NFL star Adrian Peterson must repay $2.4M over loan default: Report
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Longtime NFL running back Adrian Peterson must repay $2.4 million to a Maryland-based lending firm after he defaulted on terms of a 2016 loan, according to a report on Wednesday.
Peterson, who currently plays for the Washington Redskins, took out $4 million loan at a 15 percent interest rate in April 2016 through his business, Adrian Peterson All Day Inc., according to documents reviewed by the Baltimore Business Journal. When Peterson missed the first $200,000 payment, the interest rate rose to 23 percent.
Peterson also missed a final payment in February 2018. The lending firm, Democracy Capital Corp., had received payments totaling roughly $1.7 million by the end of last year, but sued Peterson in June for the remaining balance.
A Maryland Judge ruled last month that Peterson owed $2.4 million, which includes legal fees and interest.
"Adrian is working with the lender," an attorney for Peterson told the Baltimore Business Journal. "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."
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A seven-time Pro Bowl selection, Peterson has rushed for more than 13,000 yards during his NFL career. He has earned more than $99 million in salary during stints with the Minnesota Vikings, Arizona Cardinals, New Orleans Saints and Redskins.