Payback for Hobert Loans Based on Future Pro Football Earnings

SEATTLE — Suspended Washington quarterback Billy Joe Hobert agreed to pay back an Idaho businessman as much as $110,000 for $50,000 in loans, based on future earnings as a pro football player, a newspaper reported Wednesday.

In a promissory note dated July 24, Hobert said he would pay 1.5% “of any future monies received on a pro football contract” up to a maximum of $110,000, the Seattle Times reported. As an alternative, the agreement said Hobert would be allowed to pay $65,000 within two months of signing a pro contract.

The note was later voided, but served as key evidence in the university’s November decision to suspend the quarterback for violating NCAA rules prohibiting a college player from obtaining loans based on his potential earnings as a professional athlete.

A copy of the note was given the Seattle Times, along with interview transcripts and other records from a joint university-Pacific 10 Conference investigation, after the newspaper requested the documents under Washington’s public disclosure law.

According to those records, Hobert signed a another note on July 27 that required him to pay 10% annual interest to Charles Rice, an Idaho scientist, on the $50,000 and set no payback schedule. It made no mention of Hobert’s future professional earnings.

Hobert was suspended from the Huskies in early November. Hobert, 21, said he spent the money on cars, guns stereo equipment and a few lavish weekends.