Footballers "badly let down" by lack of financial advice as they lose millions in scandal

FOOTBALLERS are being “badly let down” by a lack of financial advice, experts have warned.

A BBC investigation revealed that around 200 former footballers lost millions after investing through Kingsbridge Asset Management. 

When the schemes collapsed, many were left facing huge tax bills and some even lost their homes.

Although the players were recognised as victims of crime, no charges were ever brought. They have since formed the V11 group to push for tax reform and better safeguards for others in the game.

Financial experts warned that players are especially vulnerable to poor advice.

Scott Gallacher, Director at Leicester-based Rowley Turton, said: “Cases like this show that players are being badly let down. A few years ago, we contacted every Premier League and Championship club offering to run free financial planning seminars for their players and staff. 

"Almost no clubs even replied, and not one accepted our offer — despite us being an award-winning Chartered firm. It’s hard not to conclude that the system is failing players off the pitch.”

Eamonn Prendergast, Chartered Financial Adviser at Bromley-based Palantir Financial Planning Ltd, said footballers can become targets.

He added: "Footballers may look invincible on the pitch, but off it they’re often wide open to financial foul play. The Kingsbridge scandal shows what happens when players aren’t given the right safeguards, lives upended, homes lost, and careers shattered. 

“Clubs and governing bodies have a duty of care to go beyond training and nutrition; financial education and access to genuinely independent advice should be mandatory from academy level upwards. The lesson is simple: without protection, players become targets, and the price is paid long after the final whistle.”

Ross Lacey, Director & Independent Financial Adviser at Rayleigh-based Fairview Financial Management, agreed, adding: "Given the level of wealth and lack of time to properly manage finances, footballers, and indeed other sports professionals are vulnerable to bad advice. Bad advice doesn't just mean the dodgy tax evasion schemes we hear about, but also investments set up with no proper plans for the future following a playing career. 

"This also applies to lower league players who potentially get no advice or attention at all but seriously need to consider how they'll fund their future lifestyle after sport, without the same level of financial resources that those at elite levels may have enjoyed. 

"We think there should be more done to promote proper financial planning and advice to all levels of sport professional, and better links made with clubs and agents to offer introductions to trusted and vetted financial advice professionals."

Aaron Strutt, Product and Communications Director at London-based Trinity Financial, said footballers face unique challenges financially.

He added: "We have worked with a wide range of footballers — from Premier League players and their representatives, who have the luxury of choice when it comes to banks, to League 1, League 2, and National League players, many of whom face challenges in securing large enough mortgages on terms that suit them. 

"Times have changed, and some clubs now appoint banks and financial advisers to ensure their players receive the best guidance. Having witnessed the financial struggles of previous generations, particularly after retirement, many players today are determined not to repeat those mistakes. 

“Private banks have specialist sport desks that arrange finance and investments, but lower league players often need to sort out their own finances.”

Joe Farmer, Protection Advisor at When The Bank Says No, said financial education is crucial for footballers.

He continued: “This shows how crucial proper financial education and access to trustworthy advice is for players. Many are signed so young with little real world experience, yet face life changing sums and complex decisions. Without support, they’re vulnerable to poor advice and damaging schemes. 

"Clubs should make independent, regulated financial guidance part of their duty of care and employee benefits. We already see how valuable this is when helping players with mortgages and protection. Early, trusted advice really can safeguard their long-term security.”