Why Is Former NBA Player Gilbert Arenas Claiming To Be Broke?
By Victor Ochieng
Former NBA star Gilbert Arenas said in court he’s too broke to afford paying private school fees for his children, despite having earned millions of dollars from his NBA career. According to reports, the player sealed a $111 million six-year guaranteed deal with the Washington Wizards in 2008.
How is it possible that Arenas is now saying he can’t afford to pay school fees for his children? Something isn’t adding up.
A TMZ report revealed that Arenas is bragging that he’s rolling in good money and that he’s basically hiding cash from his baby mama, Laura Govan.
In court documents, Arenas says his $111 million deal with the Wizards pays out on October 31 and that once the day comes, he won’t be able to afford the needed schools fees. He says he’ll only be earning $169,895 annually from some of his investments yet the school fees needed for the kids is close to $92,000.
“I anticipate that the children will need to transfer to public schools in 2017 and beyond,” he said.
The question many are asking is whether Arenas’ claim that he doesn’t have money for the school fees has something to do with his recklessness with money or whether it’s true he simply doesn’t want his baby mama to know he’s hiding cash.
The fact that Arenas earned more than $160 million during his career and there haven’t been any reports about him undergoing financial distress, his court statement doesn’t sound real and his sentiment in the video is more believable.
In the said video, Arenas showed his kids messing with thousands of dollars in cash. In one place he writes, “Lucky for me Child support in Cali is based off income made not income (HAVE).” And in another he writes, “When u and your kids hide money from they momma.”
But then again, many NBA players get broke a few years after retiring from the association. According to a Sports Illustrated article, many of the players go broke because of bad investment decisions, recklessness with cash and physical injuries. The article revealed that up to 60% of these former players get broke within just five years of retirement.
All-in-all, whatever Arenas did in the video doesn’t present a good image, neither does it show maturity.