There has always been a stigma amongst athletes that many of them run out of money after their careers are over because they lived a lifestyle of spending fast and loose on lavish and trivial things.
The reason why is because many are not taught how to grow their money from a legitimate investor and there are also so many horror stories about people who claimed to put their money in a new investment but it turned out they embezzled it from them.
And this NFL legend has millions in debt despite making approximately $100 million over the course of his career.
You’ve seen it a million times before when musicians and athletes become too famous too fast. With that fame comes a lot of money but some of these people are just kids or immature and don’t know how to properly manage their wealth.
If you play your cards right then you won’t have to worry about money ever again, which is by most standards the American dream.
Adrian Peterson is right up there on the face of Mount Rushmore or maybe just outside of it as being one of the greatest running backs of all time. Alongside Peterson are Eric Dickerson, Jim Brown, O.J. Simpson (sorry, but he is), Walter Payton, Barry Sanders, and LaDainian Tomlinson.
Adrian Peterson holds the most rushing yards in a single game at 296 versus the San Diego Chargers. He has the most rushing yards in any 8-game period with 1,322. Peterson was the NFL MVP in 2012, which is an honor that’s not usually given to anybody but quarterbacks for the most part.
And he’s also in an enormous amount of debt.
In 2018, the Washington Redskins took a small risk by bringing in the aging (for his position) running back for a price of a tad over $1 million, which made his career earnings to just under $100 million. Over 12 NFL seasons, Adrian Peterson made $30 million more than any other running back in history. Keep in mind, running backs usually have a lifespan until the age of 30 years old and that’s if they’re really great.
Peterson apparently blew through that $100 million in ten years because, in 2016, he took out a loan from a Pennsylvania-based lender called DeAngelo Vehicle Sales in the amount of $5.2 million, which he reportedly used to pay off other debts that he had. They claim he now owes them $6.6 million in interest and legal fees now.
The bad news is the Minnesota Vikings cut Peterson in 2016.
The lawsuit from DeAngelo Vehicle Sales against Peterson surfaced just weeks after a Maryland judge ordered Peterson to pay $2.4 million to lending firm Democracy Capital Corp. to settle a debt stemming from the defaulted loan. In total, Peterson is said to owe $3 million to two creditors, in addition to the $6.6 million sought in the DeAngelo Vehicle Sales lawsuit.
He’s just racking up debt all over the place.
Peterson’s attorney, Chase Carlson, said in a statement, “The truth behind Adrian Peterson’s current financial situation is more than is being reported at this time. 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.”
It seems a little more cut and dry than that. If he owes these creditors money than he owes them money. There’s no other outcome. He either borrowed it or he didn’t and it’s likely that the former is the truth.