even if it’s half of what he was promised, might strengthen his financial standing.
Interestingly, all of this happened thanks to the deal that Reebok CEO Todd Krinsky and Que Gaskins made happen.
How did Todd Krinsky and Que Gaskins make it happen?
In Netflix’s latest docuseries, Power Moves, Krinsky shared that it was Gaskins’ idea to attend the boardroom meeting where they discussed Iverson’s deal. He revealed that the former Reebok CEO, Paul Fireman almost rejected the idea of offering Iverson $10 million. This was because he believed there would be more players like Iverson in the future.
However, both Gaskins and Krinsky disagreed and voiced their opinion. “Paul’s famous line was, there’ll always be another Allen Iverson. And in unison, Que and I got up and said, no, there won’t,” Todd said.
Todd detailed the passionate rant he and Gaskins launched into, describing Iverson’s playing style and the impact he had on fans, especially those young hoopers who looked up to him. Apparently, their words did the trick.
In 1996, Iverson signed a 10-year contract with the company. The Philadelphia 76ers legend also got his signature shoe in his rookie year and the rest as we know is history!
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