Allen Iverson turns 47, approaches $32 Million payday from Reebok, but TGI Friday’s still owes him
Allen Iverson turned 47 years old on June 7th, which is notable for two reasons. First, Iverson is almost 50 years old and that should make us all feel extremely old. Second, the 76ers legend is one year closer to collecting his $32 million pay day from his Reebok trust fund.
Iverson signed his first Reebok contract in 1996 right after the 76ers drafted him with the #1 overall pick in the NBA Draft. His first contract with Reebok was $50 million over 10 years, making $5 million per year. After he won the NBA MVP Award with five years left on his original deal, Reebok made the decision that they wanted Iverson to be the face of their brand forever so they cut a new deal with the future hall of famer.
Allen Iverson’s New Deal with Reebok
- Iverson would be paid $800,000 per year for the rest of his life.
- Iverson would continue earning $5-10 million per year for the remainder of his professional career.
- Reebok would set aside $32 million in a trust fund for Allen to inherit on his 55th birthday, 29 years in the future at that point.
Allen Iverson’s lifetime Reebok contract saved him from going broke
The trust fund part of the contract was extremely important and Reebok knew it. Throughout Iverson’s career he would spend ridiculous amounts of money. There’s a million stories about how Iverson used to waste money, just google it.
Here’s a few cliff notes
- Traveled to 76ers away games with a 50 person entourage.
- Would give his entire entourage expensive clothes, cars, and vacations.
- Iverson was a horrible gambler and some reports say he would lose nearly a million dollars in one night in Las Vegas or Atlantic City.
- Iverson owned two homes in Denver and Atlanta that were eventually foreclosed upon.
- He had to repay nearly $900K to a local jewelry.
- The list goes on and on. Back in 2012, Iverson told a judge that he was nearly spending $300,000 EVERY MONTH.
Then you had the reports of Iverson spending $40,000 in a single night at the City Line Ave TGI Fridays in Philadelphia, which is probably my favorite off-court Iverson story.
Sadly I have to note here that Allen Iverson dropping $40,000 at a TGI Friday’s is not true according to the killjoys at Snopes. But it feels like it should be real and Snopes is anything but reliable these days and given how much Iverson spent above, I still believe it to be true.
Iverson and TGI Fridays has become folklore in the city of Philadelphia. How has TGI Fridays not turned Allen Iverson into their spokesman? Allen Iverson showing up and dropping tens of thousands of dollars would definitely be the coolest thing that ever happened at a chain restaurant. Even the rumor of it happening is cooler than anything that’s happened at TGI Fridays.
Regardless, Iverson is inching closer to a smooth $32 million hitting his bank account from Reebok. He also has found success over the past few years launching his own marijuana business.
Still, I can’t get over TGI Fridays not signing him to an endorsement deal. So I sent the following message to the contact page on the TGI Fridays website:
You may or may not be aware of a popular legend regarding the pound for pound greatest basketball player who ever lived and one of your restaurants. Allen Iverson according to the story, once spent $40,000 in one evening at your Bala Cynwood, PA location. This may or may not have happened. Regardless it is the coolest thing involving TGI Fridays anyone has ever heard.
So what’s my point? Allen Iverson should be your national spokesman. He’s a legend, and people will eat whatever he tells them to.
Do the right thing and make him the face of TGI Fridays.
Senior Nightlife Reporter for thelibertyline.com
If you love Allen Iverson and want to see him get paid for the mere legend of his presence making TGI Fridays seem infinitely cooler than it has any right to be, I’d encourage you to do the same.
The contact page is right here.
Mandatory Credit: Mitchell Leff, Getty Images