Allen Iverson (China Group via Getty Images
Copyright: 2018 VCG)
*Allen Iverson already knows one gift he’ll receive for his 55th birthday.
In seven years from now, Reebok will hand the 48-year-old retired NBA star a $32 million check as part of a deal signed in 2001. The sports apparel company and The Answer have been in business together since he was drafted in 1996, with a partnership that blended both basketball and fashion.
The relationship nearly skidded to a halt in 2001 when the Philadelphia 76ers phenom considered a $10 million competing offer from Nike. It was less money than Reebok was offering, and Iverson has his former Georgetown coach John Thompson to thank for nudging him toward the better deal.
“Coach Thompson was on the board of directors for Nike. They had a deal on the table, and Reebok had a deal on the table. Nike’s was like five years, $10 million. And Reebok’s was for $50 million,” Iverson told GQ. “When I told Coach Thompson, I was like, ‘Man, I’m telling you this because you on the board of directors.’ He was basically like, ‘Man, if you don’t get the f**k out my face with that stupid s**t. That’s a no-brainer, son. Get the hell out my office.’ I mean Reebok just always been loyal to me. It’s the most amazing relationship between a player and a brand that you could ever think of.”
Allen Iverson will receive $32 million from Reebok when he turns 55, as part of a lifetime deal he signed in 2001https://t.co/HchqB3uvsa pic.twitter.com/2x5N56JX5G
— Hoop Central (@TheHoopCentral) June 10, 2020
According to thesportsrush.com, Iverson signed a lifetime contract with Reebok in 2001 that includes $800,000 a year, and a $32 million payout when he turns 55. It was a savvy move to ensure that he and his family are taken care of outside of professional basketball, and well into his retirement years.
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