Bank Sues Michael Vick for $2.3 Million

Published: September 25, 2007, 5:53 am

Filed under: Falcons, AtlantaSuspended Falcons quarterback Michael Vick is being sued by the Royal Bank of Canada, which claims that when he ceased receiving paychecks as an NFL player, he violated the terms of a $2.5 million loan.The Daily Press reports that the loan contract Vick signed has a clause that says if Vick experiences an employment change that might affect his ability to repay the loan, that constitutes a default. An indefinite suspension, without pay, certainly seems to qualify. The complaint filed by the bank says that Vick owes $2.3 million, plus $499 of interest a day, and the bank wants Vick to pay its legal fees.This and other financial issues facing Vick raise the question of whether he will be forced into bankruptcy. Although he's already made tens of millions of dollars, the Falcons are seeking to force Vick to repay more than $20 million that they had previously given him in bonus money, money he almost certainly doesn't have anymore. Remember: Mike Tyson

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