As the NBA Draft takes place we are wishing wisdom upon the next overnight millionaires of basketball. Freshmen in the game will undoubtedly be subject to temptations. Even the best and once victorious can fall victim to the seductive traps of new money. What happened to all the moolah? Apparently 60% of NBA players go broke after 5 years of retiring and NFL players also face similar problems. To most it may seem that money ain’t a thang to these hyper-commercialized and idolized gods of the sport, however there are many issues that go along with an NBA career. Money management is not a pre-requisite for the players who are receiving an annual average salary exceeding $5.85 million driving them into the fast lane to bankruptcy. Many NBA players are displaced from their education tracks as it coincides with the peak of their athletic talents when they get drafted.
Less than half of the NBA players have college degrees, and with the statistics working against them, athletic league players must plan in advance with an entrepreneurial mindset of how to maintain and invest their assets. Antoine Walker, the former Celtics player is only one of many NBA stars who have landed in a financial mess. In light of the recent addition to the NBA players gone broke scenario, let’s take a look at former hoop-stars who unfortunately, are in situations we wish they weren’t.
NEXT PAGE: ALLEN IVERSON
Allen Iverson (Detroit Pistons) Allen Iverson was once an invincible 6 ft. machine of triumph blazing through the courts with eleven NBA All-Star title to his name. Starting out as Rookie of the year and going on to win to be crowned with the MVP award in 2001 and 2005, his monumental career came to a halt when he entered a phase of self-destruction. Alcohol and gambling became a persistent vice in his life which is leading to bankruptcy. To go along with is financial ruins his wife of 8 and half years divorced him. We want to see him leave the casino, leave behind the Memphis disaster and show us his magic again.
NEXT PAGE: ANTOINE WALKER
Antoine Walker (Boston Celtics, Miami Heat)
In 12 years made Antoine Walker made over $100 million in the NBA but now, the former Celtics forward is in debt. Multiple financial institutions are hunting him down for the cheddar. Possible spending that led upto this may include spending generously to support this friends and family which made up an entourage of about 70 people, and building a giant mansion for his mother in the suburbs of Chicago. He also has a taste for tricked out rides with custom paint jobs, his parking lot is a luxurious mix of two Bentleys, two Mercedes, a Range Rover, Cadillac Escalade, and a bright red Hummer. All of this will have to be liquidated to repay his debts.
NEXT PAGE: LATRELL SPREWELL
Latrell Sprewell (New York Knicks, Golden State Warriors)
Since his NBA career ended in 2005, Sprewell has been facing many financial troubles. His home is up for foreclosure and his yacht had to be auctioned off. He once notoriously turned down a $21 million contract because he felt that it was insufficient to support his family. He has outstanding mortgage payments and has also had a scandalous history for choking his coach, P.J. Carlesimo in 1997.
<img src='http://www.openentrance.com/wp-content/uploads/2007/08/sprewell.jpg' alt='' width='400'