Gilbert Arenas may have to forgo the luxuries of life when his $111 million NBA contract with the Washington Wizards runs dry. Such luxuries include paying for his kids’ private school tuition.

TMZ reports,


“Gilbert Arenas’ infamous $111 MILLION contract with the Washington Wizards is finally about to expire … and Gilbert says he will be so poor, he won’t be able to afford private school for his kids.”

Gilbert signed the historic multimillion-dollar contract back in 2008. Although the Wizards traded Arenas in 2010, the team honored its contract by continuing with its installments. With the final payment approaching, Gilbert tells media that his gross income will decrease by leaps and bounds.

“I anticipate that the children will need to transfer to public schools in 2017 and beyond,” he shares with TMZ. Gilbert also says that his only source of income will be from investments which yield about $170,000 annually. The children’s tuition, according to Gilbert, costs just over $91,000 per year.

It will be interesting to see how Laura Govan, mother of Gilbert’s children, responds to the news of Gilbert’s cutback concerning the kids. The celebrity mom certainly has experienced her fair share of backlash from her ex-husband.

It was just last year that Arenas took to Instagram to criticize Govan for calling him a deadbeat. “I get my kids every #weds #everyotherweekend #jointcustody #nonannyAllme #cook #nomaid,” Gilbert wrote.

The retired athlete continued, “I set up their college funds..each child has over 300k towards college..also they have their own personal bank accounts, I put 10k each bday…I get 20k a month for person spending I put 2k in each account like clockwork EVERY MONTH leaving me with 12k…I also pay for their private schooling,meals,clothes, cars..I personally cover every aspect of my kids life.” Gilbert also discussed the $20,000 that he gives his ex-wife “to buy herself clothes for #IG for u [people] to hit the like button.”

Gilbert Arenas and Laura Govan parent four kids together.

Photo: Getty Images

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