AS MANY AS 100 former and current Premier League players, including Manchester United and England’s Andy Cole and Rio Ferdinand, and Ireland’s John O’Shea, face a collective loss of some £100 million ($150m, 140m euros) after investments in film schemes and property ventures turned sour, the Sunday Times reported.
Some of the players said they were victims of bad advice from David McKee and Kevin McMenamin of Kingsbridge Asset management, an investment company, and that they either lost major amounts money or were hit by huge tax demands from Her Majesty’s Revenue and Customs (HMRC) when the British tax authority challenged the legality of the film schemes.
Kevin Campbell, the former Arsenal and Everton striker, who invested in five film schemes and faces losses of up to £7 million, is now at the centre of bankruptcy proceedings.
Campbell alleges that he and other footballers have been the victims of “appalling mis-selling”.
“When I see the paperwork, it’s horrendous,” Campbell told the Sunday Times. “I am not one to be bitter, but £7 million is a lot of money.”
Danny Murphy, the former Liverpool midfielder turned BBC television pundit, said he did not feel embarrassed because he considered the investments were mis-sold.
“I feel angry,” he said.
Craig Short, the former Blackburn Rovers captain and current first-team coach, who has lost an estimated £2.6 million, added: “These investments were sold for my kids’ education, for my children’s future.
“I reckon over 100 retired players have been hit by this. They feel aggrieved, they feel duped, anger, humiliation, really. It’s wrong, totally wrong.”
However, a spokesman for McKee and McMenamin told the Sunday Times that the players were, “without exception”, always informed about the suitability and risks of the schemes and advised that the investments needed to be part of a balanced portfolio.
Additional reporting by Paul Fennessy
the devious picking on the idiots. It is fairly common knowledge that a lot of the lads who come through the system don’t even know how to pay a phone bill. it’s not too surprising that they were ripped
I’m willing to bet the investment firm didn’t face any investment loses though .
Ouch
It’s bullshit I’m pissed
Over paid….does anyone care !
horse to water. scatter
postoffice saving stamps your only man.
It’s Monday morning .. Are any of those footballers out working in the rain like me … Doubt it .. They always seem to want more money poor things
You poor thing out in the rain.. Everybody wants more money not just footballers..
Probably out training in the rain alright, they don’t get to skip training or matches if it’s raining
With the money most of these guys are on there is no reason to go into any risky investments other than greed. The interest on a mix of savings accounts and bonds would more than pay for their children’s education!
100 players, collective loss of £100,000,000 so £1,000,000 each? I bet it’s less than what they invested
If you read the article on the Sunday Times, the actual losses are likely to be in the region of one billion and not 100 million. The 100 million is up front money with the rest being highly leveraged with some scavenger bank. The guys who sold these proposals walk away with 5 million off the top and the investors lose their shirts . Nice work.
Greed is a desperate thing.
Why did they feel the need to invest those sums of money? They had enough to retire and live off the interest but they kept wanting more.
Touch luck.
Danny Murphy, who gives the impression on BBC he was dropped a lot as a baby, said he is angry.
At who, exactly?
It souk be himself for being so stupid and greedy.
Keith Gillespie talks about this in his book. Seems fairly commonplace. Didn’t Robbie Keane have a similar issue a year or two ago?
Hilarious. Most of them trying to dodge paying tax with these film schemes but backfired big time.