BANKRUPTCY A HUGE RISK FOR PREM PLAYERS

GARETH FARRELLY was in the early stages of recovery from an aneurysm that almost killed him when the taxman arrived at his door.

The former Aston Villa and Everton midfielder (above) owed almost £50,000 relating to a film investment scheme – and he had no idea.

For Farrelly, it began a journey to becoming a solicitor, who now works with UEFA and the Premier League.

But it is also a cautionary tale for footballers who continue to get caught up in investment plots few understand.

Gary Lineker, David Beckham, Steven Gerrard and Wayne Rooney have all been named as investors in film schemes, which were set up to aid the failing British industry in the 1990s.

But when HMRC were given retrospective power to call in tax reliefs more than a decade ago, Farrelly says “more than 400 players had liabilities in excess of a billion pounds”.

They were missold the investments by financial advisers who ensured “the person carrying the risk was always the player”.

Except it became easy for outsiders to falsely label footballers as tax dodgers.

“People don’t want to have to think about it, do the details,” Farrelly said.

But the schemes are just one reason why 40 percent of footballers are at risk of bankruptcy five years after retiring.

“It’s a scary statistic,” said Dr Graeme Law, who is associate head of school at York St John University.

Gambling formed a central part of Law’s PHD research and the ability for players to place bets on their phones has heightened concerns.

“It’s one of the few things they can do if they keep it private,” Law said.

“There are pressures, there are insecurities,” Law says. “Players want to be seen as highly-valued and one way is through what they are purchasing.

“Nice clothes, cars, watches, the latest headphones. That becomes a habit and it’s difficult to maintain the lifestyle.”

Any belief that current Premier League stars have earned too much to be affected is misplaced.

“You’ve got a house, car, lifestyle commensurate with your contract,” Farrelly says. “You make one or two bad investments and you’re done.”

Law agrees, saying: “If you get a fiveyear deal in the Premier League, you earn a lot of money, but it could be your only deal and needs to last the rest of your life.

“More education is needed. But whose responsibility is it? The clubs or agents looking after their players? The union, the PFA?”

Farrelly doubts there is “a genuine desire to effect change”.

And until that changes, the startling 40 percent figure is unlikely to shrink.