I blew $200m on cars and parties – now I’ve made the ultimate comeback with Shaq’s $2.5bn Reebok empire
Allen Iverson earned $155 million during his 1 -year NBA career but his fast lifestyle off the court saw him blow through the money.
Thankfully, he was offered a lifeline and is now building for the future — thanks, in part, to Shaquille O’Neal.
Iverson was one of the most naturally gifted NBA stars, but blew through his earnings
In 2012, The Washington Post claimed Iverson, one of the best players in NBA history to not win a championship, told his then wife Tawanna Turner that he couldn’t afford a cheeseburger during divorce proceedings.
He filed for bankruptcy that year.
Including endorsements, Iverson is believed to have earned more than $200million at this point in his career.
But his spending habits meant he was unable to keep up.
The former Denver Nuggets guard boasted a collection of luxury cars, which included a Lamborghini Murcielago, Mercedes Maybach 5 S, and Bentley Continental GT.
He infamously gave the Bentley to rookie Philadelphia 6ers teammate Larry Hughes on a whim in 1998.
“Larry is standing there, and he’s in this… daze,” Iverson wrote in a Players’ Tribune article.
“He’s in a Bentley daze. Just looking at it…and then looking at me…and then he’s just, like, ‘Yo….. AI. I have to get me one of these.’
“I don’t even hesitate. ‘Bro, you can have mine.’”
Hilariously, the Bentley’s tank was empty, leaving Hughes stranded in West Philadelphia for hours in what he thinks was a hazing prank to this day.
Iverson was known for his time in Philadelphia, but had good seasons with Denver tooCredit: Getty
His car collection, which included a Lamborghini Murcielago, was a sight to behold
Hughes, who was teammates with both LeBron James and Michael Jordan, shared what it was like being introduced to Iverson as a rookie.
“When I came into the league, we had a lockout, so we weren’t necessarily getting NBA checks, but if you had any endorsements, obviously those things were still happening,” he told Hoops Hype in 2020.
“So when I went to the bank, I went to the ATM machine, and I put my card in and got a couple of dollars out for the day.
“But I went to the bank with Allen Iverson one day; he didn’t go to the ATM. He didn’t go into the bank to talk to the teller either. He actually went into the vault.
“This was really the first interaction I had with someone who had a lot of money.
“When they gave Allen his money, it was still wrapped in plastic, and that was something completely different than I’d ever seen.”
Iverson has teamed up with former NBA rival Shaq in recent yearsCredit: Getty
Iverson, who also played for the Detroit Pistons and Memphis Grizzlies, was famously generous and Fox Sports claimed he supported an entourage of around 50 people at one point.
His passion for fashion and luxury jewellery added to his financial struggles.
Another ex-Philly teammate, Matt Barnes, told Sports Illustrated that Iverson would often drop sums at strip clubs.
“He’d throw $30,000, $40,000 every time we went,” Barnes said.
“I’m like, ‘You realise what I can do with this money?’”
Thankfully, Iverson — who left Shaq speechless with his all-time starting five — has managed to turn things around.
“I didn’t have a plan. I was 21 years old. I was on the fly. I never had money before in my life,” he told Afrotech.
Possibly the best decision Iverson ever made was his partnership with Reebok.
Shaq and Iverson work together for Reebok, focusing on their basketball division
The lifetime deal saw him receive a yearly income of $800,000 – and he will scoop a $32million trust fund when he turns 55 in six years.
He joined the sportswear brand as vice-president of the basketball division last year.
His president is NBA icon Shaq.
Iverson’s net worth is now estimated at $1million, and while that figure is a long way off the fortune he lost, things are pointing in the right direction for the gifted athlete and budding entrepreneur.
Iverson’s net worth has now climbed to around $1mCredit: Getty
Reebok, which was bought for around $2.5billion by Authentic Brands Group in 2021, is now releasing a golf range.
The Nano Golf has been worn by LIV Golf superstar Bryson DeChambeau.
“It’s an honor to usher in Reebok’s return to golf with the debut of the Nano Golf, a performance golf shoe that offers premium performance support while focusing on innovation and style to expand the sport to new athletes,” DeChambeau said.
The Question Golf, which retails at $180, pays homage to Iverson and his Question basketball silhouette.
Shaq, meanwhile, has recently opened up about what it takes to be ‘great’ in business.
A new documentary will follow Shaq’s effort to bring Reebok to prominenceCredit: X@BleacherReport
A new docuseries, Power Moves, will follows his efforts to dominate the sneaker game and attempt to revive Reebok’s basketball brand.
“I’ve always said Reebok was never number one, but never number three,” he told the Today programme last weekend.
“I remember when I signed with Reebok, it was an emerging company, then we signed Allen Iverson and Shawn Kemp and we were always in the fold.
“Then Adidas purchased Reebok, and it kind of went away. sSo when it came back up for sale, my partner Jamie Salter purchased it, and for me it’s a challenge to bring it back to some kind of prominence.
“It’s fun, I had to learn a lot.”
