Adrian Peterson, former Vikings star, facing asset seizure due to significant debt
Former Minnesota Vikings running back Adrian Peterson, who made over $100 million during his NFL career from 2007 to 2021, is struggling with a considerable debt exceeding $12 million. Recently, a Houston judge has mandated that he must surrender various assets to assist in settling this debt.
The same judge has instructed that constables from Fort Bend County, Texas, accompany the court-appointed receiver to Peterson’s residence to seize the assets, according to an order accessed by YSL News Sports.
The receiver, Robert Berleth, had requested this order in July, claiming Peterson “has several assets” at his home in Missouri City, Texas.
“The receiver has requested constable presence to maintain peace and prevent disruptions during the asset seizure process,” Berleth stated in his request.
On Monday, the judge considered the receiver’s arguments and approved the request.
“It is hereby ordered that a writ of turnover with the receiver’s levy be issued, and Ft. Bend County constables are to accompany the receiver in executing his responsibilities,” the ruling indicated.
What led to Adrian Peterson’s debt?
This order is the most recent development in a lengthy legal dispute regarding Peterson’s obligation to repay a $5.2 million loan taken from a Pennsylvania lending firm in 2016, which was intended to settle debts to other lenders. This financial trouble resulted in an $8.3 million judgment against him in 2021, alongside $15,000 in legal fees and 9% interest per year on the total amounts, according to the receiver’s court documents. The overall amount owed now totals approximately $12.5 million, Berleth stated in a February court filing.
“No offsets have been applied against this judgment to date,” the receiver noted in a court filing made in July.
Berleth, the appointed receiver, has also accused Peterson of hiding assets to evade repayment. In February, a memorabilia auction in Texas was caught up in this situation when it attempted to auction Peterson’s belongings, which included several NFL trophies and jerseys.
A judge intervened and halted the auction after Peterson expressed his objections and stated on social media, “I want to stress that I am financially secure and would never part with my cherished trophies.” The status of that auction is currently unknown as it appears to be on hold.
Berleth offered his perspective in court documents, stating, “The Receiver stopped an auction initiated by the debtor (Peterson) and confiscated items stored in facilities rented by the debtor.” He added, “The assets rightfully belong to the debtor, but the rented storage facilities were overdue. The debtor contested the sale of trophies.”
Why did Peterson need this loan?
Peterson took the loan in 2016 with a commitment to repay it with interest by March 2017, just five months later. It was intended primarily to pay off other debts. However, coming off a knee injury that year, the Vikings opted not to exercise an $18 million option in his contract, leaving Peterson a free agent. His earnings consequently diminished, never surpassing $3.5 million annually afterward. Since 2021, he has not participated in any NFL games.
A representative for Peterson did not respond to a request for a statement.
Follow reporter Brent Schrotenboer @Schrotenboer