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Report: Lockout loan biting back at McKinnie
He gained weight after saying he had plans to lose weight during the 2011 offseason, causing the Vikings to start him on the physically unable to perform list for the first two days of training camp last year before releasing him.
Now comes word that McKinnie, who signed with the Baltimore Ravens after his release by the Vikings and started 15 games, was affected financially by the lockout – more than just his reduced salary.
According to TMZ.com, McKinnie took out a $4 million loan in February 2011, about a month before the NFL's lockout of players even started and about a month after his final payment for a $4.6 million base salary for the 2010 season. The loan provided by Pro Player Funding came with a high interest rate and a clause that allowed PPF to require payment for the entire amount if one payment was missed, according to TMZ.
PPF called for that payment in August 2011 after the lockout ended and McKinnie was cut by the Vikings. According to the court documents obtained by TMZ, McKinnie never switched the direct payments he had set up from his employment with the Vikings to his new employer, the Ravens, and he missed his August payment.
McKinnie was due a $4.9 million base salary in 2011 before being cut by the Vikings last year, as well as a $1 million roster bonus. He signed a reported two-year, $7.5 million contract with the Ravens but made only $1 million in base salary last year. The Ravens reportedly picked up a $500,000 roster bonus for McKinnie last month.
The judgment against McKinnie for his loan is $4.3 million with interest, according to TMZ.
Tim Yotter is the publisher of Viking Update. Follow Viking Update on Twitter and discuss this topic on our message boards. To become a subscriber to the Viking Update web site or magazine, click here.
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