Pistons free agent and NBA player Malik Beasley, who is the subject of a federal gambling investigation, reportedly had “financial issues” as he struggled to pay back an advance from his former marketing agency.
According to ESPN, the suit filed in April by Hazan Sports Management Group seeks $2.25 million in damages and legal fees from Beasley for breach of contract.
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A Hazan Sports attorney said the firm made a substantial investment of time, effort and resources into Beasley as he struggled with financial issues when it took Beasley on as a client in November 2023.
The lawsuit alleges that Beasley did not fully repay a $650,000 marketing advance and terminated the deal on Feb. 27.
An attorney for Hazan Sports requested an extension in the suit to allow the parties to work on a settlement. A potential deal was predicated on Beasley’s financial liquidity.
The Pistons were reportedly prepared to offer Beasley a 3-year $42 million contract at the start of free agency but negotiations paused after news broke that Beasley was the subject of a federal gambling investigation just before free agency began.
Originally reported by ESPN, the U.S. Attorney’s Office for the Eastern District of New York alleges that Beasley gambled on NBA games and prop bets during the 2023-24 season when he was with the Milwaukee Bucks. He has not been charged with a crime.
It’s unknown if the allegations from Hazan Sports are related to the federal gambling probe.
--> Detroit Pistons shooting guard Malik Beasley’s $42M deal on hold amid gambling allegations