Bawse: Carmelo Anthony Is Getting How Much of His $124 Million Deal In Advance Payments?

Laughing all the way to the bank?! Carmelo Anthony is making sure he gets what’s due to him. He’s set to receive large portions of his $124 million contract in advance payments — just how much you ask?

 

The seven-time All-Star will receive half of his $22.5 million salary this season early. His contract is set up the same way for future years too, meaning that he’ll eventually garner a little over $62 million, half the value of his entire deal, through advance payments. According to collective-bargaining agreement rules, 50% of an annual salary is the maximum a player can take in the form of an advance.

While the value of Anthony’s advances are unusual, he’s far from the first player to take an annual 50% advance payment. In fact, Knicks swingman J.R. Smith, who is also represented by Anthony’s agent, Leon Rose, did the same thing last summer after signing a three-year deal for nearly $18 million.

 

 

 

 

 

 

 

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#NewRules: NY Knicks’ Carmelo Anthony Launches Venture Capital Firm

New York Knicks star player Carmelo Anthony has teamed with Stuart Goldfarb, an NBC and Bertelsmann executive, to launch a venture capital firm, M7 Tech Partners. And its first big investment will be in a children’s media company called Hullabalu, which offers story apps that children touch to activate.

 

Anthony has 5.1 million Twitter followers, a big name in the NBA and the Melo brand that he’d like to use to maximize this new business. “The New York-based firm will invest in early stage digital media, consumer internet and opportunistic technology startups,” reports TechCrunch. Wearable technology and connected devices will be a major focus, according to a statement from Anthony to TC.

The Knicks announced on Sunday that they had reached a deal with Anthony to return to the team for undisclosed terms, though ESPN says it’s a contract worth more than $122 million. The 30-year-old had been considering a number of other teams including the LA Lakers and Chicago Bulls. He’s the second best scorer in the NBA, a seven-time All Star and an Olympic medalist.

But like a number of other players, including Steve Nash (LA Lakers) and teammate Amar’e Stoudamire, he’s further building a company on the side that has nothing to do with the sport of basketball. In fact, these players and a couple of others have started venture capital firms.
 

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