‘Bodies like the PFA have been slow in support’
DOZENSofformerPremierLeaguefootballershavebeenleft‘suicidal’afterincurringcripplingdebtsfromtaxavoidanceschemes,badfinancialadviceandanalleged£100millionfraud.
TheInvestorRescueOrganisationhasspokentoahostofplayerswhohavelostmoneyafterputtingwagesintofilmschemesandpropertyventures.
Thestresshasputamassivestrainonmanystars’relationshipsandtheirmentalhealth,withanumbersufferingdepressionandaccusingtheplayers’union,thePFA,ofalackofsupport,Sportsmailcanreveal.
StuartCotton,aformerHMRCtaxinspectorandfounderoftheIRO,haslookedaftertheinterestsofnumerousfootballersovertheyearsandcontinuestofighttheircornerthroughthecourts.
Hesaid:‘Wehaveprovidedallkindsofsupporttofootballers,includingdebtcounsellingandrecoveryoptions.Eachinvestorisrisk-assessedastotheirmentalhealthandwewillhaveanaverageofthreepeopleonsuicidewatchinatypicalyear.Thatishowmanywehaveonwatchnow.
‘Theplayersconcernedwereonmyown“suicidewatch”,basedonmytrainingatHMRC’sNationalIntelligenceUnit,whereIhadtorisk-assessthephysicalandmentalhealthofpotentialsources.
‘Ihaveexperiencednumerousseriousescalationsinvolvingfootballerinvestorsincrisis.OneofthesetooksevenhourstotalkdownfromthebrinkoftakinghiswifeandtwokidsoffBeachyHeadafew yearsago.OnlylastweekIreceivedacallfromthewifeofavictimthatIhavehelpedformanyyears.Herhusbandhadbeenhospitalisedandminewasthefirstnumbersherangforsupport.
‘Thefraudsters,promoters,auditors,bankersandHMRChavelittletonoappreciationofthedepthsofdespairthathavebeencausedbytheseinvestments.Andunfortunately,thoseinafinancialpositiontoprovidesuchsupport—likethePFA—havebeenslowtoreact,ignorantoftheissuesandreticenttospendfundsonpracticalsolutions.’
Scoresoffootballersinvestedinavarietyoffilmschemeswithevocativenamessuchas‘Eclipse’,‘Matrix’,‘Scion’and‘Ingenious’.
RioFerdinand,RobbieSavage,MartinKeownDannyMurphyandAndyColeareamongthosetohaveinvestedintheschemesendorsedbyKingsbridgeAssetManagement,thecompanynowatthecentreofapoliceinvestigationoveralleged£100mfraud.CityofLondonPolicehavemadethreearrests.
OtherplayersunderstoodtohaveinvestedincludeScottCarson,NigelClough,GaryCroft,TimFlowers,BenFoster,ChrisKirkland,DavidMoyesandCraigShort.
Cottonsayslargetaxrebateswere‘siphonedoffbyfinancialadviserstofundoverseaspropertydevelopments,whichwerethenallegedlysoldtofootballersonvastlyinflatedterms’,soveryfewofthemreceivedanyfinancialbenefitfromtaxdeferral.