Gilbert Arenas claims he has blown all of his $111 million contract
The bad news is, the payments are about to expire, and Arenas says he’s out of money.
TMZ caught up to Arenas in 2013 to ask him about his financial status and if he was okay. Many athletes deplete their career earning shortly after they retire. Arenas is famously known for his wild spending habits, including at one point paying $5,000 per month to maintain his pet sharks.
Arenas assured the reporter that he was well off and had no financial troubles on his plate.
Three years later, Arenas is claiming he is broke and says he’ll need to pull his children from private school to cut costs.
“I anticipate that the children will need to transfer to public schools in 2017 and beyond.”
Whether his motivations for these statements are more legal battles with his children’s mother, or some other wacky scheme, Arenas has made well over $160 million during his tenure in the NBA, minus endorsement deals and investments.
Many athletes do go broke after retirement, but this one is a bit unbelievable.