Redskins RB Adrian Peterson ordered to pay $2.4 million after defaulting on loan
A Maryland judge has ordered Washington Redskins running back Adrian Peterson to pay about $2.4 million after he defaulted on a loan from a Montgomery County lending service. It is the second multi-million dollar loan Peterson has defaulted on.
Per the report, Peterson borrowed $4 million from Democracy Capital Corp. in 2016. He initially failed to make the first $200,000 payment in July 2017, increasing the interest rate from 15 percent to 23 percent. Peterson also failed to pay the loan in full when it matured in February 2018.
Peterson paid $1.65 million in July 2018, and another $50,000 in late December. A court order entered last month requires Peterson to pay roughly $2.4 million.
Coincidentally, Peterson borrowed $2.4 million in May 2016 from another lending institution, defaulting only five months later. Eventually, a Minnesota court ordered Peterson in October 2017 to pay roughly $600,000.
Peterson signed a two-year, $5 million deal with Washington earlier this year. The deal includes $1.5 million in guaranteed money, and incentives of up to $1.5 million per year.
In his 10-year stint with the Vikings he earned $94 million.
“Adrian is working with the lender,” attorney Doug Wolfe said. “We did know the filing was coming. It’s more of a procedural thing than anything else. It’s not currently going to be responded to. We are in negotiations to resolve the matter.”
Peterson, 34, has 13,318 career rushing yards and experienced a resurgence with the Redskins in 2018.He currently ranks 8th all-time, and is just 783 yards away from passing Hall of Famer Curtis Martin for the fifth spot on the all-time list.