Falcons could recover more than $28 million from Vick
ProFootballTalk.com reports that the Falcons have the ability to recover a large sum of the guaranteed money they paid Michael Vick when he received a ten-year contract extension in 2004 worth a total of $130 million. Due to his federal indicment Vick is set to be arraigned on July 26, the first day of the Falcons 2007 training camp. Missing that day of practice could leave Vick in default of his contract, and thus allow the Falcons to recover a sizeable portion of money.
According to ProFootballTalk, the Falcons could recover $28.7 million of the $37.5 million guaranteed paid in his 2004 extension. That figure is based on how many potential games are left remaining through the extent of Vick’s contract, which is du to expire after the 2013 season. The Falcons may not choose to find Vick in default of his contract, by given him written permission to miss practices on July 26 and/or later dates. But the Falcons still hold the option to recover bonus money at a later date, but as time goes on, the potential money recovered will decrease.
Earlier reports suggested that because the majority of Vick’s guaranteed money was paid in roster bonuses, it would be less likely the Falcons would be able to recover that money due to arbitration on a grievance filed against former Falcon and Denver Bronco receiver Ashley Lelie last summer. The Broncos sought to recover bonus money from Lelie for holding out of off-season activities, but because it was option bonus money, Lelie was not deemed liable to repay that money. Previous reports suggested that roster bonuses would be treated similarly as option bonus, although the report at ProFootballTalk suggests otherwise.