UK footballers face $150 mln ‘meltdown’ from bad investments
Many of the investors face large tax bills from their investments
Many top British footballers are faced with the prospect of losing millions from poor investments in movie schemes and real estate ventures pushed by two financial advisors, London-based paper The Sunday Times reported.
More than 100 players were advised by two advisors from a firm known as Kingsbridge Asset Management, which made over $7.5 mln from the failing investments.
Leaked documents seen by the paper show that British football giants, including former England stars Rio Ferdinand and Andy Cole, as well as three pundits, are among those who stand to lose out.
Many of the investors also face large tax bills from their investments, according to the Sunday Times.
“When I see the paperwork, it’s horrendous. I am not one to be bitter, but £7mln ($10.5 mln) is a lot of money,” said former Everton and Arsenal striker Kevin Campbell, who invested in five movie schemes.
Another footballer told the Sunday Times that many who lost out were too ashamed to speak out about their losses.
However, a spokesman for the advisors said that clients knew the risks “without exception.”
French police question Benzema in football sex tape inquiryFrench police questioned Real Madrid striker Karim Benzema into an alleged attempt to blackmail fellow-France soccer international Mathieu Valbuena Sports
No winners in continued Israel-Palestine standoffFootball has transcended race, religion and culture over the last century Sports
Sheikh Salman submits candidacy papers to FIFASheikh Salman submitted his paperwork to FIFA a day ahead of the deadline for candidates to deliver the nominations from five football associations Sports
Will UAE’s Al-Ahli become an Asian football dynasty?This is the first Emirati team to make the continent’s showpiece fixture for 10 years Sports
Former political prisoner Sexwale to stand for FIFA presidencySexwale will now look for backing from the Confederation of African Football (CAF) which holds executive committee meetings on Tuesday and Wednesday. Sports
Next FIFA boss should be outsider with good human rights record: FIFProAsian Football Confederation (AFC) President Shaikh Salman bin Ebrahim Al Khalifa of Bahrain said this week he had been urged to stand in the election Sports
Ramon Vega may enter the FIFA presidential raceFormer Tottenham defender Ramon Vega is considering the Fifa presidency after the football provisional suspension of its president Sports