X

Former NFL QB Michael Vick Being Sued for $1.2M Over 2018 Loans

Adam WellsJuly 1, 2022

Bob Levey/Getty Images

Former NFL quarterback Michael Vick is being sued for $1.2 million stemming from a 2018 loan he received in Maryland.

Per David Ovalle of the Miami Herald, a deposition has been scheduled for Aug. 5 after a group of creditors filed the lawsuit in Broward County circuit court.

Arthur Jones, Vick's lawyer, didn't dispute Vick has debt but questioned the validity of the group's calculation of how much he owed in a statement included in Ovalle's report:

"Michael Vick takes these matters seriously and is aware of the proceedings and will be sure that all parties who are entitled to receive payment will be paid. However, usurious calculations which produce absurd results should not be countenanced by the courts of Florida. Therefore, all appropriate defenses will certainly be utilized. Further comment on any shenanigans which lead to situations like this may be made available at a later date."

According to Ovalle, Florida law protects the house Vick and his wife live in in South Florida.

The plaintiffs could demand other assets Vick has, including cars, jewelry and sports memorabilia.

Atlantic Solutions sold Vick's debt to SMA Hub, a group that divided up the interest from his loans and split it up to six people he has allegedly never paid, who filed the lawsuit against him.

Vick received is said to have received $400,000 in loans in 2018 from Atlantic Solutions, which is based in Bethesda, Maryland, and allegedly served as a middleman between Vick and NV Partners.

NV Partners signs "current and former athletes who needed immediate cash, in exchange for future earnings," per Ovalle.

According to a 2020 story from Dan Morse of the Washington Post, Vick received a loan based on an agreement that the company would receive "up to three years of Vick鈥檚 earnings, including those he receives as a television football analyst."

Morse reported Vick had promised to pay the company back at least $100,000 by March 1, 2020.

As part of a settlement plan agreed to by Vick and Atlantic Solutions at the time, Vick's debt was at nearly $2 million, but his total repayment would be cut to $1.3 million if his original $100,000 payment cleared.

Daniel Wright, NV Partners' attorney, told Ovalle that Vick "has paid nothing."

Per Ovalle, this latest lawsuit for Vick "stems from two completely separate loans, also with Atlantic." He was supposed to pay the money back from the sale of his former house in Broward County, as well as funds from his NFL retirement and pension accounts.

Vick has had financial woes dating back to his time in the NFL. He was $17.8 million in debt when he filed for bankruptcy in 2008. The four-time Pro Bowler made his final payment on that debt to creditors in November 2017.

馃毃 SPORTS NEWS 鉃★笍 YOUR INBOX

The latest in the sports world, emailed daily.