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Former Vikings star Adrian Peterson ordered to turn over assets to pay massive debt
Posted on 9/10/24 at 1:15 pm
Posted on 9/10/24 at 1:15 pm
quote:
Former Minnesota Vikings star running back Adrian Peterson earned more than $100 million in his NFL career from 2007 to 2021. But he still is in massive debt estimated at more than $12 million. And now a judge in Houston has issued an order for him to turn over numerous assets to help pay it back.
The same judge on Monday ordered that constables in Fort Bend County, Texas, accompany the court-appointed receiver to Peterson’s home when he shows up to seize the assets, according to the order obtained by USA TODAY Sports.
quote:
The order is the latest in a long legal battle to get Peterson to pay back a $5.2 million loan he took out from a Pennsylvania lending company in 2016 that was supposed to pay back other lenders, according to court records. That debt since has led to a $8.3 million judgment against him in 2021, plus $15,000 in attorney’s fees with 9% per annum on all amounts, according to the receiver’s court filing. The approximate collection total is $12.5 million, Berleth stated in a February court filing.
quote:
Berleth, the court-appointed receiver, also has accused Peterson of playing a shell game with his assets to avoid payment. In February, a sports memorabilia auction in Texas got caught in the middle of it when it attempted to sell off Peterson’s personal items, including several NFL trophies and jerseys.
A judge halted the sale after Peterson objected and went on social media to say, "I want to emphasize that I'm financially stable and would never sell off my hard-earned trophies." That auction is still apparently on hold.
quote:
Peterson took out the loan in 2016 and promised to pay it back with interest in March 2017, five months later. According to the agreement, he planned to use most of the money to pay back other loans. But Peterson was coming off a knee injury in 2016, and the Vikings declined to pick up the $18 million option on his contract in early 2017, turning Peterson into a free agent. Peterson’s earnings fell dramatically after that, never exceeding $3.5 million a year. He hasn’t played in the NFL since 2021.
LINK
It’s crazy to think someone could make $100 Million and be over $10 Million in debt to where he’s about to have all sorts of stuff taken from him. You would think, or hope, that at some point during his career a trusted teammate or coach would have tried to get him to make better decisions.
17
Posted on 9/10/24 at 1:15 pm to ragincajun03
Dude pays a lot of child support
Posted on 9/10/24 at 1:16 pm to ragincajun03
I will never understand how these super rich athletes squander it all.
Posted on 9/10/24 at 1:20 pm to kywildcatfanone
I will tell you how.
1. Child Support
2. Lavish spending on houses & cars
3. Bad business investments with people they should not have trusted
4. Family/Friends/Entourage
5. Bottle Service
1. Child Support
2. Lavish spending on houses & cars
3. Bad business investments with people they should not have trusted
4. Family/Friends/Entourage
5. Bottle Service
Posted on 9/10/24 at 1:21 pm to kywildcatfanone
quote:
I will never understand how these super rich athletes squander it all.
Uncle Sam takes almost half
Agent takes almost half of that
baby momma(s) take half of that...
family/friends/clingers expect you to pay for everything...
expensive properties that have high taxes every year...
everyone has a "good investment opportunity" for you...
all while you have about a middle school understanding of finances, and have never had any money before. And have never given any thought to the future...they don’t realize the 5-10 year gold rush has to support them and their lifestyle for the next 50-60 years.
This post was edited on 9/12/24 at 11:24 am
Posted on 9/10/24 at 1:21 pm to kywildcatfanone
quote:
I will never understand how these super rich athletes squander it all.
Most super rich athletes aren't very smart
Posted on 9/10/24 at 1:21 pm to kywildcatfanone
quote:
I will never understand how these super rich athletes squander it all.
100 million
Posted on 9/10/24 at 1:24 pm to ragincajun03
quote:
Peterson has fathered eight children with six different women
Posted on 9/10/24 at 1:24 pm to Hetfield
quote:
will tell you how.
1. Child Support
2. Lavish spending on houses & cars
3. Bad business investments with people they should not have trusted
4. Family/Friends/Entourage
5. Bottle Service
+1 it can dissappear in an instant
Posted on 9/10/24 at 1:25 pm to ragincajun03
quote:
earned more than $100 million in his NFL career from 2007 to 2021.
After taxes, agent, and management fees, he probably legit only saw about $35-40M of that.
This post was edited on 9/10/24 at 1:27 pm
Posted on 9/10/24 at 1:25 pm to kywildcatfanone
quote:
will never understand how these super rich athletes squander it all.
It’s pretty easy to understand. Most of them are dumber than Kamala and would rather trust their money with a bunch of leeches from their hometown than an actual financial advisor.
Posted on 9/10/24 at 1:29 pm to Hetfield
Travis Kelce spent his whole first year salary on shoes and bottle service.
These guys make bad decisions.
These guys make bad decisions.
Posted on 9/10/24 at 1:37 pm to ragincajun03
Whodathunk having 13 kids would possibly bankrupt yourself?
Posted on 9/10/24 at 1:48 pm to Jack Ruby
quote:
he probably legit only saw about $35-40M of that.
I mean frick man, "only" $35-40 million straight up cash. Losing all that is insane.
Posted on 9/10/24 at 1:52 pm to kywildcatfanone
quote:On top of the lists the other posters gave you, it's important to understand how much of a dying breed people like AP are. The current crop of pro athletes is MUCH more mindful when it comes to investments...AND they're making more in areas they didn't use to.
will never understand how these super rich athletes squander it all.
Hell, they had an article about Blake Corum using his NIL money to invest in cash flowing real estate (like boring strip malls and the like).
Posted on 9/10/24 at 1:56 pm to ragincajun03
Pull out game weak
Posted on 9/10/24 at 1:56 pm to ragincajun03
quote:
The order is the latest in a long legal battle to get Peterson to pay back a $5.2 million loan he took out from a Pennsylvania lending company in 2016 that was supposed to pay back other lenders,
quote:
But Peterson was coming off a knee injury in 2016, and the Vikings declined to pick up the $18 million option on his contract in early 2017, turning Peterson into a free agent. Peterson’s earnings fell dramatically after that, never exceeding $3.5 million a year. He hasn’t played in the NFL since 2021
Have all of this debt that you need to pay back, still getting $3.5M a year and never considered paying off pieces of the debt?
Just saw that Over the Cap says the article over inflated some of those numbers. Most paid between 2017 - 2021 was $2.5M in 2019. Total received in that time frame was $5.4M before all the taxes, agent fees, baby mommy money...
This post was edited on 9/10/24 at 1:59 pm
Posted on 9/10/24 at 2:05 pm to kywildcatfanone
quote:
will never understand how these super rich athletes squander it all.
I do. Culcha
Posted on 9/10/24 at 2:11 pm to kywildcatfanone
quote:
I will never understand how these super rich athletes squander it all.
Simple: low impulse control.
-Spending money on unnecessary flashy depreciating assets.
-Baby mommas galore
-Friends/family always with their hand out
Posted on 9/10/24 at 2:13 pm to Big Scrub TX
quote:
The current crop of pro athletes is MUCH more mindful when it comes to investments...AND they're making more in areas they didn't use to.
Hell, they had an article about Blake Corum using his NIL money to invest in cash flowing real estate (like boring strip malls and the like).
Let's wait and see.
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