Source: Daily_Mail
Ian Ridley: The players who blow their riches
Heard about the miracle coffee bean that can prevent cancer and reduce cholesterol levels?
Some mug footballers have - and it cost them plenty. In the aftermath of recent bankruptcy hearings involving Carl Cort and Keith Gillespie, who were each earning well over £20,000 a week at their peak with Newcastle United, I spoke to a financial adviser who deals with more than 40 players and asked how this could happen.
With Gillespie it was gambling, but Cort's downfall is, as yet, unexplained. For other players, the coffee bean was to blame.
He had it all: but Keith Gillespie misfortune may be just the tip of the iceberg
'An American company were targeting players,' said the adviser. 'Theyclaimed it could be worth fortunes and a lot of players invested. Of course, it turned out to be a load of rubbish.
Too many players, if they have a spare 10, 20 or 50 thousand pounds, will be looking for some get-rich-quick scheme.
'Some superstars want their investments to be exclusive, but they don't realise that the investments only attract footballers because nobody else in his right mind would invest.
'There is a very good reason why multi-millionaire fund managers from the City don't.
'Others add to their problems by going after the latest Range Rover or Audi R8, as well as giving money to their families.
'Bankruptcies like those of Cort and Gillespie are the tip of the iceberg. I could name five of my clients who will probably end up bankrupt because they won't listen to solid advice.
'I've had one player who says he's not worried about it because he came into the game with nothing.'
The Professional Footballers' Association chief executive, Gordon Taylor, cites another reason for the potential growth in bankruptcies.
'It was a hammer blow to us back in 2006 when the previous Government stopped players' pensions beginning at 35,' he says. 'Now they can't get at their money until 55 and are looking at other schemes, but these can go wrong. They get caught up in property in Spain and the West Indies, which can crash, along with things like film schemes, which they are told are tax-deductible. Then when the Revenue calls in later years, it causes pain.'
The PFA, Taylor adds, have contacted the new coalition government about reinstating the lower pension age for sports people with short careers, but will be aware there may be little sympathy for footballers from people having to work longer for their pensions.
Today, Blackpool face Manchester City. The Seasiders' collective annual wage bill of £10million is roughly what City pay Yaya Toure in salary.
There may be future bankrupts on the Bloomfield Road pitch but, in this mixed-up, muddled, shook-up world of football finance, they are more likely to be wearing blue than tangerine.
In the meantime, the advice for players from Taylor - and our financial man - is to seek the PFA's help, or that of a reputable broker. And go for something sound, not something sounding trendy.
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So David Ginola is being touted as a regular pundit for Match of the Day. Let's hope that, following his playing days, he has added professionalism to his charm. At the 1998 World Cup, it was my mixed pleasure to ghost-write his newspaper column. One week, he suggested doing it during the second half of a match he was due to be commenting on at the BBC's studio in Paris. Neither I nor his colleagues thought it the good idea he did.
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Anyone who has watched baseball at Fenway Park, home of the Boston Red Sox, will offer a cautious welcome to Liverpool's new owners.
Like the Reds with Manchester United, the Sox have a huge rivalry with what passes for neighbours in the United States, the New York Yankees.
Like Anfield, Fenway is a traditional venue, steeped in history. In fact, New England Sports Ventures probably saw Liverpool as a similarly profitable chance to rescue a national institution.
They just have to make sure they don't replace You'll Never Walk Alone with the Sox anthem, Sweet Caroline.
FA can't figure out CapelloWalking into Wembley for a post-World Cup England international, I encountered a Football Association insider and asked why the powerbrokers were persevering with Fabio Capello.
'They say they can't afford to sack him,' he answered.
'How about this?' I offered. 'Privately, he might want to go and be persuaded to do a deal for, say, half the £10million left on his contract.
'Then you get a new man who really wants the job for £2m a year, still the highest salary in international management. That's £3m SAVED over two years.'
'Sadly,' he replied, 'they are not that clever.'
Explore more:People: Keith Gillespie, Carl Cort, David Ginola, Fabio Capello, Gordon Taylor Places: Paris, Liverpool, Spain Organisations: Football Association, Boston Red Sox
