Infotainment Factory: How NFL star squandered $100m fortune

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Thursday, 25 July 2019

How NFL star squandered $100m fortune


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Bogus investments, fast cars, massive shindigs and the overwhelming burden of becoming a millionaire virtually overnight - the story of the broke professional athlete is well known.

Whenever news spreads about a player's financial downfall, the first inclination is to question how any reasonable minded person could let millions of dollars slip through their fingers.

Recent reports about NFL star Adrian Peterson’s money problems has again highlighted the need for players to be aware of the company they keep and be more fiscally responsible with their career earnings.

Despite earning $100 million throughout his storied NFL career, the 34-year-old Redskins running-back is now in debt with several creditors chasing him for payments.

Peterson is currently facing three lawsuits and has been accused of defaulting on a $2.4 million loan he took out in 2016, according to ESPN. Last year, he was ordered to pay back more than $600,000. On top of that, he missed his first payment on a separate $4 million loan just a month before according to court records, and he defaulted on a $5.2 million loan, which was supposed to be used to pay off his previous debts.

And while Peterson might have intended to pay back his debts through various agreements, it appears his penchant for living large, huge monthly child support bills (he's rumoured to have six to eight children) and lavish parties have come back to bite him.

For his 30th birthday, Peterson reportedly shouted his family and friends to first class plane tickets on a trip to Houston. The guest-list ballooned to 320 people.

The party itself was set to an Arabian theme and featured belly dancers, snake charmers and a rented lemur. Peterson also had Oscar-winning actor Jamie Foxx DJ the event.

And here's the kicker.

The NFL star arrived at the party sitting on top of a camel and then took his seat on top of a pretend throne with a python draped around his shoulders.

Peterson’s lawyer, Chase Carlson, addressed his client's floundering wealth through a statement this week, where he laid blame on untrustworthy people who manipulated the gridiron star.

“The truth behind Adrian Peterson’s current financial situation is more than is being reported at this time,” the statement read.

“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.”

And while Peterson's legal rep has pointed the finger at others for mismanaging the star's earnings, one US sports pundit believes the star's "irresponsible" approach to his personal life contributed heavily to his issues. Jason Whitlock, co-host of Fox Sports 1's Speak For Yourself in the US, said the running back only had himself to blame.

“The number one business decision a man or woman is going to make is who they partner with in a marriage,” Whitlock said.

“That’s a business decision that will set the foundation for every other business decision you make the rest of your life. Adrian Peterson has six kids (with) six baby mummas. You know how expensive that is? You know how many bad business decisions that is? He’s supposed to be broke. I don’t care how much money you make. You’re supposed to be broke if you’ve been that irresponsible.”

The NFL's minimum salary for rookies is $495,000 but the average NFL career lasts 3.3 years according to the NFL's Player Association.

Peterson rushed for 1,042 yards and seven touchdowns in 16 games for Washington last season and is considered one of the greatest running backs of all-time.

Bogus investments, fast cars, massive shindigs and the overwhelming burden of becoming a millionaire virtually overnight - the story of the broke professional athlete is well known.

Whenever news spreads about a player's financial downfall, the first inclination is to question how any reasonable minded person could let millions of dollars slip through their fingers.

Recent reports about NFL star Adrian Peterson’s money problems has again highlighted the need for players to be aware of the company they keep and be more fiscally responsible with their career earnings.

Despite earning $100 million throughout his storied NFL career, the 34-year-old Redskins running-back is now in debt with several creditors chasing him for payments.

Peterson is currently facing three lawsuits and has been accused of defaulting on a $2.4 million loan he took out in 2016, according to ESPN. Last year, he was ordered to pay back more than $600,000. On top of that, he missed his first payment on a separate $4 million loan just a month before according to court records, and he defaulted on a $5.2 million loan, which was supposed to be used to pay off his previous debts.

And while Peterson might have intended to pay back his debts through various agreements, it appears his penchant for living large, huge monthly child support bills (he's rumoured to have six to eight children) and lavish parties have come back to bite him.

For his 30th birthday, Peterson reportedly shouted his family and friends to first class plane tickets on a trip to Houston. The guest-list ballooned to 320 people.

The party itself was set to an Arabian theme and featured belly dancers, snake charmers and a rented lemur. Peterson also had Oscar-winning actor Jamie Foxx DJ the event.

And here's the kicker.

The NFL star arrived at the party sitting on top of a camel and then took his seat on top of a pretend throne with a python draped around his shoulders.

Peterson’s lawyer, Chase Carlson, addressed his client's floundering wealth through a statement this week, where he laid blame on untrustworthy people who manipulated the gridiron star.

“The truth behind Adrian Peterson’s current financial situation is more than is being reported at this time,” the statement read.

“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.”

And while Peterson's legal rep has pointed the finger at others for mismanaging the star's earnings, one US sports pundit believes the star's "irresponsible" approach to his personal life contributed heavily to his issues. Jason Whitlock, co-host of Fox Sports 1's Speak For Yourself in the US, said the running back only had himself to blame.

“The number one business decision a man or woman is going to make is who they partner with in a marriage,” Whitlock said.

“That’s a business decision that will set the foundation for every other business decision you make the rest of your life. Adrian Peterson has six kids (with) six baby mummas. You know how expensive that is? You know how many bad business decisions that is? He’s supposed to be broke. I don’t care how much money you make. You’re supposed to be broke if you’ve been that irresponsible.”

The NFL's minimum salary for rookies is $495,000 but the average NFL career lasts 3.3 years according to the NFL's Player Association.

Peterson rushed for 1,042 yards and seven touchdowns in 16 games for Washington last season and is considered one of the greatest running backs of all-time.

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