Soca Warriors Online Discussion Forum
Sports => Football => Topic started by: Tallman on March 04, 2013, 05:58:48 PM
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Most Premier League stars go broke
Eurosport
The majority of Premier League footballers are broke within five years of their career ending, a survey has shown.
According to research conducted by XPro, a charity for ex-professional footballers in the UK and Ireland, three in five players blow their fortunes despite the average wage in the league currently being £30,000-a-week.
Tottenham goalkeeper Brad Friedel, former Blackburn captain Colin Hendry and ex-Aston Villa star Lee Hendrie are among the players who have declared for bankruptcy while Fulham’s John Arne Riise and ex-Manchester United pair Keith Gillespie and Eric Djemba-Djemba have also had major financial issues.
What's more, one in three players who are married end up filing for divorce within 12 months of their retirement.
Explaining the figures, XPro chief executive Geoff Scott, who played for Stoke, Leicester and Birmingham, told the Sun on Sunday: "Our database shows three in five players go bankrupt within five years and it coincides with one in three getting divorced within 12 months.
"Often they are advised by the wrong people and, before they know it, their assets have disappeared.
"Even if they manage careers in the media or on the after-dinner circuit, some aren’t aware they need to put money away for the tax man.
"It might sound incredible to normal fans but it can and does happen."
Mark Sands of bankruptcy specialists RSM Tenon confirmed that a number of their clients were footballers: "While earning huge sums they developed expensive tastes and made risky investments," he told the Sun on Sunday.
"When their playing career came to an end they had no second income and their earnings dropped rapidly.
"And as their earnings dropped their expenditure did not. High outgoings, falling incomes, investments failing and high levels of debt used to buy houses and leverage investments combined to bring them down — and bankruptcy ensued."
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What's more, one in three players who are married end up filing for divorce within 12 months of their retirement.
Explaining the figures, XPro chief executive Geoff Scott, who played for Stoke, Leicester and Birmingham, told the Sun on Sunday: "Our database shows three in five players go bankrupt within five years and it coincides with one in three getting divorced within 12 months.
As I was scrolling down, I expected to see the M-word and the D-word. The only thing missing is the B-word.
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Big up to Dwight Yorke and Shaka Hislop!!!!
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Sad indeed.
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That's not just an EPL things it's a professional sports thing. NFL, NBA, same nonesense.... Most of those dudes just not highly educated on the financial aspects of their life and blow their monies.
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dem fellas doesn't know how or when to adjust to dey new circumstances, man does try to keep dey 40 room mansion, 10 car, 1 wife , 18 concubines, and an unending horde of leeches....ah mean...close friends ....various vices and often times d money dey was making was already heavily leveraged even before dey retire.........John Terry not reputed to owe millions in gambling debts ???
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dem fellas doesn't know how or when to adjust to dey new circumstances, man does try to keep dey 40 room mansion, 10 car, 1 wife , 18 concubines, and an unending horde of leeches....ah mean...close friends ....various vices and often times d money dey was making was already heavily leveraged even before dey retire.........John Terry not reputed to owe millions in gambling debts ???
Exactly
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It is not how much money you make........is how much you spend......
Is a catch 22, people say them players waste they money but at the same time what is the point of having money in you cant spend it.
As a professional player I can drive a civic or a mercedes both are cars one cost 20K US the other 100K US
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What garbage. Declaring for bankruptcy doesnt mean you broke. Friedel, for instance, filed for banlruptcy because his soccer academy was broke and wanted to restructure his financing.
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That's not just an EPL things it's a professional sports thing. NFL, NBA, same nonesense.... Most of those dudes just not highly educated on the financial aspects of their life and blow their monies.
And the people around them often do not give advice that benefits the player, but benefits themselves.
The P.F.A. offer financial advice to players, but the players "advisers" often talk them out of it as it will earn them nothing.
I recall an instance where I actually had several premiership players "advisers" call me to inform me that the players wouldn't be investing in the P.F.A. pension even though it offered benefits unavailable anywhere else. (It took nearly 2 years to create the product and guaranteed to pay the players contribution until the age of 35 in the event of a career ending injury - a benefit previously unavailable to professional footballers in the U.K.)
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Bankrupt goalkeeper David James auctions football memorabilia
BBC News
Former England goalkeeper David James is to auction hundreds of items of football memorabilia collected during his career.
James, who played for Liverpool, Aston Villa, West Ham, Manchester City and Portsmouth, was declared bankrupt in May.
Among the items being sold through London-based auctioneer Hilco are 150 signed shirts, shorts and match balls.
Also being sold is James's customised Astra van and Raleigh Chopper bikes.
The 44-year-old won 53 England caps during a career that also saw spells at Watford, Bristol City and Bournemouth and is currently goalkeeper and manager of Indian Super League side Kerala Blasters FC.
Bids for his possessions, which also include exercise and DJ equipment, vinyl records, books and toys, are being accepted from 6 to 18 November.
Shirts including an England home kit signed by the team, and a bright pink Portsmouth goalkeeper's jersey, are expected to sell for upwards of £30-50 each.
Premier League footballers: four who went bankrupt (http://www.bbc.co.uk/newsbeat/29896728)
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This happens in both the athletic industry as well as entertainment. What it all boils down to is an inability to adjust their lifestyles with the subsequent financial changes. Far too many of these players waste their earnings on nonsense and unnecessary lifestyles. No one says you can't enjoy what you earn but why does any one player need more than 2 vehicles at a time? Why do they need mansions that have so many rooms they cant even use most of them. They are outfitted with appliances they barely know how to use if at all. In the end it is all a cycle, only the smart and sometimes lucky get to avoid such fate.
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Such is the case of most retired pro athletes.
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Long, but should be mandatory viewing for all current and would be professional athletes
http://www.youtube.com/v/TSOAwNSv8EM
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Comes down to education and financial literacy. To manage your money at an arm's length is a dangerous thing nowadays, especially if you are a reckless spender.