James H. Sterling
Allan is one of the richest Basketball Player from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Allan Houston's net worth $55 Million. (Last Update: January 13, 2024)
Wade Houston, his father’s coach, taught him college basketball at the University of Tennessee.
| Net Worth | $55 Million |
| Salary | Under Review |
| Source of Income | Basketball Player |
| Cars | Not Available |
| House | Living in own house. |
In 2005, the NBA agreed on a new collective bargaining agreement (CBA). The CBA included an amnesty clause provision allowing NBA teams to release one player without his contract counting against the NBA’s luxury tax threshold. The clause did not negate a player’s contract, a team’s obligation to pay a player, or a contract’s impact on the salary cap; it merely made it possible to remove a released player’s salary from luxury tax calculations on a one-time basis. The clause benefited teams that were in danger of facing the luxury tax, which was a penalty paid by teams with payrolls exceeding a certain threshold. Because the Knicks were expected to use the amnesty clause to waive Houston due to his expensive contract and injury woes (as of the 2005 offseason, two years and $40 million remained on his contract), the amnesty clause was dubbed the “Allan Houston Rule.” After Houston assured his team that he would retire if his knee problems recurred in training camp that fall, the Knicks chose not to use the amnesty clause to release him; instead, they released forward Jerome Williams.
During his career, Houston was known for his three-point shooting prowess. Houston also made the All-Star team twice. Despite the on-court accolades, though, Houston’s lasting legacy may be something that happened off the court: In 2001, Houston signed a six-year, $100.4 million contract extension with the Knicks. Houston’s yearly salary of over $20 million made him virtually untradeable, and his injury problems would burden the Knicks. Houston missed 32 games in 2003-04 due to a knee injury, and despite claims in the summer of 2004 that he would be ready to play the next season (he even refused to have surgery on his knee that summer), he played in only 20 games that season because his injury had not completely healed. Knee injuries would eventually force Houston to announce his retirement on October 17, 2005. Houston attempted to return to the NBA in 2007, but decided to end his comeback attempt on October 20, 2007 because of bad timing in choosing to join the team so late into preparation for the regular season. Houston was signed by the Knicks to play in 2008, but was cut before the end of the preseason without appearing in a game.
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