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Iverson signed his first Reebok contract in 1996 for $50 million over 10 years, making $5 million yearly. Reebok then made the decision that they wanted Iverson to be the face of their brand forever after he won the NBA MVP Award. They renegotiated a deal, despite him having five years of his contract to go. In his new deal, Iverson would be paid $800,000 per year for the rest of his life and continue earning $5-10 million a year for the remainder of his professional career.
The brand also set aside $32 million in a trust fund for Allen to inherit on his 55th birthday. Karen Hunter and Garrett Bush discuss Allen Iverson’s history-changing deal with the sportswear giants.
