FLOWERY BRANCH, GA. (AP) - A person familiar with the settlement says Michael Vick has agreed to pay the Atlanta Falcons $6.5 million as part of his bankruptcy case, clearing the way for the team to release him before training camp.
The person, who spoke on condition of anonymity because the settlement is not being announced publicly, said Tuesday the payment would release Vick from the $130 million, 10-year deal he signed with the team in December 2004.
Vick, serving a nearly two-year prison sentence for dogfighting, was due to receive a base salary of $9 million and a bonus of $6.43 million in 2009. The remainder of the contract was worth at least $45.11 million.
The settlement was reached ahead of Vick’s bankruptcy hearing in Virginia on Thursday.