Wed. Sep 27th, 2023
Latrell Sprewell

Latrell Sprewell turned down a $21 million contract with the New York Knicks in 1997, and the rest is history. But what happened to him after his decision? Here’s everything you need to know about NBA Star Latrell Sprewell’s contract situation and how it affected his career with the Golden State Warriors and other teams. 

Latrell Sprewell

In 1997, NBA star Latrell Sprewell turned down a 3-year, $21 million contract extension from the Golden State Warriors. He was traded to the New York Knicks the following year and went on to have a successful career, earning over $100 million in salary. However, in 2005, he was arrested for assaulting his girlfriend and choking her son. He spent time in jail and was ordered to pay restitution. After his release, he struggled to find work and ended up filing for bankruptcy. 

Even NBA stars who earn millions can make bad decisions with their money if they don’t plan ahead. Whether you’re an aspiring entrepreneur or just want to save up some cash, it’s important to remember that big wins often mean big risk. You may be tempted by big returns, but keep your long-term finances in mind before making any financial decisions; ask yourself whether your decision is financially responsible and if it aligns with your goals for both short-term and long-term financial success.

The contract

In 1995, NBA star Latrell Sprewell turned down a three-year, $21 million contract extension from the Golden State Warriors. At the time, it was the most money any player had ever been offered. Just one year later, Sprewell was traded to the New York Knicks. He went on to play for them for six seasons before being traded again, this time to the Minnesota Timberwolves. He played for the Timberwolves for two seasons before retiring from the NBA in 2005.

Why was Latrell Sprewell suspended?

In 1997, during a practice with his then-team, the Golden State Warriors, Sprewell choked and threatened to kill his head coach, P.J. Carlesimo. As a result of the incident, Sprewell was suspended for 68 games by the NBA – the longest non-drug related suspension in league history. The NBA also issued a lifetime ban on Sprewell from playing for any team on its NBA International Roster. The following year, he filed an antitrust lawsuit against the NBA and sought reinstatement to get back into basketball. 

In 1999, Sprewell received limited eligibility from NBA Commissioner David Stern that allowed him to play in 30 regular season or playoff games while being prohibited from sitting on the bench during those contests. Despite being reinstated, he never found another team interested in him so he retired soon after and has since turned down coaching offers from other teams including Golden State because he felt betrayed by their actions after suspending him (NBA Star).

Life after basketball

After NBA star Latrell Sprewell turned down a $21 million contract extension, he was traded to the Minnesota Timberwolves. His career quickly fizzled out and he was out of the NBA by 2005. So what happened to him after his basketball career ended?

Lessons we can learn from him

In today’s society, it’s easy to forget that money isn’t everything. Yes, it can buy you material possessions and a certain lifestyle, but at what cost? For someone like Latrell Sprewell, the answer is: they don’t want to know. The NBA star turned down a $21 million contract from the Timberwolves in 1997 because he wanted more security than what the offer was offering him. Even though it was good for them financially, for him it wasn’t enough of an assurance for his future because he knew something would go wrong with the deal eventually.

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