Michael Vick to pay Falcons at least $6.5 million
Tue, 31 Mar 2009 21:47:07 GMT —
Michael Vick has agreed to pay the Atlanta Falcons at least $6.5 million as part of his bankruptcy case, clearing the way for the team to release him before training camp.
The settlement was reached ahead of Vick's bankruptcy hearing in Virginia on Thursday. Vick arrived in Virginia Monday afternoon and is being held at Western Tidewater Regional Jail in Suffolk, Va. According to a bankruptcy court filing, Vick and the Falcons have settled the Falcons' claims that Vick owed them nearly $21.2 million for bonuses he received before his guilty plea to federal dogfighting charges.
Under the settlement, which still must be approved at Thursday's bankruptcy hearing in Virginia, the team would receive $7.5 million if it wins the appeal or $6.5 million if the lower amount is upheld.