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Miami Heat bail out Tim Hardaway from IRS debt

Posted on: January 27, 2011 4:02 pm
Edited on: January 27, 2011 6:04 pm
 
The Miami Heat have reportedly bailed out former point guard Tim Hardaway from significant tax debt by purchasing his house. Posted by Bentim-hardawayGolliver.

It's often said that the greatest honor an NBA franchise can bestow upon a player is to retire his jersey, and while that kind of thing is priceless, taking care of a six-figure IRS debt has to be right up there too.

Earlier this week, Ken Berger detailed Antoine Walker's financial troubles and Royce Young looked at the messes former NBA players often find themselves in. On Thursday, the Detroit News reports that former Miami Heat point guard Tim Hardaway was up to his UTEP Two-Stepping waist in debt, before his former team stepped in to make his money problems disappear.
The Miami Heat, one of the NBA's hottest teams, bailed out former star Tim Hardaway, whose namesake son plays for the University of Michigan basketball team, by buying his Miami mansion and clearing up a $120,000 federal tax debt.
Hardaway, 44, ran into tax trouble in June despite being paid more than $46.6 million during his NBA career. The IRS filed a tax lien against his property and the bill listed his 7,542-square-foot mansion in suburban Miami. The IRS filed a $120,748 lien against Hardaway and his wife on June 1 with the Miami-Dade County Clerk. According to the lien, the couple owes income taxes from 2005 and 2006.
On Sept. 3, three months after the lien was filed, Hardaway sold the mansion to Miami Heat Limited Partnership, which owns the Miami Heat. The Heat paid $1.985 million, according to public records. Today, the Heat is trying to sell the five-bedroom, five-and-a-half-bath estate, which comes with a pool and private basketball court decorated with a Miami Heat logo, for $2.5 million.
The paper reports that Hardaway refused to provide an explanation for the sale and the team also refused comment. There's nothing obviously illegal about the arrangement, but it's sure unsettling. 

What does this say about the NBA if a team employs a player at a ridiculously high salary for years, watches the player spend his money on ridiculously opulent real estate, purchases the ridiculously opulent real estate when the player runs out of money like so many others, and then attempts to flip the real estate for a profit. 

Come to think of it: this would come off like a genius business plan if it didn't make you feel so dirty thinking about it. Maybe this is why the owners want to lockout next season? So they can buy up all of their players' foreclosed houses and repossessed cars at public auction. 

I kid, I kid. Sort of.
Category: NBA
Comments

Since: Jan 12, 2011
Posted on: February 1, 2011 6:45 pm
 

Miami Heat bail out Tim Hardaway from IRS debt

good to see an NBA team help out an ex player!



Since: Apr 18, 2008
Posted on: January 29, 2011 12:46 pm
 

Miami Heat bail out Tim Hardaway from IRS debt

Hope this gives Mr. Hardaway a message live within your means for the average everyday working person this would amount to losing everything with no bailout. These stories continue to leak out showing former players who have not been able to manage finances for long term sucess. My question is if struggles are do to listening to people who manage their money or not listening to those that manage their money?



Since: Oct 27, 2010
Posted on: January 29, 2011 11:52 am
 

Miami Heat bail out Tim Hardaway from IRS debt

Way to put a completely negative spin on what would seem like an amazing gesture by the Heat towards one of their great all time players. Obviously people make mistakes, it's nice to know sometimes people will help you out when you're down.



Since: Mar 30, 2008
Posted on: January 29, 2011 10:23 am
 

Miami Heat bail out Tim Hardaway from IRS debt

"I got Skillz that make Millz" Tim Hardaway 1995 "I got Billz in the Millz" Tim Hardaway 2010
I 've always wondered,  Do Owners ask players to do simple math in interviews, before signing them to million dollar contracts?
 for instance: If taxes take 28 % of your check and you spend 50% during your contract years (5 max) How much money would you be left to live on from age 30 to 44? personnaly, I wouldnt hire any one that could not budget their own salary especially for millions, I know that their skills are basketball but at least build a team that has a cerebral advantage.




Since: Dec 28, 2006
Posted on: January 27, 2011 6:21 pm
 

Miami Heat bail out Tim Hardaway from IRS debt

 It must be easier than reading. Says Ben Golliver.....



Since: Aug 18, 2006
Posted on: January 27, 2011 5:53 pm
 

Miami Heat bail out Tim Hardaway from IRS debt

Does "<br />" stand for "broken"?



Since: Oct 3, 2006
Posted on: January 27, 2011 5:42 pm
 

Miami Heat bail out Tim Hardaway from IRS debt

And there's not even an author;s name, so we can't rip the guy. How hard is it to blog?



Since: Feb 19, 2007
Posted on: January 27, 2011 4:46 pm
 

Miami Heat bail out Tim Hardaway from IRS debt

LMAO.  Hilarious.<br /><br />Yeah, something seems really wrong about this.  I think the proper thing to do would be to let Hardaway sink or swim as he would.  Bailing him out now doesn't teach him a damn thing.



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