Tuesday, September 1, 2009

Rich Rod

Michigan coach Rich Rodriguez, others sued over Va. condo deal

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.

More of the article here.

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