Adrian Peterson Will Be Charged $2,200 a Day Until He Takes Care of His Latest Financial Fiasco [Detroit Lions running back]

Sportscasting ^ | 01/14/2021 | Stephen Sheehan

[simpson96]

Since 2007, Adrian Peterson has been paid handsomely to carry a football. However, despite earning millions of dollars during the course of his decorated NFL career, the 35-year-old barely has anything to show for it.

In fact, the Detroit Lions running back may have hit rock bottom recently.(snip)

Given the fact he’s collected NFL paychecks for 14 years, you’d expect Peterson to be in a terrific financial position. Yet, that couldn’t be further from the truth.

Since entering the league more than a decade ago, Adrian Peterson has been well-compensated for his ability to run through, around, and over NFL defenders. In total, he has earned $102.8 million during his 14-year career.

Stunningly, despite his substantial career earnings and lucrative endorsement deals, Peterson remains a cautionary tale for athletes who fail to manage their money properly.

In July 2019, Daniel Kaplan of The Athletic delivered a sobering update about the running back’s financial woes.

“A Pennsylvania lender is suing Peterson for allegedly defaulting on a $5.2 million loan, the proceeds of which he used to pay back other debts he incurred, including millions from a “pay-day lender,” court documents in New York show,” Kaplan reported.(snip)

On Thursday, Kaplan reported that a New York state judge has ordered Peterson to pay back the Pennsylvania lender $8.3 million for the defaulted loan. Interest will accrue at a rate of “several thousand dollars a day” moving forward.

Shockingly, Peterson didn’t even send counsel to the hearing.

So how much does the veteran NFL running back actually owe?

According to Jeffrey Reina, an attorney representing one of the lenders waiting to get paid, Adrian Peterson’s current tab totals $8,268,426.21.

The daily interest rate: $2,207.12.

[EEGator]

I wonder if his money was managed by some dirtbag, or was it cousin Ray Ray?

[subterfuge]

But hey, he made it rain! But seriously, how stupid do you have to be to piss away $100 million?

[ConservativeMind]

My investments went up over 75% last year.

This guy can only do the reverse.

[TexasGator]

Written by a jock with a journalism degree?

[Semper Vigilantis]

I’m sure he spent it all on youth centers, neighborhood revitalization, and other philanthropist activities to help other, less fortunate, people of color. /s

[Brilliant]

I am surprised he hasn’t filed bankruptcy.

[Leaning Right]

> I wonder if his money was managed by some dirtbag, or was it cousin Ray Ray? <

A gal I know hit a state lottery for hundreds of thousands of dollars. Dozens of relatives, friends, and acquaintances soon contacted her. They all wanted monetary gifts, $10,000 and above. And we’re talking gifts here, not loans.

She said no. But I bet Peterson said yes.

[freedomlver]

Thats less than 7.5 million a year. That doesn’t go as far as it used to. I’m not sure how anyone could live on so little.

[gloryblaze]

OK, 75%??? Please brag, but do it in detail.

[SamAdams76]

There is something slightly humorous about an NFL player making millions a year going to get a "payday loan."

[Alberta's Child]

Sometimes a player is victimized by his own trusted advisors. The saga of Bobby Orr and the criminal charges against former NHL union leader Alan Eagleson is a perfect example of this.

I suspect Adrian Peterson is just a moron.

[Governor Dinwiddie]

Ultimately many of the professional athletes, through no fault of their own, were born without the intellectual wherewithal to handle such large sums of money. While they were gifted physically, they did not receive the same intellectual gifts.

The professional sports leagues should see to it that each athlete upon entering the league, is set up with a trust fund under a conservator ship which will handle the financial affairs of the athlete and guard that his money is not lost or squandered.

[simpson96]

I recall reading an article a few years back, where some NFL teams (or maybe it was all of them), had someone give a talk to incoming drafted players, to educate them about the shortness of their upcoming careers, and not to squander their money.

Obviously, some choose not to listen.

[SanchoP]

I seem to remember Peterson had “baby daddy” problems that broke him before he left the Vikings.

[ConservativeMind]

That 75% was just in two options in my 401K. My wife and I have made the most off of AMD since I go in at $2.15 and my wife at $10. Since we sold out almost a year ago for me and more recently for my wife, we’ve switched out to an ETF that has AMD as a part of it and played off the volatility.

Next, we will look at a completely under-appreciated industry, oil, and get in a leveraged ETF, there.

[TTFlyer]

I blame White supremacy.

[MinorityRepublican]

Each player should pay a “tax” while they’re in the league so each time a player ends up bankrupt like Adrian, they will live in a facility that receives subsidies from the league.

[yukong]

As you said...Peterson, along with a lot of these pro athletes plant seeds all over the country. Those seeds then cost them millions upon millions. What pro sports needs to stress, as much as financial matters, is keeping your zipper up. Lots of fertile gals happy to be the seed planting spot. Some just for the money. I once worked in the child support collection business...we went after one that had 8 kids by 8 different women. Paid 8 different women for 18 years each. That will eat up a big salary right there.

[ConservativeMind]

Oh, back to the 401K:

Until Feb 21, we were in the equivalent of the large company index fund option at our two different workplaces. We stepped into a short term bond fund with all of it at both places. Then, around March 20 just as the market was coming back, we jumped into the small to medium company index funds at our respective companies. I told my wife what to do for hers and she did it each time.