Wry & Dry

UK footballers face ruin because of... bad financial advice

It's not only Australian investors who have been ruined by the greed of financial advisers.  Some of the biggest names in British football (soccer) face losses totaling an estimated £100 million, with some facing bankruptcy and ruin, as a result of investing in film schemes and property ventures.

These names mean nowt to W&D, but might ring a bell with readers: Rio Ferdinand; Kevin Campbell and Andy Cole are among more than 100 footballers to have invested via Kingsbridge Asset Management.  The principals of that firm are alleged to have earned £5 million in commission from investments, many of which tanked or resulted in the players’ receiving tax demands from HM Revenue & Customs, which challenged the film schemes’ legality.

Oh dear.  Very, very pear-shaped.    But good timing for Slater & Gordon to set up in the UK.

-       Anthony Starkins

[1]  Thanks to Ian Bezek for the inspiration for this piece.

[2]  A little vacation in Bavaria.