Stop us if you’ve heard this one before. Actually, you have heard this one before: Adrian Peterson has defaulted on a multi-million-dollar loan.
You’ve heard it before and you’re hearing it again, because Peterson has now been ordered by two different courts in two different states to pay the balance of two mullti-million-dollar loans taken out in 2016.
Holden Wilen of the Baltimore Business Journal reports that a Maryland judge has ordered the Washington running back to pay roughly $2.4 million after Peterson defaulted on a loan from Democracy Capital Corp., a Montgomery County lending service.
Per the report, Peterson borrowed $4 million in April 2016, the spring before his last year in Minnesota. Peterson initially failed to make the first $200,000 payment in July 2017, pushing 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 10 years with the Vikings, Peterson earned $94 million. He made another $3.5 million in 2017 with the Saints and Cardinals, and $1 million last year in Washington.
With 13,318 rushing yards, Peterson ranks as No. 8 on the all-time list. He’s 783 yards away from passing Hall of Famer Curtis Martin for the fifth spot on the all-time list.
Peterson still aspires to become the league’s all-time league rusher. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.