NBA player Malik Beasley, known for earning $59.2 million over nine seasons, now finds himself mired in Malik Beasley financial and legal troubles, as lawsuits and a federal gambling investigation cloud his future. Recent legal action and debt disputes have surfaced alongside a probe into alleged wagering on NBA games during the 2023-24 season.
Multiple Lawsuits Challenge Beasley’s Finances
Hazan Sports Management Group, the agency behind Beasley’s $6 million contract with the Detroit Pistons last season, has filed a $1.65 million lawsuit against him in U.S. District Court. The agency, which reportedly provided Beasley with a $650,000 advance, claims he breached a four-year exclusive marketing contract by firing them and signing with Seros Partners soon after the deal was secured. Hazan is seeking the return of the advance and an additional $1 million in damages, but reports indicate both sides are working towards a settlement.
The Detroit News further highlights Beasley’s troubled financial landscape beyond his dispute with Hazan. He has encountered ongoing issues with a celebrity barber, a dentist, a landlord, and firms specializing in bridge loans for athletes, all of which have escalated to legal disputes and court settlements.
Debt Judgments and Collateralized Contracts
Court records from Maryland reveal that a company focused on lending to professional athletes secured a nearly $5.8 million judgment against Beasley. Last August, Beasley signed an agreement with a Florida lender, offering his current and future NBA salaries as collateral, according to documents obtained by The News.
Compounding his debts, Beasley was ordered to pay $26,827 to Cairo Cuts, a Milwaukee celebrity barbershop with a notable NBA clientele, following a January court ruling. Cairo Cuts operates in Milwaukee, where Beasley previously played for the Milwaukee Bucks between 2022 and 2024. In addition, The Stott, a historic Detroit apartment building, has twice taken legal action against him for unpaid rent.
Gambling Investigation Raises More Concerns
These combined legal situations are unfolding as the U.S. Attorney’s Office investigates Beasley for possible involvement in gambling related to 2023-24 NBA games. Beasley was a member of the Milwaukee Bucks during this period, but as of now, he has not been charged with any crime. The ongoing investigation has impacted contract negotiations, putting talks with the Detroit Pistons, where Beasley averaged 16.3 points per game last season, on hold.
“We are cooperating with the federal prosecutors’ investigation.”
—Mike Bass, NBA league spokesperson
Potential Impact and Future Uncertainty
The accumulation of Malik Beasley financial and legal troubles has triggered disappointment and concern across the NBA. The lawsuits stretching from agents to landlords and loan providers, coupled with scrutiny from prosecutors, cast significant uncertainty over his ability to sign a new deal and continue his professional basketball career. As the investigation and settlements progress, the outcome will not only determine Beasley’s personal and professional fate but may also influence how financial risk and conduct are scrutinized for athletes moving forward.