Spurs’ No.1 Pick Victor Wembanyama Could Save $24M On Rookie Contract With Texas Move

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Spurs’ No.1 Pick Victor Wembanyama Could Save $24M On Rookie Contract With Texas Move

The San Antonio Spurs won the lottery to earn the rights to draft French phenom Victor Wembanyama with the No. 1 overall pick in the 2023 NBA Draft.

A native of France, Wembanyama also stands plenty to gain from a move to San Antonio, Texas.

As a citizen of France, Wembanyama’s NBA earnings would be taxed at a rate of 45 percent, amounting to nearly $24 million on his rookie deal. If he decides to move to Texas, the Spurs’ top pick would not be subject to any state income tax, which could save him nearly 24 million dollars over the course of his first NBA contract.

Had Charlotte or Portland earned the first overall pick, Wembanyama would be looking at paying between 5.25 percent tax in North Carolina and 9.9 percent in Oregon.

Why A Move To Texas Makes Sense For Wembanyama

Like many professional athletes, Wembanyama’s earnings will be subject to taxation. However, his tax situation is unique due to his French citizenship and prior residency in France.

As a French resident, he would be subject to France’s progressive tax scheme, which imposes higher tax rates on higher earners, reaching a maximum rate of 45 percent.

A move to Texas makes the most sense for the Spurs’ top pick. In Texas, Wembanyama will be able to avoid state income taxes altogether, resulting in substantial savings over the course of his NBA career. Aligning his contractual agreements and endorsements with Texas law could provide even more of a tax benefit.

By doing so, he could potentially eliminate his tax liabilities in France and begin accumulating wealth faster than other top NBA stars.

How Much Can Wembanyama Save By Moving To Texas?

By capitalizing on Texas’ tax advantages, the Spurs’ top pick stands to save millions of dollars in taxes, allowing him to secure his financial future as he embarks on his NBA career.

But how much can Wembanyama really save by moving to Texas?

Wembanyama could save up to $24 million in taxes on his first NBA contract but his overall tax savings could turn out to be much higher.

According to the NBA’s rookie wage scale, Wembanyama, a 19-year-old basketball prodigy, is expected to sign a two-year contract with a team option for the third and fourth years, potentially amounting to around $54.36 million, with a projected payment of $11.98 million in 2023-24.

In addition to his NBA earnings, Wembanyama is also anticipated to earn millions of dollars through endorsements. The most recent comparison would be former hyped Duke star Zion Williamson, who earned approximately $20 million in endorsements during his rookie season.

With over $30 million in projected earnings as a rookie, Wembanayama stands to save over $14 million in taxes during his first NBA season alone.

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