Reebok’s Ex-CEO Rejected Allen Iverson as Fight Over $50 Million Decision Surfaces

Just as his nickname suggests, Allen Iverson is The Answer to many questions. One such instance was when Reebok was looking to increase its sales and find an athlete that people could connect with, Iverson was The Answer. Since then, the brand and the athlete have launched signature sneakers that became instant hits. But the deal almost didn’t happen due to the initial rejection by former Reebok CEO, Paul Fireman.

However, there were two Reebok executives who weren’t going to let go. We’re talking about Que Gaskins and Todd Krinsky. It was Gaskins who suggested to Krinsky that they should attend the boardroom where the deal for Iverson was going to be discussed. It was a true blessing that they did! Why? Because the former Reebok CEO had nearly rejected the idea of offering Iverson $10 million.

Todd, during his appearance on Netflix’s Power Moves, shared that as soon as the former CEO expressed doubts about Iverson, he and Gaskins screamed in unison to protest. “Paul’s famous line was, there’ll always be another Allen Iverson. And in unison, Que and I got up and said, no, there won’t,” Todd recalled.

Fireman, intrigued and willing to hear their reasoning, urged them to continue. Todd smiled as he recalled the rant he and Gaskins went into, explaining Iverson’s game and what he meant to the fandom, which included countless aspiring basketball stars.

That was seemingly convincing enough, as in 1996, Iverson signed a 10-year deal worth $50 million with Reebok. This was the highest offer at the time. The Philadelphia 76ers legend is also one of the few NBA stars to have had a signature shoe in his rookie year. Impressive, right? Iverson single handedly sparked a cultural revolution in the basketball world.

In 2001, he signed a lifetime deal with the sports and apparel brand. While he received less annually, he was guaranteed $800,000 annually for the rest of his life, along with another major benefits. Again in 2023, the brand decided to give Iverson another big role in the family by naming him Vice President of Basketball. It was the former NBA player’s lifetime deal with Reebok that saved him during one of toughest times of his career.

What is the lifesaving financial deal Iverson has with Reebok? 

During his career, Iverson earned nearly $200 million from his NBA salary and endorsement deals. However, due to poor financial decisions, he lost much of his wealth. In 2012, he even declared bankruptcy after failing to repay $900,000 to a Georgia jeweler.

Since then, Iverson has been slowly rebuilding his financial empire. As per Celebrity Net Worth, he currently has an estimated net worth of $1 million. But that figure could significantly increase in the future, thanks to a trust fund set up by Reebok as part of his lifetime endorsement deal. The contract reportedly includes a $32 million trust fund, which Iverson will gain access to on his 55th birthday.

However, as per Complex, during his divorce proceedings, it was initially decided that the entire trust fund would go to his ex-wife, Tawanna Turner. During their reconciliation before, Iverson had reportedly signed a prenuptial agreement stating that if he violated certain terms set by the deal, she would receive the full trust fund.

These conditions ranged from expectations like fidelity, discussion of expenses over $5,000, and prohibition of physical or verbal abuse, to curfews and other requirements. And he seemingly couldn’t keep his word. Later, however, Turner chose to take only half of the trust fund, meaning Iverson is still entitled to the remaining $16 million. It did turn out to be a great financial decision by the former NBA player. 

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