O/T: Lawyer: Adrian Peterson in debt, trusted wrong people

[Carnac]

Washington Redskins running back Adrian Peterson was "trusting the wrong people," his attorney said, and is deep in debt after making nearly $100 million during his NFL career.

Peterson is being sued for failing to repay a $5.2 million loan, The Athletic reported.

According to The Athletic, Peterson owes, after interest and legal fees, $6.6 million to DeAngelo Vehicle Sales, which claimed in a lawsuit filed in New York that Peterson had defaulted on his loan. Peterson had borrowed money from the lending company to pay off other creditors. He also must pay a combined $3 million to two other creditors.

"The truth behind Adrian Peterson's current financial situation is more than is being reported at this time," Peterson's attorney, Chase Carlson, said Tuesday in a statement. "Because of ongoing legal matters, I am unable to go into detail, but I will say this is yet another situation of 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."

Hopefully today's college athletes will read this and learn from it.

[Article]

 

[whaler11]

Not exactly a sympathetic figure. Maybe the creditors should grab a switch.

 

[Bonehead]

 

[HuskyBandDad]

Un-freaking believable. Earn 100 mil and in debt. You can't teach stupid.

 

[noeynox]

Un-freaking believable. Earn 100 mil and in debt. You can't teach stupid.

Oklahoma education.

 

[CL82]

Un-freaking believable. Earn 100 mil and in debt. You can't teach stupid.

I guess, but you can teach fundamental money management. I've often thought that would be an area that could be pretty lucrative while still being beneficial to that athlete. Structure a plan and money management program for athletes that protect them from being preyed upon. The problem is the guys with access have their fingers in the pie and won't do anything to jeopardize that.

 

[uconnbill]

Happens more than we know as others take advantage of athletes.

He has responsibilities in not stopping the loses early and not taking better care of his wealth

 

[Dream Jobbed 2.0]

At lot of times these guys get a check for $20 million and buy 20 family members million dollar houses.

The NFL should require at least 9 credits in economics to enter the draft.

 

[Husky25]

I guess, but you can teach fundamental money management. I've often thought that would be an area that could be pretty lucrative while still being beneficial to that athlete. Structure a plan and money management program for athletes that protect them from being preyed upon. The problem is the guys with access have their fingers in the pie and won't do anything to jeopardize that.

The people the athlete thinks are doing this for them are the people they should not have trusted.

 

[Husky25]

At lot of times these guys get a check for $20 million and buy 20 family members million dollar houses.

The NFL should require at least 9 credits in economics to enter the draft.

Econ or Finance? And why is it the NFL's responsibility? The NFL should be held accountable for a lot of things. Personal Player finances is not one of them.

The party who should hold some responsibility is the NFLPA. If the union were truly a brotherhood, they would look out better for one another.

 

[Irishfan]

Two years ago Sports Illustrated had a report saying that75% of NFL players were either bankrupt or in financial distress within two years of retirement. For the NBA the number was 60% within five years of retirement. Part of it is due to how short their careers are.

 

[Adios]

Econ or Finance? And why is it the NFL's responsibility? The NFL should be held accountable for a lot of things. Personal Player finances is not one of them.

The party who should hold some responsibility is the NFLPA. If the union were truly a brotherhood, they would look out better for one another.

Only so much of a brotherhood. Hard for egos like pro athletes to form a brotherhood.

 

[Husky25]

Two years ago Sports Illustrated had a report saying that75% of NFL players were either bankrupt or in financial distress within two years of retirement. For the NBA the number was 60% within five years of retirement. Part of it is due to how short their careers are.

It's a combination of things. Look no further than the regressive poor tax that states in this country call the lottery. People who are used to living and supporting others on 5 figures/year or less are ill-equipped to handle an influx of money. On top of that, everyone around them have one hand out and the other one in they "winner's" pocket. Latchers-on come out of wood work.

Some can now afford their vices. the $10 bet becomes $1,000 overnight. The Korbel becomes Cristal. The Honda Civic becomes a Bentley. They go from barely being able to eek out their own living to funding a stripper's education.

 

[Irishfan]

It's a combination of things. Look no further than the regressive poor tax that states in this country call the lottery. People who are used to living and supporting others on 5 figures/year or less are ill-equipped to handle an influx of money. On top of that, everyone around them have one hand out and the other one in they "winner's" pocket. Latchers-on come out of wood work.

Some can now afford their vices. the $10 bet becomes $1,000 overnight. The Korbel becomes Cristal. The Honda Civic becomes a Bentley. They go from barely being able to eek out their own living to funding a stripper's education.

It’s also the length of the careers. 3.5 years average in football and 4.6 years in the NBA. You start spending like a multimillionaire and 3-4 years later the money stops, but unfortunately the spending doesn’t.

 

[Husky25]

It’s also the length of the careers. 3.5 years average in football and 4.6 years in the NBA. You start spending like a multimillionaire and 3-4 years later the money stops, but unfortunately the spending doesn’t.

Length of career is less important than the increase of cash inflow. AD has been in the NFL for 10 years and he's broke. If you noticed, I took the discussion away from athletes and put it in the realm of the general public.

Lottery winners have some of the same problems as elite athletes. They don't know how to handle being instantaneously rich because, in a certain sense, they didn't earn it.

 

[whaler11]

Length of career is less important than the increase of cash inflow. AD has been in the NFL for 10 years and he's broke. If you noticed, I took the discussion away from athletes and put it in the realm of the general public.

Lottery winners have some of the same problems as elite athletes. They don't know how to handle being instantaneously rich because, in a certain sense, they didn't earn it.

the majority of the population is stupid. thats the whole story in 7 words.

 

[NC_Uconn_Fan]

I can't understand how you blow through that much money, but it happens all the time. If he made $100 mil, he most likely took home around $35 mil after taxes, agents fees, etc.. That is a lot of bad choices to now be in debt.