Adrian Peterson ordered to turn over assets to pay debt; PR firm points to advisor
(Reuters) — Former NFL running back Adrian Peterson has been ordered by a Houston judge to turn over numerous assets as a means toward paying a debt that is estimated at more than $12 million.
The court-appointed receiver, Robert Berleth, requested this order in July and said Peterson “is known to have numerous assets” at his home in Missouri City, Texas. The Houston judge on Monday ordered constables in Fort Bend County, Texas, to accompany Berleth to Peterson’s residence to keep the peace.
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Peterson’s debt issues began when he took out a loan for $5.2 million from a Pennsylvania lending company in 2016. The sum has grown due to interest and attorney’s fees, leading to an $8.3 million judgment against him in 2021.
“No offsets have been made against this judgment to date,” the receiver stated in the July court filing.
Entertainers &Athletes Group, the public relations firm representing Peterson, issued a statement to Field Level Media on Tuesday seeking to clarify his position in the matter. EAG said “every effort to resolve this issue has been rejected” and “attempts at an amicable settlement have been rebuffed.”
“The article that has surfaced contains no new information. Adrian Peterson has been dealing with this lawsuit since 2017, which stems from a business loan arranged by his then-financial advisor, Jeff Wiseman. The loan was for a company co-owned by Peterson, Wiseman, and another partner. As the majority owner, Peterson was made the guarantor of the loan, making him solely responsible for the collateral,” EAG CEO Denise White said in a written statement Tuesday afternoon.
“Wiseman assured Peterson that the company would be able to repay the high-interest loan, as the funds were used to purchase equipment for the business. This was not a personal loan taken out by Peterson but a business loan, and Wiseman guaranteed that it would be repaid from the company’s profits. Unfortunately, the company failed to repay the loan, leaving Peterson financially liable for the debt. Meanwhile, Wiseman, who advised Peterson to take out the loan, has not faced any financial or legal responsibility regarding the matter.”
Peterson, 39, last played in the NFL during the 2021 season.
EAG said Peterson “feels it is important to speak out, hoping that others can avoid similar financial predicaments.
Trusting his financial advisor, as many do, Peterson relied on assurances — under now-missing recordings — that no personal funds would be required to settle the loan.
