ANN ARBOR, Mich. — University of Michigan football coach Rich Rodriguez owes $3.9 million from a defaulted loan intended for a planned condominium project near the football stadium at Virginia Tech in Blacksburg, Va., according to a federal lawsuit.
The suit, which Nexity Bank filed against Rodriguez on Aug. 13, alleges that the coach and four partners defaulted on a construction loan in May. Interest on the loan continues to accrue at nearly $1,000 a day, the suit claims.
News of the suit comes during a difficult week for Rodriguez. On Monday, the coach offered a emotional defense of his program following a Free Press report Sunday in which current and former Michigan players said the team exceeded NCAA limits on practice time and other activities.
The suit, which Nexity Bank filed against Rodriguez on Aug. 13, alleges that the coach and four partners defaulted on a construction loan in May. Interest on the loan continues to accrue at nearly $1,000 a day, the suit claims.
News of the suit comes during a difficult week for Rodriguez. On Monday, the coach offered a emotional defense of his program following a Free Press report Sunday in which current and former Michigan players said the team exceeded NCAA limits on practice time and other activities.
(Source: USA Today)
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