Malik Beasley
AP Photo/Julia Demaree Nikhinson
NBA free agent Malik Beasley’s financial woes were reportedly so severe that he once put up his own contracts as collateral to take out a loan.
ESPN on Sunday broke the news that Beasley — who played this past season with the Detroit Pistons — was under federal investigation for suspicious gambling activity. The activity, sources told ESPN, occurred during the 2023-24 season when Beasley was a member of the Milwaukee Bucks.
According to a Tuesday report from The Detroit News, Beasley had serious money issues. That included owing a dentist, a celebrity barber, and a Detroit landlord for unpaid rent. These troubles go back years.
The report continued:
In March, Beasley was sued in Detroit’s 36th District Court for failing to pay $14,150 in rent at The Stott. The historic high-rise apartment building in downtown Detroit is owned by Bedrock Detroit, the real estate arm of the business empire built by Dan Gilbert, who owns the NBA’s Cleveland Cavaliers.
The lawsuit was dismissed in late March.
Last month, Beasley was sued again by The Stott for failing to pay $7,355 in rent. A hearing is scheduled for July 15.
In January, a celebrity barbershop with a long roster of NBA stars won a $26,827 judgment against Beasley. The barbershop, Cairo Cuts, operates in Milwaukee, where Beasley played for the Milwaukee Bucks from 2022-24.
The report also detailed how Beasley got involved with third-party lenders. One of them, South River Capital, won a judgment of approximately $5.8 million against him in 2022. Steve Haney — Beasley’s criminal defense lawyer — told The Detroit News that athletes frequently seek out these lenders for advances on their team contracts.
Despite owing millions to South River Capital, Beasley quickly got into business with another firm:
Almost one year ago, in August, Beasley signed a deal with a Florida firm that provides bridge loans to pro athletes. As collateral, Beasley pledged his current and future NBA contracts, according to a copy of the financing statement obtained by The News.