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melo gets a 62 million dollar advance

#1lob_city_3Posted 8/15/2014 5:10:42 PM
http://online.wsj.com/articles/knicks-carmelo-anthony-takes-62-million-advance-1408146976

lmao wtf


New York Knicks star Carmelo Anthony is getting advance payment of more than $62 million from the five-year contract he signed last month, according to people familiar with the matter.

The advance for $62,032,340—or 50% of his $124 million-plus deal—is the maximum Anthony can take this soon under league rules. And in terms of sheer dollar amounts, it is surely among the largest advance payouts a player has taken in NBA history. Only Kobe Bryant, Jermaine O'Neal, Kevin Garnett and Rashard Lewis have ever signed contracts for larger amounts.

Anthony's advance will have no impact on the Knicks' salary-cap situation. It simply changes the timing of when the 30-year-old will receive his biggest paychecks over the course of the contract.

Anthony's agent, Leon Rose, didn't immediately return a call seeking comment.

While the $62 million figure is unique, Anthony wouldn't be the first player to take a 50% advance on his contract. Knicks swingman J.R. Smith—who is also represented by Rose—did the same thing last summer, when he took half the money from his new, nearly $18 million contract upfront.




L
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#2BewmHedshotPosted 8/15/2014 5:13:59 PM
It wasn't about the money guise he wants to win
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"I wont assert myself." - Kobe Bryant
#3UhovaPosted 8/15/2014 5:14:57 PM
got paid get waived
#4ImJeffPosted 8/15/2014 5:20:31 PM
It makes sense financially. Throw all that into something that returns even 3% and he's making much more than he would've made just waiting on his game checks.
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UNLV Rebels | Los Angeles Lakers | Tennessee Titans
#5cactuscupcakePosted 8/15/2014 5:21:55 PM
Time value of money this is so much better
#6KlRBEHPosted 8/15/2014 5:22:24 PM
they're doing this so they have more money in a few years when they will actually have flexibility to create a serious contender
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I NEEDUH MONSTA TA CLOBBA DAT DERE KIRBEH
#7cactuscupcakePosted 8/15/2014 5:23:22 PM
Damn tc needs to take some finance classes looking straight foolish with this topic
#8UhovaPosted 8/15/2014 5:24:53 PM
KlRBEH posted...
they're doing this so they have more money in a few years when they will actually have flexibility to create a serious contender


i don't think so.

he has an eto so he can basically run away without playing the last year of his contract this way, if i'm understanding this correctly.
#9cactuscupcakePosted 8/15/2014 5:27:55 PM
if you breach contract you will have to pay back. You guys need to go to college or something come on now.
#10BewmHedshotPosted 8/15/2014 5:43:38 PM
KlRBEH posted...
they're doing this so they have more money in a few years when they will actually have flexibility to create a serious contender

Huh? It doesn't change the Knicks' salary cap situation.
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"I wont assert myself." - Kobe Bryant