Melo Knicks contract: Info on new Carmelo Anthony Knicks deal

[Beastmode88]

62 mil up front. :bowdown: :bowdown:

---------

New York Knicks star Carmelo Anthony is set to receive large portions of his $124 million contract in advance payments, according to people familiar with the matter.

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.

http://online.wsj.com/articles/knicks-carmelo-anthony-takes-62-million-advance-1408146976

[Lebronxrings]

waste of money.

[Meticode]

Damn Phil.

[imdaman99]

He should have been a beta and taken less money to collude with 2 other stars.

lol

[Real14]

He should have been a beta and taken less money to collude with 2 other stars.

lol
Exactly.

[gts]

SportsCenter ‏@SportsCenter
Carmelo Anthony will receive advance payment of more than $62 million from Knicks, maximum he is allowed under league rules. (via @WSJ)

looking for article

[gts]

New York Knicks star Carmelo Anthony is set to receive large portions of his $124 million contract in advance payments, according to people familiar with the matter.

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.

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

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 Rose, did the same thing last summer after signing a three-year deal for nearly $18 million.

Corrections & Amplifications

An earlier version of this article misstated the timing of advance salary payments to be received by the Knicks' Carmelo Anthony. Anthony will annually receive 50% of his yearly salary in an advance payment. He won't receive half of the entire $124 million contract this year.


http://online.wsj.com/articles/knicks-carmelo-anthony-takes-62-million-advance-1408146976?tesla=y&mg=reno64-wsj&url=http://online.wsj.com/article/SB10001424052702304414104580094021396788414.html

[Smook A.]

http://online.wsj.com/articles/knicks-carmelo-anthony-takes-62-million-advance-1408146976

[QUOTE]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

[JohnFreeman]

"It's not about the money" - Carmelo Anthony

[Patrick Chewing]

That's not extra money, just an advance on what he would be already owed.

[RoundMoundOfReb]

Makes no difference to anybody but Dolan and Melo...

[navy]

How does this work? I thought they got payed by the game?

[SupermanOnSteroids]

don't blame him at all. this is the smart thing to do. time value of money.

[niko]

OP needs a math lesson. By his count if I owe you $10 next week, and i pay you early, it becomes $20.

NBA players are allowed up to half of their contract (cash) up front. The money is all guaranteed no matter what so when it's paid is not important. Very few contracts are paid exactly the yearly amount during each year.

No, they are not paid by the game.

[niko]

Damn Phil.
This hurts the Knicks how?

[kennethgriffin]

this is actually kind of scary. who needs that kind of cash upfront unless theyre planning on going all out and ending up bankrupt like antoine walker

[J Shuttlesworth]

He should have been a beta and taken less money to collude with 2 other stars.

lol
The great part is that Melo is going to remain ringless for his entire career because of this :bowdown: He won't even make the conference finals in the east :roll:

[SupermanOnSteroids]

this is actually kind of scary. who needs that kind of cash upfront unless theyre planning on going all out and ending up bankrupt like antoine walker
you take the payment in advance and invest that money right away and collect the return on it. look up how time value of money works.

[Rose'sACL]

I would kill to be paid .62 mil advance of my next 10 years salary right now. You can do so much more with that money if you are paid like that.

[kennethgriffin]

you take the payment in advance and invest that money right away and collect the return on it. look up how time value of money works.

:biggums:

you can't possibly believe thats what this low life tatted up hood rat clown is gonna do ... do you?




they say 3 out of 4 people who win the lottery go bankrupt. you know why? because they were never meant to be rich. if theyr were smart enough to be rich. they would be. but since theyre stupid as ****ing turds. they end up blowing through their money without knowing how to invest. t

[Fudge]

Money > Rings

[SupermanOnSteroids]

i'm pretty sure he's got enough smart people advising him. he doesn't strike me as an overly smart dude, but i'm sure he's not latrell sprewell dumb either.

[kennethgriffin]

I would kill to be paid .62 mil advance of my next 10 years salary right now. You can do so much more with that money if you are paid like that.


i would kill to be paid 2 mill every year over the next 30 years


**** risk. i'm not an investment capitalist entrepreneur. i could take a risk but then why bother. i want a security blanket. and 2 mill over one year is a hell of allot of money. i could live in a nice big 3 car garage home and live comfortable as ****. go on vacations. never work. have nice things. get tons of *****

theres no god damn reason why i need a solid gold toilet bowl. or some rare glass egg. or some multi million dollar rare piece of art. the reason rich people go broke is cause they spend money on stupid shit thats 500000 times over priced.

[SupermanOnSteroids]

you obviously don't know anything about money management. simply taking a 2 mil payment every year for 30 years gives you 60 mil. take that 60 mil up front, invest that money (lets assume a 10% growth per year) and withdraw 5% per year and you draw at least 3+ mil per year for the rest of your life and never run out of money unless the great depression 2 happens. and even if that does, you still would have people warning you to pull out and save you from going bankrupt.

[Pacquiao]

The great part is that Melo is going to remain ringless for his entire career because of this :bowdown: He won't even make the conference finals in the east :roll:

Melo should be thinking about getting the 8th seed first.

[hawkfan]

Makes it easy to trade him later.
He has a no-trade clause, but the Knicks can get a deal together, make it public and then put pressure on him.

[kennethgriffin]

you obviously don't know anything about money management. simply taking a 2 mil payment every year for 30 years gives you 60 mil. take that 60 mil up front, invest that money (lets assume a 10% growth per year) and withdraw 5% per year and you draw at least 3+ mil per year for the rest of your life and never run out of money unless the great depression 2 happens. and even if that does, you still would have people warning you to pull out and save you from going bankrupt.

you think stock markets or investment shit is fool proof automatic money? dumb ****. do you have any idea how many people lost their retirement savings and investments over the last 5 years in the united states? this isnt exactly a booming time... and unless you have insider trading tips or are part of an illuminati type freemason group getting insider trading tips. its ****ing nearly impossible to make much more than a few percentage points. so what are you gonna do? risk 60 mill to make a few extra mill? then what if its lost. youre broke and working at mcdonalds the next day. you cant put all your eggs in one basket. greed is the downfall of man.

like 2 mill guaranteed isnt worth it.????. 90% of the stock market community is in the game in the first place just to hope to end up with that 2 million by the time their 60 years old. but few do ever reach that mark. just a small 1-2%


so why risk all that money to get every year what everyone else is just trying to get for a lifetime

2 mill cash is enough money to last your entire god damn life. 2 mill a year and you can basically do whatever the **** you want

please stop trying to justify melos stupidity. you know hes just gonna waste half of it on a diamond encrusted toilet seat.

[SupermanOnSteroids]

you think stock markets or investment shit is fool proof automatic money? dumb ****. do you have any idea how many people lost their retirement savings and investments over the last 5 years in the united states? this isnt exactly a booming time... and unless you have insider trading tips or are part of an illuminati type freemason group getting insider trading tips. its ****ing nearly impossible to make much more than a few percentage points. so what are you gonna do? risk 60 mill to make a few extra mill? then what if its lost. youre broke and working at mcdonalds the next day. you cant put all your eggs in one basket. greed is the downfall of man.

like 2 mill guaranteed isnt worth it.????. 90% of the stock market community is in the game in the first place just to hope to end up with that 2 million by the time their 60 years old. but few do ever reach that mark. just a small 1-2%


so why risk all that money to get every year what everyone else is just trying to get for a lifetime

2 mill cash is enough money to last your entire god damn life. 2 mill a year and you can basically do whatever the **** you want

please stop trying to justify melos stupidity. you know hes just gonna waste half of it on a diamond encrusted toilet seat.
:facepalm

talk to some educated people and see how dumb you sound.

[wally_world]

Smart thing to do. Time value of money.

[LoneyROY7]

:biggums:

you can't possibly believe thats what this low life tatted up hood rat clown is gonna do ... do you?




they say 3 out of 4 people who win the lottery go bankrupt. you know why? because they were never meant to be rich. if theyr were smart enough to be rich. they would be. but since theyre stupid as ****ing turds. they end up blowing through their money without knowing how to invest. t

You are an absolute f*cking fool.

[brantonli]

OP needs a math lesson. By his count if I owe you $10 next week, and i pay you early, it becomes $20.

NBA players are allowed up to half of their contract (cash) up front. The money is all guaranteed no matter what so when it's paid is not important. Very few contracts are paid exactly the yearly amount during each year.

No, they are not paid by the game.

I know they aren't paid by game, but I remember some contract guru talking about how some teams pay monthly, and other teams pay at the year end. And when we are talking about tens of millions of dollars, that interest you otherwise could've earned is pretty important, although probably not for Dolan.

[niko]

It's wrong, he only gets half of each year up front each year. Whoever wrote the initital article had it wrong. So he gets HALF the first day of each year, not half the first day of the contract. Article was updated later in WSJ per Larry Coon

[DJ Leon Smith]

you obviously don't know anything about money management. simply taking a 2 mil payment every year for 30 years gives you 60 mil. take that 60 mil up front, invest that money (lets assume a 10% growth per year) and withdraw 5% per year and you draw at least 3+ mil per year for the rest of your life and never run out of money unless the great depression 2 happens. and even if that does, you still would have people warning you to pull out and save you from going bankrupt.

Could have ended your post there to be honest.

[Xiao Yao You]

But he's all about winning! :roll:

[niko]

The initial article was wrong and based on the person misinterpeting the CBA and what the Knicks said. (Dude could be an ISH poster).

Each year, a player is allowed to get as much of 50% of THAT YEARS SALARY up front on the first day of the NBA year (whatever that is). So each year, Melo will get half of that year's salary the first day. (They are also able to defer money, etc.)

So this year of his $20M or so, Melo will get $10M the first day and the remainder of the money throughtout the year. Not half his full contract the first day. Each subsequent year will be the same. He will however not receive money from a subsequent year in advance (no 2016 salary in 2015, etc.)

I made another topic because people are using the initial topics to bash Melo and the Knicks and not reading the posts that say it's clearly wrong.

Carry on.

[Hey Yo]

62 mil up front. :bowdown: :bowdown:

http://bleacherreport.com/tb/ddKsd
No he's not.

That's what you get for going to that POS site.

http://probasketballtalk.nbcsports.com/2014/08/16/carmelo-anthony-to-receive-half-of-his-salary-each-year-up-front/?utm_source=dlvr.it&utm_medium=twitter

[Boarder Patrol]

Chris Bosh (16, 6.5, 2) takes max: "Riley da GAWD!!!"

Melo (27, 8, 3) takes LESS than max: "lol Knicks!!11!"

[ralph_i_el]

time value of money.
Getting his money sooner allows him to collect the investment gains and interest on the assets, instead of the Knicks earning off those assets before they pay him.

By taking the money up front he'll make more money. He's already in the highest tax bracket

[NewYorkNoPicks]

Damn you guys are retarded

Its not an extra 62 mill

Its not even 62 mill upfront

He simply gets 50% of his yearly salary upfront for each season of the contract

So for example lets say he had a flat salary of $20 million a year for 5 years

That would mean he would receive $10 mill (50% of the 20) up front before each season started and then earn the remaining 10 mill in yearly salary hes owed over the normal course of the season.

[navy]

Chris Bosh (16, 6.5, 2) takes max: "Riley da GAWD!!!"

Melo (27, 8, 3) takes LESS than max: "lol Knicks!!11!"
Nobody said Bosh got a good deal....