Troubling Malik Beasley debt details emerge with NBA star embroiled in gambling probe
Malik Beasley seems to be in some deep water.Amid a federal investigation into gambling allegations made earlier this week, it has now been revealed that the NBA free agent with nearly $60 million in contract earnings across his nine-year career is facing financial woes that include multiple debts and lawsuits against him.It was reported Tuesday that Beasley is being sued by his former marketing agency for failing to repay in full a $650,000 advance.Then, The Detroit News reported Tuesday evening the sharpshooter has incurred debts to a celebrity barber, a dentist, a landlord and a lender — all in addition to the New York-based marketing firm.“I have been with Malik for a long time, I have seen a lot of people around him come and go, but I have stayed away from any of his financial management or mismanagement or decisions he would make with money,” Steve Haney, Beasley’s criminal defense lawyer, told The Detroit News.
“I’m his lawyer.I don’t get involved in his finances.“You hope to get them around the best business people and planners and management people.
Sometimes they do and sometimes they don’t.”The Detroit News reported that Beasley even pledged his current and future NBA contracts to a lending company, South River Capital LLC, which won a nearly $5.8 million judgment against Beasley — a copy of the judgment was filed in 2022 when Beasley was with the Timberwolves.Beasley’s reasoning for borrowing money is unclear, though court records show that he paid back $1.3 million in early 2023.“It is very common for professional athletes to go to third-party lenders and get advances on contracts.It’s a part of the business of professional sports,” Haney said.
“Many of these lenders are predatory and charge extremely high interest rates and outrageous fees that border on usury.”Beasley’s other financial issues include being sued twice for failing to pay more than a combined $20,000 in rent at The Stott building in Detroit.In Janua...