A Maryland court ordered Washington Redskins running back Adrian Peterson to repay a Bethesda lender more than $2.4 million after Peterson defaulted on a 2016 loan.
Last month, a Howard County Circuit Court judge ruled that Peterson owes Democracy Capital Corporation $2,450,102, according to court records. The judgment includes an unpaid balance and legal fees.
Records show a business Peterson owns called Adrian Peterson All Day Inc. took a $4 million loan from Democracy Capital in April 2016 with an interest rate of 15 percent. That rate jumped to 23 percent when Peterson’s company didn’t make the first $200,000 payment, which was due in 2017. Some of the loan was eventually repaid when it was due in 2018, but an outstanding balance remained.
Peterson, 34, had a resurgence in his first season with Washington last year, when he rushed for 1,024 yards and emerged as one of the team’s leaders on offense. He signed a two-year, $5 million contract with the Redskins in March and has made $99.2 million in his career since being drafted with the seventh pick in 2007 by the Minnesota Vikings.
Peterson’s attorney, Doug Wolfe, did not immediately respond to a request for comment. Wolfe told the Baltimore Business Journal, which first reported the judgment, that the court’s ruling was “more of a procedural thing” and that Peterson has been “in negotiations to resolve the matter.”
A person with knowledge of the situation, who spoke on the condition of anonymity to discuss a sensitive topic, said the loan was taken out by business associates of Peterson’s with whom the player no longer works.
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