Adrian Peterson, former NFL running back, was ordered by a judge in Houston, Texas, to begin paying off over $12 million in accumulated debt by turning over many of his assets.
On Monday, Sept. 9, the judge ordered Peterson to surrender his assets to cover the substantial debts, agreeing to the request of the court-appointed receiver filed in July. In that order, court-appointed receiver Robert Berleth said the former NFL running back was “known to have numerous assets” in his Missouri City home. A court-appointed receiver acts as a neutral third party during a dispute and manages property and assets on behalf of the court.
The order directed Fort Bend County constables to accompany Berleth to the former football player’s home in order to keep the peace while his assets are seized. Peterson’s problems all began in 2016 when he borrowed $5.2 million from a lending company in Pennsylvania yet could not keep up with repaying it, leading to a lawsuit against him in 2017. In January 2021, the court ordered a summary judgment against him for $8.3 million, including accumulated interest and lawyer’s fees. Berleth’s July court filing brought to the judge’s attention that “no offsets” were yet made to the judgment.
Peterson is represented by the public relations firm Entertainers & Athletes Group (EAG), which published a statement on Tuesday, Sept. 10, and clarified the former running back’s position, stating that he made “every effort to resolve” the issue but these efforts were “rejected” while “attempts at an amicable settlement” were “rebuffed.”
Denise White, the CEO of EAG, said the loan was not a personal one but a business loan arranged by Jeff Wiseman, Peterson’s former financial advisor, and was to go toward a company owned by Wiseman, the football player, and a third partner. Peterson was the majority owner and therefore designated as the loan’s guarantor, meaning he is solely responsible for providing collateral. Wiseman promised him the company could cover the loan, even with high interest, and the funds went toward the purchase of equipment.
When the company failed to pay it off, Wiseman got off free of any legal responsibility while all of the responsibility fell onto Peterson, his lawyers argue. Peterson hopes his predicament will be a cautionary tale for others not to blindly trust their financial advisors.
