Up To 40% Of Ex-Players Facing Bankruptcy
For Newcastle fans this is particularly topical with Nobby Solano recently making headlines as he sadly faces bankruptcy.
The research carried out by insolvency experts has led to the charity, Xpro, campaigning for a proactive approach to help players before it is too late,
The charity’s Chief Executive Geoff Scott says that Xpro are actively working with a number of players who are faced with bankruptcy proceedings but that many were too ashamed to talk openly about it.
“We’ve been looking into how these problems exist when footballer now earn far higher salaries than ever before. It appears they are either going into business after they retire from football and making bad business decisions, of being exposed to bad advice by wealth managers.
Many players are being exposed to unregulated products, everything from film companies to a shipwreck.
We have heard of ex-pros investing in as many as eight high risk schemes and then losing it all, our advice is if something sounds too good to be true it probably is!
Statistics show that 70% of investments are miss-sold and footballer with their wealth and short-lived careers are an easy target”.
The charity is hoping that clubs will now actively encourage experts to go into clubs and advise players on the pitfalls of risking their future financial stability.
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