Former NBA player Joe Smith claims to have lost $80 million after the NBA discovered an “under-the-table” deal between him and the Minnesota Timberwolves. In a recent interview with VladTV, Smith revealed the details of the scandal that unfolded early in his career.
During the interview, Smith expressed the financial toll of the scandal, stating:
“There was an under-the-table deal done with my agent and the organization without me being involved, but I eventually ended up having to pay the penalty. But I mean, it was an under-the-table deal. That one was, I guess, worth $80 million.” (3:20)
After being selected as the No. 1 pick by the Golden State Warriors in the 1995 NBA draft, Smith played for the Warriors for two and a half seasons before being traded to the Philadelphia 76ers. Following the 1999 NBA lockout, he signed a suspiciously low one-year, $1.75 million deal with the Timberwolves, raising eyebrows in the league.
The NBA found out about an under-the-table deal between Smith and the Timberwolves, involving him signing three consecutive minimal one-year deals. This arrangement allowed the team to acquire his Bird rights and eventually exceed the salary cap to sign him to a more lucrative deal.
As a result of the scandal, the NBA handed down severe penalties. Minnesota was fined $3.5 million and forced to forfeit first-round draft picks over the next five years. Smith’s one-year deals with the Timberwolves were voided, and the team lost his Bird rights. The team’s owner, Glen Taylor, was suspended, and the vice president of basketball operations, Kevin McHale, took a leave of absence.
Following the controversy, the NBA gave Smith a choice: sign a new deal with the Timberwolves and face a one-year suspension or sign with a new team. Smith chose to sign with the Detroit Pistons for one year, $2.25 million in 2000, before returning to the Timberwolves in 2001 on a six-year, $34 million contract.
Despite the financial setback and the turbulent aftermath, Smith continued his NBA career with various teams, including the Milwaukee Bucks, and concluded his tenure in the league with respectable contributions on the court.
Joe Smith Lost $60 Million As Well
In a recent interview with VladTV, former NBA player Joe Smith opened up about the financial repercussions he faced, losing an estimated $60 million, following the infamous incident where Latrell Sprewell choked Warriors Head Coach PJ Carlesimo. Smith shared details about the contract negotiations that were ongoing during that tumultuous period.
During the interview, Smith revealed that contract talks were in progress at the time, with the team offering a maximum of $50 or $60 million. However, feeling he was worth more, Smith decided to explore other opportunities. The situation intensified as the team underwent significant changes, bringing in new faces from players to organizational and coaching staff.
Describing the upheaval as the start of the blow-up, Smith highlighted the profound impact it had on him as a young player. The blow-up likely refers to the overall turmoil and changes that ensued following the Sprewell-Carlesimo altercation, a moment that left an enduring mark on NBA history.
Smith’s narrative provides a candid glimpse into the intricacies of contract negotiations, player valuation, and the far-reaching consequences of significant incidents within a sports organization. The financial setback he experienced serves as a stark reminder of how off-court events can reverberate through players’ careers, influencing their trajectories and financial well-being.
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