Players claim agents’ fees not in deal
are now at the centre of fraud investigation by the City of London police — and they gave them advice on a number of investments.
Players paid commission to the financial advisors, but claim they were not told the money would be shared with the agents.
The players allege they were owed by ProActive ‘a duty of loyalty, a duty to avoid a conflict of interest and a duty not to make a profit out of the fiduciary position”.
The defendants accept that there was a practice to pay a percentage of the commission on each deal as ‘introducer fees’ to companies including Proactive, but say that the payments were disclosed in writing to the players.
It has been counter claimed by George Urquart, an agent employed by ProActive, that Savage ‘had actual knowledge of the fact that Formation AM paid commission’ to him. Two other defendants added it was ‘fanciful’ to suggest they had been ‘dishonest or had been involved in a conspiracy’. They claim it was ‘market practice’ for money to change hands in this way.
Stretford said in his defence that he never personally received any payments as commission. He introduced players to Kingsbridge openly and acted in their best interests and not for personal gain.
It is understood that while Stretford did not accept liability he has agreed to pay an out of court settlement.
The other players in the group are John Curtis, Sean Davis, Robbie Elliott, Shaka Hislop, Stephen Hughes, Tommy Johnson, Zat Knight, Ian Pearce, Jamie Smith, Gary Teale and Tony Vidmar. A further hearing will take and the defendants were given permission to seek expert testimony.
WAYNE ROONEY’S agent has agreed to pay out a settlement with a group of 16 footballers, after being accused in a legal action of taking secret payments from a financial advisor.
Sources close to the case told The Mail on Sunday that Rooney’s long-serving agent Paul Stretford agreed the pay out a few days before a recent High Court hearing.
The revelation came after the group of ex-footballers, including Robbie Savage, Danny Murphy, Andrew Cole, Denis Irwin and Craig Short started proceedings in the High Court to sue financial advisors Formation Asset Management Ltd over payments to agents.
In the court documents, seen by this newspaper, the players claim that they had asked their agents to recommend a financial adviser.
The ‘principal’ sports agent for the players at the time was Pro Active Sports Management Ltd, which was headed up by Stretford. The company was dissolved in 2016.
The players were put in touch with Formation Asset Management Ltd — which later became Kingsbridge Asset Management, who