Yahoo Sports Report: Adrian Peterson ordered to pay $8.3 million after defaulting on loan
Adrian Peterson is on the hook for $8.3 million in defaulted loans after the New York State Supreme Court ruled against him in a summary judgment, according to records obtained by ESPN.
The Detroit Lions running back, soon to be a free agent, was hit with a lawsuit in July 2019 from DeAngelo Vehicle Sales LLC, a Pennsylvania loan company (think investment vehicles, not cars). The company alleged that Peterson failed to pay back a loan of $5.2 million issued in October 2016.
Peterson reportedly did not appear in court to argue his side, nor had any lawyer there representing him.
How Adrian Peterson ended up owing $8.3 million
The loan was reportedly due to be paid back, with interest, by March 1, 2017. When the company filed suit, it asked for $6.6 million to cover the loan, interest and legal fees, plus continued interest for every day the loan went unpaid. After two years had gone by, it reportedly asked for $8,268,426.21, which added up to $2,207.12 per day in continued interest.
In an initial settlement agreement notarized in October 2019, Peterson reportedly acknowledged “the existence and continuation of his default under the Loan and the applicable Loan documents, and that Peterson’s obligation under the Loan is immediately due and payable.”
Under the settlement, Peterson was apparently supposed to make $25,000 payments on Oct. 18 and 31, 2019, $2.25 million on Nov. 11, 2019 and $25,000 within 10 days of his contract option being picked up by the Washington Football Team for the 2020 season. If he did not make the payments, the settlement dictated that he would have to pay back the entire $5.2 million loan plus interest.
DeAngelo Vehicle Sales reportedly said in court that Peterson only paid back $165,000.
Not Adrian Peterson’s first loan gone bad
This isn’t the first time Peterson has had a court rule against him on a defaulted loan, as he was ordered to pay $2.4 million for a similar situation in 2014.
In that case, Peterson had reportedly owed $4 million to Democracy Capital Corp. in Maryland, but only paid back about $1.7 million. What’s more, Peterson’s loan from DVS in 2016 was reportedly used to pay back loans of nearly $3.2 million to Thrivest Specialty Funding, which his lawyer later described as “a pay day lender for professional athletes” and $1.34 million to Crown Bank.
Peterson was also reportedly ordered by a Minnesota court to pay $600,000 to Crown Bank.
Adrian Peterson has made more than $100 million in his career
Over the course of his 14-season career, Peterson has earned a total of $102.8 million, according to Spotrac. As a well-known running back, he would have earned even more in endorsement deals.
Peterson would have had to pay plenty of that back in taxes, union dues, agent fees and, apparently, legal fees, but you would think he wouldn’t need pay day lenders to keep himself supported. Now, in the twilight years of his career, it’s not like his next deal will be able to cover a $8.3 million hole in his finances.
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