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.”
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