This article talks about the Richest NBA players who went broke.
NBA athletes make substantial incomes by playing professionally.
Therefore, it’s unexpected when they face financial difficulties.
Whether they’re star players or occupying a less prominent role on the team, NBA contracts come with significant earnings.
Despite the potential for a lavish lifestyle with hefty paychecks, mismanagement can lead to financial downfall.
Examples like Dennis Rodman and Allen Iverson highlight the reality that even the wealthiest NBA players can face financial challenges.
1. Allen Iverson
Earnings over career: $200 million
It’s surprising to think that a famous NBA player could lose all their money.
Even though Iverson made a lot of money playing basketball, he spent it all on a fancy lifestyle.
Iverson used a lot of his money on his friends and had trouble managing his cars.
Two years after he stopped playing in the NBA in 2010, Iverson couldn’t pay a jeweler and had to declare bankruptcy.
Luckily, Iverson had a special deal with Reebok that helped him not go completely broke.
In October 2023, Reebok made him Vice President of Basketball. Also, Iverson still gets money from the NBA as a pension.
2. Antoine Walker
Career earnings: $108 million
Antoine Walker won his first NBA title in 2006 and went on to play in three All-Star games after graduating from Kentucky.
It’s easy to understand why he’s turned into the NBA players’ poster child for being broke.
Walker was lavish off the court even though he was a brilliant player on the hardwood.
He owned fancy cars, mansions, and jewelry.
In addition, Walker struggled with a gambling addiction. Walker was ordered to pay $770,050 in restitution to multiple casinos in 2011 after he neglected to pay off his gambling debts.
Walker has recovered after burning up his NBA salary.
He was an analyst for ESPN’s SEC Network and Fox Sports Network.
In addition, Walker is currently employed as a financial advisor in the hopes that other athletes won’t have to make the same errors he did.
3. Latrell Sprewell
Latrell Sprewell had a 13-year NBA career that was largely successful.
However, the beginning of his demise was his choice to turn down a lucrative agreement.
In the final stages of his NBA career, the Timberwolves extended his deal with them for a respectable $21 million.
There would never be another deal with that kind of money offered to Sprewell.
Additionally, Sprewell suffered the penalties of turning down the hefty contract after his 2005 last season.
Sprewell’s possessions had to be sold. In addition, he had unpaid back taxes to the state of Wisconsin.
Above all, Sprewell was finally sued for $200 million by his ex-wife.
Sprewell still leads a respectable life even if he has largely spent all of his NBA money.
The four-time All-Star is Madison Square Garden’s media personality.
4. Vin Baker
Earnings during career: $100 million
Vin Baker is among the players on this list with the most awards, just like Kemp.
However, Baker eventually wasted his wealth despite having a distinguished career and earning a lot of money in the NBA.
Reliable sources claim that Baker was involved in unsuccessful investments, terrible relationships, and substance misuse.
While some saw this as the end of the road, Baker was able to turn his life around in 2014 by finding employment at Starbucks.
He later made a comeback to basketball after working as a FOX Sports analyst.
Additionally, he supported the Milwaukee Bucks in their 2021 NBA title run as an assistant coach.
5. Shawn Kemp
Earnings during career: $90 million
When it comes to names, many NBA fans are familiar with Shawn Kemp.
Kemp has had a successful NBA career, particularly when you take into account his affiliations with Reebok.
Unfortunately, Kemp’s current net worth is only $5 million, according to Celebrity Net Worth.
Kemp is required to care for six separate families, thus the significant decline may be related to his child support obligations.
Kemp also had to cover the costs of his criminal charges, which included cocaine possession.
Despite having a history of legal issues related to drug possession, Kemp has utilized his support of marijuana to acquire a portion of the dispensary bearing his name.
Kemp was taken into custody in March 2023 after he was involved in a shooting.
But when it was established that he had fired a gun in self-defense, he was freed without being charged.
6. Derrick Coleman
Earnings over career: $87 million
Surprisingly, Derrick Coleman, one of the young, bright NBA players of his day, went bankrupt while collecting a big salary from his paychecks.
Reports state that his expensive lifestyle and partying habits had a detrimental effect on his financial situation.
Furthermore, his investments in Detroit failed as a result of the economic downturn in 2010.
Thankfully, Coleman has recently been able to improve it.
The NBA veteran reportedly went back to Syracuse University to complete his degree program and receive a sociology degree.
Coleman has been actively promoting equality and clean water in Michigan.
In addition, he keeps his hand in the basketball world by managing the DC Elite summer basketball league.
Coleman is also trying to offer apparel and accessories for smokers, but not until resolving a trademark issue with Syracuse University.
7. Larry Johnson
Earnings over career: $83 million
A successful and profitable career typically translates into a more seamless retirement.
But for Larry Johnson, a two-time All-Star and past Rookie of the Year, that wasn’t the case.
Johnson wasted his hard-earned money, despite earning a respectable salary from NBA contracts and endorsement deals while he was a player.
Reports state that Johnson was the father of five children by four distinct women.
Johnson was unable to pay the $120,000 in child support due in 2015.
The two-time All-Star so filed for bankruptcy. Johnson was also charged with threatening an ex-girlfriend with communications in 2023.
8. Glen Rice
Earnings over career: $67 million
Glen Rice, who has three All-Star selections and an NBA championship, is among the most accomplished players on this list.
Regrettably, Rice had trouble retiring following his playing career.
According to reports from 2016, Rice found it difficult to meet the $1,500 monthly child support requirement. He experienced his fair share of lost investments as well.
Rice relied on training camps and autograph signings to get by after retirement.
Thankfully, Rice appears to be in a better position right now.
Glen Jr. and G’Mitri Rice, the two sons of Rice, are both professional basketball players who play abroad.
In addition, Rice is presently a community ambassador and scout for the Miami Heat.
9. Darius Miles
Earnings over career: $62 million
Darius Miles, known for his close relationship with LeBron James and not to be mistaken with the former basketball player from Alabama who is accused of capital murder, had a respectable NBA career and made a reasonable sum of money.
Unfortunately, Miles suffered a serious knee injury that ultimately resulted in his having to retire early.
Miles’ basketball career ended prematurely, but his retirement wasn’t kind either.
According to accounts, Miles kept up an ostentatious lifestyle, endangering his ability to make ends meet.
In addition, a series of bad investments ultimately resulted in Miles’s filing for bankruptcy.
10. Dennis Rodman
Earnings over career: $27 million
Dennis Rodman was a famous basketball player known for his wild behavior.
He made a lot of money from playing basketball and doing other things like appearing on TV and getting paid to endorse products.
But even with all that money, he ended up broke.
He spent too much on living a fancy lifestyle and got into trouble with the law for things like driving badly.
He also had to pay a lot of money in child support to his ex-wife.
Despite his money problems, Rodman now does podcasts, writes books, and sells his own vodka.
He’s also making a movie about his life with actor Jonathan Majors.
Further Reading!