Three things come to mind when I think of Latrell Sprewell.
1- Him choking PJ Carlesimo.
2- Him making the awful decision to turn down an extension because that wasn’t enough to feed his family (he never got anything close to that again).
3- Jay Z’s line on Money ain’t a Thing: “On the Jewels, I blew more money than Latrell”. Seems like Jigga knew something in advance.
This story shouldn’t surprise you but Spree has pretty much lost everything he gained while playing in the NBA.
The Timberwolves were happy with Sprewell, but he did not have the same sentiments. When offered a $14.6 million extension that would have earned him $27-30 million over the next couple of years and kept him playing ball, Sprewell made the statement that became almost as famous as his coach-choking incident. When asked about turning down the contract extension, Sprewell said, “Why would I want to help them win a title? They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed.”
In 2007, Sprewell left that “family he had to feed” and was sued for $200 million. That year, his yacht was repossessed, he defaulted on his $1.5 million mortgage and Milwaukee went after him for $3 million in back taxes. Two years later he lost his other mansion.
During the course of his career, Latrell Sprewell made over $100 million. Today, Celebrity NetWorth reports that he has around $50,000 and lives in a modest rental.
While he left the family, the courts say he still has to find a way to feed them. Sprewell’s story might be a lesson on the importance of understanding humility, prudence, and financial literacy. If he’d had better advisors, he might not be broke today.
Young players should pay attention, so this doesn’t happen to them.
