KopTalk.com Forums Football Liverpool FC Forum 3 out of 5 retired PL players will go bankrupt

THREE out of five English Premier League players declare bankruptcy within five years of retirement.

XPro said that despite earning an average wage of 30,000 pounds ($44,000) a week, many players blew their cash or followed poor investment advice, while as many as one in three were hit by costly divorce proceedings and settlements.

"It might sound incredible to normal fans but it can and does happen," the organisation's chief executive Geoff Scott, a former Stoke City, Leicester City and Birmingham City defender, was quoted as saying on xpro.org.

XPro, which provides advice to and supports 30,000 former players, added that "too many (players) forgot to put money aside for the taxman", while excessive spending linked to spiralling wages was also a factor.



The chief executive of England's Professional Footballers Association, Gordon Taylor, disputed the research, however, suggesting that the real figure for bankruptcy was between 10 and 20 per cent.

"The fact is, as regards them going bankrupt, it's nothing like those figures (three out of every five)," he told BBC radio.

Mr Taylor said his organisation did urge players to plan for the day when they were no longer earning five, or in some case six, figure weekly wages.

"Footballers, with very few exceptions, aren't going to earn as much money when they finish playing. We encourage young players to save for the future, for when they retire."

Mr Taylor also warned players to beware of agents and advisers who only only became interested in them when they earned huge salaries and PFA courses were available to help former pros work in the media or in other careers.

"I have to be careful what I say about agents, but they are there during the good times and they're a bit like butterflies in the bad times. All the players come on to the PFA for advice when things have gone badly wrong," he said.

"It is about saving, it's about being sensible, it's about being careful, it's about not expecting to have the same lifestyle. It's not everybody that can adapt. That exit strategy is quite important."

Mr Taylor highlighted the case of former Paul Gascoigne, who has struggled to cope since retiring from football, with alcohol problems blighting the life of the former England midfielder and those close to him.

XPro for its part said it was helping a number of players, including former Aston Villa and England midfielder Lee Hendrie, who was declared bankrupt in January last year.


http://www.dailytelegraph.com.au/sport/f...d-1226591159759

think its incredible how much money players blow.

hard to feel sorry for them. I can only dream of earning in one year what some of them earn in a week. ive just got through my worst work year yet. no one was there to help me.

i hear ya bro.

seems to be a theme across all sports. There is a similar figure in the NFL who go bankrupt within 5 years of retirement

Most of them have the brains of a hedgehog. No disrespect to hedgehogs.

Players need to speak with fowler and he will point them in the right direction in terms of investment

Most players r living in a bubble, their agent does everything for them ie change a light bulb, car gets a puncture ... Gets it changed, booking holiday tickets, paying bills etc etc

I do find it puzzling how they can blow 30k a week, like you've said I'd be happy to be getting that a year at my age. Earning over a million a year and blowing it just as quickly! Then the ones on 100k+ is fvcking ridiculous.

Thats an amazing statistic, i would put it down to them not having to think for themselves to often,its a sad state of affairs brought on by a lack of proper education imo.

Has anyone seen my imaginary violin?

"Poor fvckers"....they work as much as 12 hrs a week and have to get by on just a few million a year. How can they be expected to survive once their careers are over?