The once top dog player Gilbert Arenas, is no longer with the Washington Wizards and his once $111 million is no longer there. With that being said he can no longer afford to put his kids through private school.
When the former NBA All-Star shooting guard’s career in the nation’s capital was cut short due to injury, the Wizards wound up honoring the contract over eight years — with the final payment scheduled to be issued on October 31.
With the money not rolling in like it used to, Arenas claims that he’s going to have to cut back a bit … including on the private school tuition of his kids.
TMZ Sports is reporting that once the final payment of Arenas’s $111 million contract is issued next week that the retired NBA star will earn $169,895 per year in investment income.
Arenas additionally told the celebrity site that the latter amount isn’t enough to maintain his baller lifestyle and so, his kids’ $91,600 per year in private school tuition cannot continue.
“I anticipate that the children will need to transfer to public schools in 2017 and beyond,” Arenas said in a statement to TMZ.