V11 Footballers Investments

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mmclo

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A mate of mine saw it on BBC Tuesday night and I am ripping as I missed it and do not have the BBC iPlayer. I am just amazed the players did not check with their accountants just to do a bit of due diligence
 
Hard to follow but it sounds a bit like the scheme in the UK where many self-employed paid no tax and complained afterwards when Revenue demanded payment. They set up umbrella companies and took loans.


Or the scheme in Ireland where medical consultants had a scheme which reduced their tax but Revenue said no.

www.independent.ie

Hospital consultants sue accountants after tax defaulter probe

Four prominent hospital consultants who were billed for thousands of euro in unpaid taxes in a Revenue probe of the medical profession are suing the Dublin accountancy and consultancy firm that advised them.
www.independent.ie www.independent.ie
 
www.dailymail.co.uk

Premier League footballers lose millions through financial advisers

Affected footballers joined the V11 campaign group comprising individuals who invested with Kingsbridge Asset Management in the 1990s and 2000s.
www.dailymail.co.uk www.dailymail.co.uk

What is Kingsbridge Asset Management and how did its empire come crashing down?​

Once held in high esteem, Kingsbridge Asset Management was at the heart of football and other sports for more than 20 years.

Two key advisors, Kevin McMenamin, 61, and David McKee, 60, were so trusted that some clients asked them to be godparents to their children.

They were familiar figures at football grounds in the early 1990s and their business grew thanks to word-of-mouth among cash rich sportsmen.

One of their best known products was a niche film investment which relied on tax rebates from the Government.

Six former cricket captains, including Michael Vaughan, Andrew Flintoff and Marcus Trescothick, invested more than £3million alone.

But the asset management firm's empire came crashing down after the taxman accused the scheme of tax avoidance and started aggressively chasing lost revenue.

Investors faced substantial demands and complained they had not been warned their investments were so high risk.

The late Kevin Campbell, a former Arsenal and Everton striker, had said he faced bankruptcy over the 'miss-selling'. He claimed to have lost almost £7million
Click to expand...
 
I am just amazed the players did not check with their accountants just to do a bit of due diligence
Click to expand...
Their what?

Simon Jordan on Talksport made an excellent point that the main source of advice tended to be their agent or their family!
 
I read a book by Peter Crouch a few years back about footballing life. Most footballers rely on their agent for everything. Need to organise a birthday party and gift for the kid, call the agent and they sort it. Need a car, house or holiday, call the agent and they have someone sort it out.
I wonder have many agents have gone broke.
 
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