CANTON, Massachusetts — Reebok CEO Matt O’Toole said the company is still paying NBA Hall of Famer, Allen Iverson, a cool $800,000 a year, stating the company thought it was still worth it.
“He has a place in our heritage, and there is a group of consumers who want to connect to that,” O’Toole said on the Bloomberg Business of Sport podcast. “He’s relevant for a lot of our consumers.”
— Allen Iverson (@alleniverson) 18 april 2018
Iverson inked a 10-year, $50 million contract with Reebok when the Sixers made him the first overall pick in the 1996 draft. The company then released the Reebok Question, which the guard wore en route to winning rookie of the year honors for the 1996-97 season.
“He has a place in our heritage, and there is a group of consumers who want to connect to that,” O’Toole said. “He’s relevant for a lot of our consumers.”
After A.I. led the 76ers to the 2001 NBA Finals against the Los Angeles Lakers and was named league MVP, Reebok signed him to a lifetime deal. In addition to the $800,000 per year intake he receives annually, the contract also includes a trust fund worth $32 million that Iverson can’t touch until 2030, when he turns 55.
Iverson is expected to continue his ambassador duties as he heads to Asia next month.
Photo Credit: VCG via Getty Images