Keith Pompey of the Inquirer has finally brought us a relevant tale about the team he covers: Michael Carter-Williams’ parents have set up a trust that MCW can’t touch for three years:
His rookie contract guarantees him $4.5 million over his first two seasons. He could make a total of $10 million if the Sixers pick up the final two seasons of his contract.
But his salary is deposited into a trust he can’t touch for three years. Carter-Williams is living off endorsement deals with Nike and Panini trading cards.
That’s just one of the benefits of having caring parents.
Nike… and Panini. Can’t imagine he’s getting that much from either at this point. Sure, it’s mostly like more than 99% of the people reading this will make this year, and the figure is only going to increase next year… but it’s probably nowhere near his NBA contract.
This sounds similar to what Allen Iverson’s financial advisor did for him– setting up an account worth $32 million that he can’t touch until he’s 55, but which feeds him $1 million annually.