During his peak in the early 2000s, Allen Iverson was one of the most popular and influential athletes in American sports. Almost singlehandedly, he brought hip-hop culture to the NBA and made every sports fan want to rock tattoos and cornrows. He was one of the kings of the NBA.
However, despite earning more than $150 million in NBA salary during his 14-year career ($200 million including endorsements), the Hall of Fame guard filed for bankruptcy before he turned 40. Iverson was a notorious spender who wasted his fortune on clothes, jewelry, and ridiculous nights out with friends.
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But, even when he was at his lowest and couldn’t afford a cheeseburger, the Philadelphia legend was still able to recover. Here’s the rise and fall (and rise again) of Allen Iverson.
High school stardom and controversy
Allen Iverson has been a polarizing athlete ever since he starred at Bethel High School in Hampton, Virginia. He played basketball and football and won high school player of the year and state championships in both sports.
In February 1993, Iverson was involved in an altercation at a local bowling alley that resulted in him and his three friends getting arrested. He was charged and convicted for maiming a mob. As a result, he spent four months at a correctional facility. He was later granted clement by the Virginia governor and the conviction was overturned two years later.
Georgetown University
Iverson starred at Georgetown University for two years under legendary coach John Thompson. During his short time in Washington D.C., Iverson was a consensus first-time All-American selection, a first-team All-Big East selection, the two-time Big East defensive player of the year, and the Big East Rookie of the Year.
NBA Draft
Coming out of Georgetown, Iverson was the highest-rated prospect in a stacked 1996 Draft, which included future stars Kobe Bryant, Ray Allen, and Steve Nash. He went first overall to the Philadelphia 76ers.
First deal with Reebok
After the draft, Iverson was enticed to sign with several shoe companies. Most notably, Jordan Brand. He would’ve become the first Jordan Brand athlete, according to Sports Illustrated. However, he opted to take his talents to Reebok.
MVP Season
After four solid seasons, Iverson blew up in the 2000-2001 season, leading the Sixers to the NBA Finals and being named MVP of the NBA. Although they were destroyed by the Shaq/Kobe Lakers, Iverson established himself as one of the faces of the league.
Lifetime contract with Reebok
After his MVP season campaign, Iverson signed a new 10-year, $50 million contract with Reebok. Along with the money included in the first ten years, the shoe company also agreed to pay the star guard $800,000 every year for the rest of his life.
Spending habits
Iverson lived an extravagant lifestyle. He would not pack for road trips because he would just buy clothes later. He would spend thousands of dollars at restaurants and clubs. If a friend needed money, he’d give it to them and not think of the consequences.
His former teammate Matt Barnes told Sports Illustrated, “Allen was the first guy that showed me how NBA players spend money in strip clubs.”
Barnes continued, “He’d throw so much money, and this was when I was first in the league, that I used to take my foot and scoop the s**t under my chair and either re-throw it or put some in my pocket. He’d throw $30,000, $40,000 every time we went. I’m like, ‘You realize what I can do with this money?’”
Final NBA Season
Iverson played his final season in the NBA in 2009-2010 with the Memphis Grizzlies and the Philadelphia 76ers. He officially retired in January 2013 after playing a season in the Turkish Super League.
Wife files for divorce
After being together for nearly 19 years, Iverson’s wife, Tawanna, filed for divorce in March 2010, just a month after he played his final NBA game. During the legal battle, which lasted for three years, Tawanna wanted custody of their five children, alimony payments and child support.
Bankruptcy
In 2012, Iverson’s luxurious lifestyle took its toll, and the former NBA superstar filed for bankruptcy, despite making more than $150 million in his career ($200 million in endorsements). He filed for bankruptcy after defaulting on a payment of nearly $1 million for jewelry.
He infamously told his wife during their divorce proceedings, “I don’t even have money for a cheeseburger,” according to the Washington Post.
Trust fund
Amid his divorce, his wife’s legal team discovered a trust fund was included in his 2001 contract with Reebok. Along with the $800,000 he would receive annually for the rest of his life, Iverson would get paid $32 million once he turned 55 years old in June 2030.
Business endeavors
Iverson later became a businessman, particularly in the cannabis industry. In October 2021, Iverson partnered with former NBA player Al Harrington to sell a line of cannabis products known as “The Iverson Collection” through Viola Brands.
Hired at Reebok
In October 2023, Iverson was hired by Reebok as the Vice President of Basketball along with Shaquille O’Neal to help reestablish the brand as a force in the sports world.
What’s he up to now?
These days, Iverson is still working with Reebok on a grassroots level, helping to organize community events for up-and-coming hoopers. Annually, he hosts the “Allen Iverson Roundball Classic,” a high school All-American game that’s held in Hampton, Virginia. He currently has a reported net worth of $1 million.
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