LOVERRO: Williams’ absence could hurt friend Adrian Peterson in the wallet

When Redskins running back and the team’s 2018 offensive MVP Adrian Peterson told reporters last week that the absence of Trent Williams on the left side of the offensive line “hurts,” he started to talk about the potential damage Williams’ holdout will have on the team quarterbacks.

“Trent is the best left tackle in the league, hands down,” Peterson said. “He’s the most athletic left tackle in the NFL. When you’re missing the best player on the team, you’re going to feel the effect of that. It’s different for our quarterbacks to sit back there and not know for certain that their back side is protected. When Trent is back there, you know that your back side is protected. It just brings confidence for the quarterbacks …”

And then he added the money quote, what Peterson was really getting at.

” … and for the running backs, too, within the run game.”

For this specific running back, his wallet, and how empty it is.

There’ll be a lot of collateral damage from Williams’ reported refusal to report to the Redskins if it continues into the season. There’ll be the damage to the organization both inside and outside the industry surrounding Williams‘ reported issues of trust with the team’s medical staff. There will, of course, be the inability to protect the team ’s prize first-round pick, quarterback Dwayne Haskins, or whoever is behind center for this team when they open the season in Philadelphia on Sept. 8.

Williams, like Peterson said, is among the best left tackles in the league, the anchor of an offensive line Master P says he’s thrilled his pal, Michael Thomas, signed a $100 MIL contract with the Saints — but he’s warning the WR to be SMART with his cash so he doesn’t end up like Adrian Peterson.

Of course, Master P is like the King of New Orleans — he knows everyone down there including Michael and his dad, “Big Mike.”

The No Limit boss says Michael’s dad played a huge role in helping the 26-year-old land that fat 5-year, $100 million deal … telling TMZ Sports, “Fathers and sons are winning!”

Master P famously made a FORTUNE during his days as a hip-hop mogul — so he’s offering up some tips for Thomas so he can STAY RICH after his NFL career is over.

“Invest in stuff that you believe in. Don’t let these financial advisers steal your money like it’s been happening [to guys like] Kevin Garnett, Adrian Peterson.”

“Watch your money, write your own checks,” P said … adding, “Invest time into economics, into banking.”

In other words, don’t bury your head in the sand when it comes to your money — the best person you can trust when it comes to your finances is YOURSELF!!!

As for Peterson, he’s made more than $100 mil during his storied NFL career — but he’s reportedly fallen into debt and can’t pay his way out of it.

Peterson’s attorney says there’s more to the story than what’s being reported — but acknowledges “this is yet another situation of an athlete trusting the wrong people and being taken advantage of by those he trusted.”

 

With One Carry, Adrian Peterson Previews 2019 Potential

Craig Reynolds grew up watching Adrian Peterson bulldoze his way to NFL prominence. He played as Peterson in video games.

Reynolds idolized Peterson, which is why these past several months have felt surreal for the undrafted rookie. Upon signing with the Redskins on May 13, Reynolds and Peterson became coworkers. He’s worked closely with Peterson since the start of training camp, and he’s tried to absorb as much information as possible from one of the NFL’s all-time leading rushers.

Some things, however, cannot be taught. Reynolds learned as much during Thursday’s preseason game against Cincinnati. Standing on the sideline, he received a unique look at what has made the 34-year-old rusher so special.

“AP, the GOAT, they give him the ball and then he makes one guy miss and takes it for 26 yards,” Reynolds told Redskins.com after practice Monday. “He’s found the fountain of youth. And he’s just an even greater guy when he’s in the locker room, great to talk to, he’s a great mentor, I listen to everything he says. He’s a great dude, and he just set the tone that day for us.”

The first-down carry will not factor into Peterson’s career rushing total of 13,318 yards, which is currently eighth all-time and second behind Frank Gore among active players.

Yet with his first carry of 2019, Peterson reminded teammates, coaches and the FedExField crowd that he does not plan on slowing down entering his 13th NFL season.

On a hand-off up the middle, Peterson used his patented jump cut to avoid a linebacker in the hole and bounced around left tackle Ereck Flowers, who turned his defender inside.

He then outran the cornerback who attempted to bring him down near the line of scrimmage. Just as he approached the left sideline — which occurred about 18 yards down the field — Peterson cut back inside to pick up a few extra yards. He capped the rush by lowering his shoulder and bracing for contact from the three Bengals it took to tackle him.

As Peterson got back on his feet, the home fans roared. They had seen runs like this from Peterson last season — when he became the oldest 1,000-yard rusher since Redskins’ great John Riggins in 1983 — and were overjoyed to see him picking up where he left off.

“That’s what we know AP to be,” running back Chris Thompson said. “He’s getting older, but for some reason he’s still got the juice, man. He’s just got it, and I’m trying to figure out what his secret is so that when I’m his age, I’m hopefully still playing and still got the juice like he does.”

Even at 34, Adrian Peterson is still really, really good (WATCH)

Redskins running back Adrian Peterson turned 34-years-old in March. But if Thursday’s game is any indication, the future Hall of Fame running back has shown zero signs of his age.

On his first carry of the preseason, Peterson took an inside handoff and immediately put one of his signature jump-cuts to use, shaking Bengals safety Shawn Williams in the process.

After the initial cut, Peterson immediately bounced to the outside, finding plenty of open field to work with. He could have chosen to run out of bounds and avoid any contact whatsoever (after all, it is the preseason), but chose to stay in bounds and force the Bengals secondary to tackle him.

The end zone, bird’s-eye view captures just how impressive the jump-cut and entire 26-yard run was.

The run was vintage AP, giving Redskins fans hope that the veteran still has plenty in the tank to be productive this season.

MORE REDSKINS NEWS:

Early Fireworks: Nicholson, Payne combine for pick-6
PROfiles: Remembering Haskins’ slip to Washington in 2019 draft
Mic’d Up: Chris Thompson finds the work and play balance Washington running back Adrian Peterson allegedly owes $7.5 million to a lender from which he originally borrowed $5.2 million. Next week, the legal fight over the debt heads to court.

As explained by Daniel Kaplan of TheAthletic.com, Peterson hopes to explore whether the lender previously forgave $2 million of the loan, based on a tax filing that seems to indicate the partial forgiveness. Peterson’s lawyers hope to explore evidence and documents that could confirm the reduction in the debt.

Peterson also wants credit for a $1 million loss-of-value policy that the lender purchased in 2016, his last year in Minnesota. A knee injury limited his season to just a handful of games, and the Vikings allowed him to become a free agent. He signed with the Saints for only $3.5 million, but the insurance company has refused to make payment. If the payment is ever made to the insurance company, Peterson hopes to have his debt reduced by that amount.

The spike in the debt from $5.2 million to $7.5 million illustrates the consequences of a default. As explained by Kaplan, Peterson’s default triggered a 22-percent annual interest rate, which means that he’s currently racking up $2,311.11 in extra debt each and every day.

Adrian Peterson shows why pros need to be careful with their money

Star Tribune (Minneapolis)

From the moment he arrived in Minnesota 12 years ago, former Vikings star Adrian Peterson was special. At times he made whichever National Football League team lined up to stop him look like the junior varsity.

Peterson was paid like he was special, too, reaching the neighborhood of $100 million. No NFL running back has made more for his play.

That’s what makes his apparent inability to make his loan payments, as alleged in a recent lawsuit, such a curious story. Sadly, though, stories of handsomely paid professional athletes outrunning their money are not rare.

Reckless spending was a big part of “Broke,” a 2012 ESPN film on the financial problems of retired pros. Peterson famously entered his 30th birthday party riding on the back of a camel. Not sure what one of those costs, but walking in would have been free.

But when stories of financial trouble surface, it’s fascinating how often the big issue is that one investment after another has fizzled.

I’ve been puzzling over this for years, since meeting a couple of financial advisers to athletes who once dropped by the small investment bank in Minneapolis where I then worked.

Despite making more than $100 million, former Vikings running back Adrian Peterson is facing financial trouble.

They weren’t conventional investment advisers who happened to have money from a few athletes to manage. The athletes’ money was their business. Lots of businesses run on personal relationships, often by a referral, and that was certainly the case in this little niche.

They didn’t talk mainstream, institutional notions of capital preservation. Yet they sure liked talking deals.

Some corporate execs and wealthy entrepreneurs seem to think a little like this, too, piling into costly hedge funds and investing in startups in industries they don’t know.

Like the athletes, they enjoy being taken through a private door, not the one used by the public. Stock mutual funds, municipal bonds and real estate investment trusts aren’t meant for them.

You can see a little of this in the story of retired basketball star Kevin Garnett. He is the only Timberwolves player to ever be named the National Basketball Association’s most valuable player, and his career earnings swamped those of Adrian Peterson.

The Garnett financial story has one wrinkle, and that is how he had once been a supporter of financial adviser Charles Augustus Banks IV in a high-profile criminal case.

It was only after Banks was sentenced to four years in federal prison for defrauding former NBA star Tim Duncan that Garnett realized he might have a problem.

A San Antonio Express-News reporter saw Duncan say something to Garnett on a break at a Banks court hearing.

Garnett claimed to be out $77 million, and the suit seems to have just been resolved. Yet the complaint, along with other court documents, provide a lot of rich details of how Banks allegedly operated.

When Banks convinced Duncan to put $7.5 million into something called Gameday Entertainment, Banks allegedly grabbed a $225,000 fee and started collecting 20% of the money due to Duncan in monthly payments. He then got Duncan to personally guarantee a $6 million line of credit.

Duncan was supposed to get a fee for guaranteeing the loan, but Banks took that, too, as outlined in the complaint when the Securities and Exchange Commission banned Banks from the securities industry.

The SEC pointed out that Banks owned a big piece of Gameday and served as its board chairman. And without a deeper dive, it’s difficult to say exactly what all Banks steered his clients into.

The complaint Garnett filed here in Minnesota listed a menagerie of ventures, including what appeared to be a tavern, vineyards, a wine magazine and the same cosmetics firm that also impaled Duncan. And, as the complaint alleged, “most (if not all) of these investments are currently illiquid and valueless.”

What is worse is how athletes seem to become their advisers’ “partners” in deals. Garnett alleges that he put more than $57 million into a holding company called Hammer Holdings, owned 50-50 with Charles Banks. Banks only put in $2.5 million.

Can you imagine your own financial adviser even pitching “going into business” together? It’s the athletes’ money the advisers were after, not their business judgment. And all of this gets worse with borrowed money.

Banks wanted Duncan to borrow the money to put into Gameday, to earn more in interest on the investment than the money would cost to borrow. Staff at Duncan’s bank thought that was a terrible idea and said so. Then Banks found Duncan an easier bank to deal with. You can guess how this ended.

How Peterson ended up burdened by loans isn’t clear. His attorney declined to discuss details as the story broke. He did note that Peterson’s story is “yet another situation of an athlete trusting the wrong people.”

Deciding who to trust, as young athletes make it to the big leagues, can’t be easy. Plenty of people will be eager to help naive athletes with their money, so I hesitate to offer any more unsolicited advice — except for this:

Start out by trusting no one.

Adrian Peterson shows why pro athletes need to be careful with their money

From the moment he arrived in Minnesota 12 years ago, former Vikings star Adrian Peterson was special. At times he made whichever National Football League team lined up to stop him look like the junior varsity.

Peterson was paid like he was special, too, reaching the neighborhood of $100 million. No NFL running back has made more for his play.

That’s what makes his apparent inability to make his loan payments, as alleged in a recent lawsuit, such a curious story. Sadly, though, stories of handsomely paid professional athletes outrunning their money are not rare.

Reckless spending was a big part of “Broke,” a 2012 ESPN film on the financial problems of retired pros. Peterson famously entered his 30th birthday party riding on the back of a camel. Not sure what one of those costs, but walking in would have been free.

But when stories of financial trouble surface, it’s fascinating how often the big issue is that one investment after another has fizzled.

I’ve been puzzling over this for years, since meeting a couple of financial advisers to athletes who once dropped by the small investment bank in Minneapolis where I then worked.

Despite making more than $100 million, former Vikings running back Adrian Peterson is facing financial trouble.

They weren’t conventional investment advisers who happened to have money from a few athletes to manage. The athletes’ money was their business. Lots of businesses run on personal relationships, often by a referral, and that was certainly the case in this little niche.

They didn’t talk mainstream, institutional notions of capital preservation. Yet they sure liked talking deals.

Some corporate execs and wealthy entrepreneurs seem to think a little like this, too, piling into costly hedge funds and investing in startups in industries they don’t know.

Like the athletes, they enjoy being taken through a private door, not the one used by the public. Stock mutual funds, municipal bonds and real estate investment trusts aren’t meant for them.

You can see a little of this in the story of retired basketball star Kevin Garnett. He is the only Timberwolves player to ever be named the National Basketball Association’s most valuable player, and his career earnings swamped those of Adrian Peterson.

The Garnett financial story has one wrinkle, and that is how he had once been a supporter of financial adviser Charles Augustus Banks IV in a high-profile criminal case.

It was only after Banks was sentenced to four years in federal prison for defrauding former NBA star Tim Duncan that Garnett realized he might have a problem.

A San Antonio Express-News reporter saw Duncan say something to Garnett on a break at a Banks court hearing.

Garnett claimed to be out $77 million, and the suit seems to have just been resolved. Yet the complaint, along with other court documents, provide a lot of rich details of how Banks allegedly operated.

When Banks convinced Duncan to put $7.5 million into something called Gameday Entertainment, Banks allegedly grabbed a $225,000 fee and started collecting 20% of the money due to Duncan in monthly payments. He then got Duncan to personally guarantee a $6 million line of credit.

Duncan was supposed to get a fee for guaranteeing the loan, but Banks took that, too, as outlined in the complaint when the Securities and Exchange Commission banned Banks from the securities industry.

The SEC pointed out that Banks owned a big piece of Gameday and served as its board chairman. And without a deeper dive, it’s difficult to say exactly what all Banks steered his clients into.

The complaint Garnett filed here in Minnesota listed a menagerie of ventures, including what appeared to be a tavern, vineyards, a wine magazine and the same cosmetics firm that also impaled Duncan. And, as the complaint alleged, “most (if not all) of these investments are currently illiquid and valueless.”

Adrian Peterson shows why pro athletes need to be careful with their money

From the moment he arrived in Minnesota 12 years ago, former Vikings star Adrian Peterson was special. At times he made whichever National Football League team lined up to stop him look like the junior varsity.

Peterson was paid like he was special, too, reaching the neighborhood of $100 million. No NFL running back has made more for his play.

That’s what makes his apparent inability to make his loan payments, as alleged in a recent lawsuit, such a curious story. Sadly, though, stories of handsomely paid professional athletes outrunning their money are not rare.

Reckless spending was a big part of “Broke,” a 2012 ESPN film on the financial problems of retired pros. Peterson famously entered his 30th birthday party riding on the back of a camel. Not sure what one of those costs, but walking in would have been free.

But when stories of financial trouble surface, it’s fascinating how often the big issue is that one investment after another has fizzled.

I’ve been puzzling over this for years, since meeting a couple of financial advisers to athletes who once dropped by the small investment bank in Minneapolis where I then worked.

Despite making more than $100 million, former Vikings running back Adrian Peterson is facing financial trouble.

They weren’t conventional investment advisers who happened to have money from a few athletes to manage. The athletes’ money was their business. Lots of businesses run on personal relationships, often by a referral, and that was certainly the case in this little niche.

They didn’t talk mainstream, institutional notions of capital preservation. Yet they sure liked talking deals.

Some corporate execs and wealthy entrepreneurs seem to think a little like this, too, piling into costly hedge funds and investing in startups in industries they don’t know.

Like the athletes, they enjoy being taken through a private door, not the one used by the public. Stock mutual funds, municipal bonds and real estate investment trusts aren’t meant for them.

You can see a little of this in the story of retired basketball star Kevin Garnett. He is the only Timberwolves player to ever be named the National Basketball Association’s most valuable player, and his career earnings swamped those of Adrian Peterson.

The Garnett financial story has one wrinkle, and that is how he had once been a supporter of financial adviser Charles Augustus Banks IV in a high-profile criminal case.

It was only after Banks was sentenced to four years in federal prison for defrauding former NBA star Tim Duncan that Garnett realized he might have a problem.

A San Antonio Express-News reporter saw Duncan say something to Garnett on a break at a Banks court hearing.

Garnett claimed to be out $77 million, and the suit seems to have just been resolved. Yet the complaint, along with other court documents, provide a lot of rich details of how Banks allegedly operated.

When Banks convinced Duncan to put $7.5 million into something called Gameday Entertainment, Banks allegedly grabbed a $225,000 fee and started collecting 20% of the money due to Duncan in monthly payments. He then got Duncan to personally guarantee a $6 million line of credit.

Duncan was supposed to get a fee for guaranteeing the loan, but Banks took that, too, as outlined in the complaint when the Securities and Exchange Commission banned Banks from the securities industry.

The SEC pointed out that Banks owned a big piece of Gameday and served as its board chairman. And without a deeper dive, it’s difficult to say exactly what all Banks steered his clients into.

The complaint Garnett filed here in Minnesota listed a menagerie of ventures, including what appeared to be a tavern, vineyards, a wine magazine and the same cosmetics firm that also impaled Duncan. And, as the complaint alleged, “most (if not all) of these investments are currently illiquid and valueless.”

‘Skins scoop: Redskins release first unofficial depth chart of 2019

RICHMOND, Va. – For starters…we have some starters.

Sunday afternoon, the Redskins released their first unofficial depth chart of 2019. Without a doubt, the most notable news is at the quarterback position.

Colt McCoy, entering his fifth season in Washington, is listed as the starting QB. Case Keenum, whom the team traded for in March, is No. 2. Dwayne Haskins, the Redskins’ first round draft pick is third. However, it should be pointed out that, with five full weeks until the regular season opener, the depth chart by no means is set.

“Colt’s [McCoy] got the most experience in the system, but he still hasn’t played a whole lot,” head coach Jay Gruden said Sunday. “He’s never really worked with the starting team a whole lot. Case [Keenum] has all the reps, but he doesn’t have much experience in the system. He’s doing a nice job and obviously Dwayne [Haskins] is a rookie.

All three of them have shown flashes of being really good and really productive and all three have shown flashes of, ‘Hey, we’ve got to get better,’.”

At the running back position, Adrian Peterson is listed as the starter with Derrius Guice and Chris Thompson behind him. However, the website notes all three backs should receive consistent work once the regular season begins. Samaje Perine, Byron Marshall, Shaun Wilson and rookie Craig Reynolds are all eyeing that fourth running back spot.

Rookie receivers Terry McLaurin and Kelvin Harmon are listed behind starter Paul Richardson, Jr at one wide receiver position. Cam Sims is listed as Josh Doctson’s backup at the other wide out spot. Trey Quinn will be the starter in the slot.

With seven-time Pro Bowl selection Trent Williams still absent from training camp, newcomer Ereck Flowers is listed as the starting left guard, with second-year man Geron Christian at left tackle.

On the defensive side of the ball Ryan Kerrigan, who has never missed a game in his career, is listed at one starting linebacker. Ryan Anderson is the other starter, which is not surprising considering first-round rookie Montez Sweat has been sidelined since being kicked in the calf during practice Wednesday. Sweat is listed as the backup to Anderson, while Cassanova McKinzy slated behind Kerrigan.

The Redskins open their preseason slate Thursday at Cleveland in a game to be broadcast LIVE on News 3.

Adrian Peterson shows why pro athletes need to be careful with their money

When stories surface of pro athletes in financial trouble, it’s fascinating how often the big issue is that one investment after another has fizzled.

From the moment he arrived in Minnesota 12 years ago, former Vikings star Adrian Peterson was special. At times he made whichever National Football League team lined up to stop him look like the junior varsity.

Peterson was paid like he was special, too, reaching the neighborhood of $100 million. No NFL running back has made more for his play.

That’s what makes his apparent inability to make his loan payments, as alleged in a recent lawsuit, such a curious story. Sadly, though, stories of handsomely paid professional athletes outrunning their money are not rare.

Reckless spending was a big part of “Broke,” a 2012 ESPN film on the financial problems of retired pros. Peterson famously entered his 30th birthday party riding on the back of a camel. Not sure what one of those costs, but walking in would have been free.

But when stories of financial trouble surface, it’s fascinating how often the big issue is that one investment after another has fizzled.

I’ve been puzzling over this for years, since meeting a couple of financial advisers to athletes who once dropped by the small investment bank in Minneapolis where I then worked.

They weren’t conventional investment advisers who happened to have money from a few athletes to manage. The athletes’ money was their business. Lots of businesses run on personal relationships, often by a referral, and that was certainly the case in this little niche.

They didn’t talk mainstream, institutional notions of capital preservation. Yet they sure liked talking deals.

Some corporate execs and wealthy entrepreneurs seem to think a little like this, too, piling into costly hedge funds and investing in startups in industries they don’t know.

Like the athletes, they enjoy being taken through a private door, not the one used by the public. Stock mutual funds, municipal bonds and real estate investment trusts aren’t meant for them.

You can see a little of this in the story of retired basketball star Kevin Garnett. He is the only Timberwolves player to ever be named the National Basketball Association’s most valuable player, and his career earnings swamped those of Adrian Peterson.

The Garnett financial story has one wrinkle, and that is how he had once been a supporter of financial adviser Charles Augustus Banks IV in a high-profile criminal case.

It was only after Banks was sentenced to four years in federal prison for defrauding former NBA star Tim Duncan that Garnett realized he might have a problem.

A San Antonio Express-News reporter saw Duncan say something to Garnett on a break at a Banks court hearing.

Garnett claimed to be out $77 million, and the suit seems to have just been resolved. Yet the complaint, along with other court documents, provide a lot of rich details of how Banks allegedly operated.

When Banks convinced Duncan to put $7.5 million into something called Gameday Entertainment, Banks allegedly grabbed a $225,000 fee and started collecting 20% of the money due to Duncan in monthly payments. He then got Duncan to personally guarantee a $6 million line of credit.

Duncan was supposed to get a fee for guaranteeing the loan, but Banks took that, too, as outlined in the complaint when the Securities and Exchange Commission banned Banks from the securities industry.

The SEC pointed out that Banks owned a big piece of Gameday and served as its board chairman. And without a deeper dive, it’s difficult to say exactly what all Banks steered his clients into.

The complaint Garnett filed here in Minnesota listed a menagerie of ventures, including what appeared to be a tavern, vineyards, a wine magazine and the same cosmetics firm that also impaled Duncan. And, as the complaint alleged, “most (if not all) of these investments are currently illiquid and valueless.”

Banks had also created partnerships including a Terroir Hotel & Resort Fund II and a Terroir Winery Fund, according to the SEC. Investment vehicles like these, even if properly run, seem to be part of the problem when rich people get separated from their money.

What’s not to like about luxury resorts and vineyards? They sure seem like a lot of fun to own.

Well, maybe. But to someone from Martin County, Minn., like me, a California vineyard looks like another form of capital-intensive farming operation, and thus a chance to lose a lot of money in a downturn.

It is easy to grasp the appeal to an adviser, though. The athletes likely would be much better off investing in Vanguard 500 Admiral shares, but index funds are boring and generate no fees.

What is worse is how athletes seem to become their advisers’ “partners” in deals. Garnett alleges that he put more than $57 million into a holding company called Hammer Holdings, owned 50-50 with Charles Banks. Banks only put in $2.5 million.

Can you imagine your own financial adviser even pitching “going into business” together? It’s the athletes’ money the advisers were after, not their business judgment. And all of this gets worse with borrowed money.

Banks wanted Duncan to borrow the money to put into Gameday, to earn more in interest on the investment than the money would cost to borrow. Staff at Duncan’s bank thought that was a terrible idea and said so. Then Banks found Duncan an easier bank to deal with. You can guess how this ended.

How Peterson ended up burdened by loans isn’t clear. His attorney declined to discuss details as the story broke. He did note that Peterson’s story is “yet another situation of an athlete trusting the wrong people.”

Deciding who to trust, as young athletes make it to the big leagues, can’t be easy. Plenty of people will be eager to help naive athletes with their money, so I hesitate to offer any more unsolicited advice — except for this: Start out by trusting no one.

OU football: Why Adrian Peterson carries some blame for his financial difficulties

The house was tidy and cozy but small.

Very small.

Fifteen years ago, I traveled to Palestine, Texas, to write about Adrian Peterson. He was only a high school senior then, a ballyhooed football recruit who was soon to sign with Oklahoma, but he was already built to run over would-be tacklers in the NFL. His 6-foot-2, 210-pound frame and his superstar potential filled the house.

Maybe it wasn’t so small as he was so big.

Maybe it was both.

I’ve been thinking about that house and Peterson since news surfaced last week that he is nearly broke. He is entering his 13th season in the NFL. He has made nearly $100 million in salary and likely millions more in endorsements. And yet, he is deep in debt.

It’s sad.

Here’s a guy who came from the toughest of situations. He saw his brother killed by a drunk driver when they were just kids, then watched his father go to prison for money laundering. He had so many reasons to go off the rails; he didn’t.

But now, it seems, a part of his life has. A Pennsylvania lender filed a lawsuit last week alleging Peterson defaulted on a $5.2 million loan taken out to pay off other debts.

This comes only a month after a Maryland court ordered him to repay another lender the unpaid balance on a $4 million loan.

As grim as that sounds, it gets worse.

An attorney for Peterson issued a statement last week saying the running back was “taken advantage of by those he trusted.” The lawyer, whose specialty is helping athletes who’ve been defrauded, said “this is yet another situation of an athlete trusting the wrong people.”

That’s sad, too.

But before we go and completely blame bad actors who may have swindled Peterson, we need to remember he isn’t blameless either. There are plenty of signs indicating he didn’t lose all his money because of others.

Peterson hasn’t exactly been frugal.

The most public indication of that came four years ago when Peterson turned 30 and hosted an elaborate birthday party. Actually, elaborate sells short this shindig, pictures of which went viral on social media. It was ostentatious. Gaudy. Garish, even.

The party was held in the backyard of Peterson’s Houston mansion, but it transported guests to the Middle East. More than 300 guests congregated in tents with velvet drapes and Moroccan couches. They were entertained by snake charmers from Dallas and belly dancers from New York.

Peterson rode into the party on a camel rented from a zoo in Austin.

All that — and more — came at a cost.

While a total dollar amount has never come to light, longtime sports business reporter Darren Rovell said recently on Twitter that Peterson spent over a million dollars alone on travel and lodging for guests. Yes, Peterson paid for all 300-plus guests to fly in and stay in Houston. The airplane tickets were first-class, and the hotel rooms were five- star.

Peterson didn’t just live extravagantly on his birthday. As he’s changed jobs in the NFL, he’s sold homes in various locales, including the suburbs of Houston and Minneapolis, and those listings gave us a glimpse of his lifestyle.

 

Lawyer: Peterson in debt, trusted wrong people

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.”

Carlson declined further comment.

According to The Athletic, Peterson had defaulted on other loans, leading him to secure the $5.2 million loan from DVS on Oct. 26, 2016, while playing for the Minnesota Vikings.

That money was to help pay $3.2 million to Thrivest Specialty Funding and $1.34 million to Crown Bank.

Peterson still owes $600,000 to Crown, and a Maryland judge last week said he must pay $2.4 million to Democracy Capital Corp., The Athletic reported.

Because the lawyers for DVS represented Peterson in another lawsuit, Peterson’s attorney said there was a conflict of interest. That led to a judge cancelling Peterson’s deposition Monday. Peterson’s side said his confidential information was not properly obtained.

“As I have stated to Mr. Peterson’s counsel, my firm has never held Mr. Peterson out as a client to third-parties,” DVS attorney Darren Heitner said Tuesday via email. “Heitner Legal was never communicating with Mr. Peterson. There was and is no actual or perceived conflict of interest. No confidential information was obtained by Heitner Legal from Mr. Peterson. I view Mr. Peterson’s tactics as nothing more than the latest attempt to stall the taking of his deposition.”

Added Heitner: “I have no knowledge as to Mr. Peterson’s personal assets. Based on experience, creditors with judgments in hand may be able to garnish some of his future wages.”

The Redskins report to training camp Wednesday. Peterson will enter camp competing with Derrius Guice for the starting running back position. Peterson, who rushed for 1,042 yards last season, signed a two-year deal worth up to $5 million and includes annual incentives of $1.5 million.