Washington Wizards Gilbert Arenas Says He Will Be Poor When His $111 Million NBA Contract Ends

Former NBA all-star Gilbert Arenas is no stranger to controversy, but now, seemingly with a straight face, Arenas is saying that since his $111 million dollar contract is up, he is going to be poor. Arenas, who hasn't actually played basketball in years, continued to collect a check from the NBA, and then a team in Shanghai, but time has run out, and Arenas says that his four kids are going to have to learn to live differently.

Sure, Gilbert Arenas is not the first NBA player to have to live with bad decisions, according to the Inquisitr. Lamar Odom, who played for several teams, including the Los Angeles Lakers, says the Inquisitr. While Lamar Odom was never amongst the top paid players in the NBA, he has reportedly run through much of his earnings after partying at a brothel and overdosing. Odom's OD led to a coma, and he is still recovering.

TMZ broke the news that Gilbert Arenas claims that he has finally gotten paid every dime from his $111 million contract with the Washington Wizards, and he is now going to have to live on approximately $170k, and he is claiming that from here on, he is poor. Gilbert still has approximately $100k in endorsements, but that won't cover the lifestyle he has gotten used to.


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The really sad part of this whole story is that the first thing that he thought of when it comes to tightening his belt is his kids and the changes he can make in their lives to save money. Gilbert Arenas has already allegedly been back to family court, concerning his four children and their mother, and he will receive his last payment on the NBA contract he signed in 2008 on October 31st.

Gilbert says that his children will have to leave private school, and start attending public school.

"I anticipate that the children will need to transfer to public schools in 2017 and beyond."

In his career, Gilbert Arenas has made over $160 million from the NBA, and that doesn't include endorsements, so perhaps he can explain to his children where all of that the money went that causes him to cut them off.

But Gilbert Arenas has found another way to put some coin in his pockets, and that's with lawsuits against Laura Govan, the mother of his four children. Last month Gilbert won one battle, but he is playing the long games and hasn't yet won the war. Gilbert sued Govan for libel after she wrote a scathing email accusing Arenas of giving her an STD.

Gilbert said the email humiliated him and affected his ability to work. The judge ordered Govan to pay Arenas $110k for his emotional distress, but Gilbert was disappointed that he didn't get over one million, which is what he was seeking.

It seems the bigger problem for Govan was that she leaked the email to various news agencies according to the New York Post. In the course of the lawsuit, Gilbert Arenas blamed Govan and the email for his ability to find work and says that it damaged his reputation.

After years together, Govan and Arenas broke up for good last year, and Govan filed suit then that Arenas kicked her out of the house, and sold her engagement ring. It's likely the courts haven't seen the last of these two.

How do you think Gilbert Arenas blew through $160 million?

[Featured Image by Mike Windie/Getty Images]