A recent interview has shed some light on Gilbert Arenas’ contract and things do not look good for the former NBA star- financially.
According to TMZ sports, Arenas’ widely popularized $110 million contract with the Washington Wizards will expire soon, and the former guard is set to lose so much money that he will not even be able to pay for his children’s private schooling. Sources indicate that Arenas will receive his final paycheck by October 31, and is set to earn $169,895 annually through investments.
Despite that still manageable income, Arenas still has the issue of paying for his children’s yearly $91,600 tuition which if he continues to do so, may end up leaving his family broke. Apart from downgrading his children’s education, it also seems that the former Wizards guard will have to alter his once lavish baller lifestyle.
“I anticipate that the children will need to transfer to public schools in 2017 and beyond,” Arenas shared with TMZ.
Gilbert Arenas — My $111 Mil NBA Contract Is Up … I Can't Afford Private School https://t.co/kYPAVONPEi
— TMZ (@TMZ) October 24, 2016
It is still unclear where all his money went as reports indicate that Gilbert Arenas’ contract (or contracts rather) helped him earn $160 million in his NBA career alone. And the amount does not even count the tens of millions that he earned through endorsements and sponsorships.
Since the abrupt end of his NBA career, Arenas has seemingly been trying to find other ways to earn back a bit of the money that he supposedly squandered.
And what other way than through his ex-wife.
As many would know, Arenas had also been embattled in a court case against Laura Govan who had accused the former NBA player of giving her an STD in a publicly released email. Arenas then brought his complaint to the court and accused his ex-wife (and the mother of his four children) of emotional distress.
The former point guard ended up winning the case and his ex-wife was ordered to pay $110k in damages. But Arenas was not entirely content as he was expecting a million dollars, at the very least.
Nonetheless it should make fans of the former Wizards guard wonder- whatever happened to all the money from Gilbert Arenas’ contract?
Photo Courtesy: Keith Allison/ Flickr