REPORT: Court Orders Lions RB Adrian Peterson To Pay $8.3-Million To Loan Company
Don’t be surprised if Adrian Peterson is forced to play a few more seasons in the NFL after a New York State Supreme Court ordered the Lions running back to pay back $8.3-million to DeAngelo Vehicle Sales LLC, as a result of an unpaid loan.
According to documents, Peterson failed to pay back a loan of $5.2-million, plus interest, back in March of 2017. The company filed a case in 2018, asking that Peterson pay $6,546,448.32, with interest incurring each day until they’re paid.
In 2019, the two sides reached a settlement that seemed could have gotten Peterson off with paying a lot less. But he failed to come up with the necessary funds on that occasions as well.
Peterson did not pay back the loan by the initial agreed-upon date of March 1, 2017, and after DVS filed suit in 2018. In 2019, Peterson signed a settlement agreement, which called for him to make $50,000 payments on Oct. 18 and Oct. 31 of 2019, along with a $2.25 million payment on Nov. 11, 2019, and then a final $25,000 payment within 10 days of his option being picked up by the Washington Football Team for the 2020 season. If Peterson defaulted on the settlement agreement, he would have to pay the entire amount of the initial loan plus interest.
The attorney for DVS, Jeffrey Reina, said in court Wednesday that Peterson had paid back $165,000 of the initial agreement. Reina said in court that he had not heard from Peterson or Doug Wolfe, whom Hon. Paul B. Wojtaszek said was Peterson’s “last known representation.”
Peterson did not appear in court for the latest ruling, and his representatives have not commented on the matter.
The 35-year-old former MVP is set to become a free agent this offseason after making $1.05-million this past season in Detroit. According to Spotrac, over the course of his 15-year career, Peterson has made $102,803,319 in total earnings.