Adrian Peterson, who has made more than $100 million in career earnings, is officially on the hook for an $8.3 million summary judgment against him in a case against a Pennsylvania business that loaned Peterson $5.2 million in 2016, according to court records.
Peterson has been tangled up with DeAngelo Vehicle Sales over the 2016 loan for years, and it was finally resolved when the New York Supreme Court ordered him to pay up. DeAngelo Vehicle Sales’ counsel told the court Wednesday “that Peterson had paid back $165,000 of the initial agreement,” ESPN reported. The Lions running back had been racking up $2,207.12 per day in interest after defaulting on the loan.
Paul DeAngelo of DVS said in 2019 that he’s tried to work with Peterson over the issue, but they just could get it resolved.
“We have been negotiating back and forth,” DeAngelo told the Citizens Voice in 2019. “I’ve talked to him (Adrian) and his wife several times, and they are nice people. I don’t know how they got themselves into this situation. They had business partners who took advantage of them.”
What was Peterson using the loan for? The Citizens Voice says it was to pay off other loans, including $3,197,250 to a company called Thrivest Specialty Funding. It’s unclear how deep the Peterson financial woes extend currently.
What’s clear is that Peterson, who turns 36 in March, not only owes the $8.3 million, but he’ll be racking up 9% interest going forward, based on New York law.
Peterson’s 30th birthday entrance:
How did this all happen? Attorneys and the loan company say Peterson trusted the wrong people with his finances.
“The truth behind Adrian Peterson’s current financial situation is more than is being reported at this time,” Chase Carlson, a securities and investment fraud attorney, said in 2019. “Because of ongoing legal matter, I am unable to go into detail, but I will say this is yet another situation in which an athlete trusting the wrong people, and being taken advantage of by those he trusted. Adrian and his family look forward to sharing further details when appropriate.”