Report: Ravens' McKinnie owes $4.3M
In February 2011, then-Minnesota Vikings player McKinnie took out a $4 million personal loan with Pro Player Funding (PPF), which specialized in "lockout loans" for NFL stars worried about an impending pay freeze.
According to court documents, the loan included high interest rates and a clause that allowed PPF to demand the entire amount if he missed a single payment.
But in August last year, after the lockout ended, McKinnie was cut from the Vikings due to an unspecified injury and failed to make a payment. According to the court documents, he had directed paychecks to go directly to PPF -- but when he was fired, they stopped, and he missed his August bill.
PPF obtained a court judgment that ordered him to pay back the entire loan, plus interest -- totaling $4.3 million.
McKinnie signed with the Ravens three weeks after he was cut by Minnesota, on a two-year contract worth a maximum of $7.5 million.
Calls to his rep were not returned.