Ex-premier League Players Lost Millions In Investments

A group of erstwhile Premier League footballers opportunity they mislaid tens of millions of pounds because of their financial advisers.

Danny Murphy, Michael Thomas and Rod Wallace are portion of nan V11 run group, which comprises 11 footballers who invested pinch Kingsbridge Asset Management successful nan 1990s and 2000s.

Former England midfielder Murphy - now a Match of nan Day pundit - believes he mislaid astir £5m because of "financial abuse".

David McKee and Kevin McMenamin, who ran Kingsbridge, opportunity they "deny immoderate wrongdoing".

They told nan BBC: "At each times, Kingsbridge advised successful bully religion and group retired nan risks and opportunities some earlier and aft immoderate finance was agreed."

Up to 200 footballers whitethorn person been affected, pinch immoderate losing their homes and being made bankrupt.

They are now being chased for millions much successful tax, contempt being told by City of London Police they were "victims of crime".

Brian Deane is different personnel of nan V11 group.

He scored nan first Premier League extremity successful 1992. It ushered successful a caller era, pinch money flooding into nan crippled and players becoming richer than ever.

"We should person felt protected," said Deane, who - for illustration others - hoped nan investments would unafraid his financial future.

"Kingsbridge seemed to beryllium successful statement pinch what everybody wanted astatine nan time, which was to person personification looking aft your finances for erstwhile you vanished playing."

Kingsbridge Asset Management was founded successful Nottingham by McKee and McMenamin successful nan aforesaid twelvemonth arsenic nan Premier League.

Its website boasted a customer database of much than 360 footballers.

"If they sewage nan astir influential personification successful nan changing room, you thought you were successful a safe place," said Deane.

"It was for illustration wildfire - connection of mouth."

Former Aston Villa and Celtic striker Tommy Johnson was introduced to Kingsbridge by his agent.

"They were my financial advisers and a batch of nan players' advisers astatine Villa," he said.

Johnson went connected vacation pinch McKee and McMenamin, and they were moreover guests astatine his wedding.

"People will move astir and opportunity they were conscionable financial advisers," he said. "They weren't, they were friends. These guys person ruined our lives."

McKee and McMenamin told nan BBC: "We were honoured during our careers to person been trusted by [our] clients... that spot was ne'er betrayed."

The institution gained credibility done its narration pinch nan League Managers Association.

Kingsbridge administered nan LMA's website and obtained an endorsement from past president Howard Wilkinson, who managed Leeds United and England.

Wallace became Leeds' grounds signing successful nan summertime of 1991.

"It was 1 of nan awesome advantages for america - to cognize that managers were involved," he said.

"Me and my woman were looking to person a family. It was conscionable a earthy point really, conscionable spell pinch them."

It was only successful 2008 that Wallace noticed thing going incorrect pinch his investments. His nett worthy astatine 1 constituent was £1.9m. By February 2024, he was declared bankrupt.

"We unrecorded successful Surrey," he said. "It's been a bully spot to unrecorded but we person to move connected now because of an eviction notice, thing successful nan bank. We won't person anyplace to live."

Wallace was besides a shareholder successful Kingsbridge.

"It was my first acquisition of shares," he said. "I was conscionable told that they bombed. Just gone."

Wilkinson owned shares too.

Yet a missive seen by nan BBC suggests he was paid £2,033 a period for 4 years by Kingsbridge, successful "recognition of nan fact" he kept his shares "solely [in] nan champion liking of nan LMA's business business pinch Kingsbridge", moreover arsenic they mislaid value.

The LMA said: "Any statement betwixt David McKee and Howard Wilkinson... was a individual arrangement... to which nan LMA was not a party."

McKee and McMenamin said: "Howard Wilkinson ne'er introduced a customer aliases referred immoderate business to us."

Wilkinson was approached for remark but did not supply a statement.

In 1997, nan Treasury introduced taxation alleviation connected investments successful home films to effort to boost nan UK movie industry.

"What nan authorities didn't envisage was nan taxation advantages would beryllium abused and turned into a financial product," said finance fraud lawyer Ben Rees.

Kingsbridge advised clients to put successful movie financing schemes, some pinch their ain money and pinch slope loans.

Wallace put much than £2m into nan sector.

Players were past encouraged to put successful spot pinch a 40% taxation rebate, that did not request to beryllium repaid for 15 years.

Four of nan V11 group bought apartments for 618,500 euros successful a improvement successful Spain called Monte Resina.

"They brought it to maine and nan different lads for illustration it was a very exclusive improvement that was conscionable excessively bully to miss," said Deane.

However, documents seen by nan BBC show McKee and McMenamin primitively owned nan apartments and instructed a institution - tally by McKee's woman - to negociate them.

"Talk astir conflict of interest," said investigative journalist Richard Belfield.

"McKee and McMenamin group nan flat prices and past advised their clients to bargain them. These prices were over-inflated, arsenic an independent valuation later showed."

Former Derby County and Everton defender Craig Short was advised to put successful different improvement - successful Florida, called Charlotte Harbor.

"The first [property] had nary worth whatsoever," he said.

"I had a immense owe connected it which I conscionable couldn't afford. The easiest point for maine to do was locomotion away, springiness nan keys back."

When HMRC yet chased nan taxation owed from nan movie schemes, galore of nan investments had diminished, leaving players incapable to screen nan taxation bills.

Rees was introduced to nan V11 group done a charity.

"I deliberation each master advisor makes mistakes, but nan measurement of and nan consistency of these complex, high-risk, unregulated investments were conscionable wholly unsuitable for young, naive, benignant of financially inexperienced footballers," said Rees.

"Then erstwhile you commencement seeing nan investments wherever nan advisory patient themselves person sewage an liking successful nan projects aliases they're progressive somehow, that's not a mistake."

McKee and McMenamin said successful their connection to nan BBC: "Film schemes attracted immense support from each areas of nan financial services industry.

"Any losses suffered by clients... are profoundly regrettable but were arsenic a consequence of changes successful HMRC argumentation and nan worldwide spot marketplace illness successful 2008.

"Kingsbridge had good complete 2,000 clients, galore of whom received very akin advice. The immense mostly of these clients stay satisfied pinch nan measurement that Kingsbridge handled their affairs."

Football's Financial Shame: The Story of nan V11

Tuesday, September 2 connected BBC Two from 21:00 BST

City of London Police opened an investigation successful 2018, aft nan rumor was referred to them by Andy Burnham - now Mayor of Greater Manchester.

Two men from nan East Midlands were arrested.

But, 2 years later, nan investigation was closed, pinch nan unit concluding location was "insufficient grounds to support a realistic imaginable of conviction".

City of London Police said: "The decision... was made astatine commandant level and... was besides endorsed successful a strategical investigation reappraisal by a elder serviceman from an outer force."

No charges person ever been brought against Kingsbridge staff, including McKee and McMenamin, and they contradict immoderate wrongdoing.

The mean taxation measure for each personnel of nan V11 group is much than £1m.

Former Fulham midfielder Sean Davis owes £330,000 and now useful arsenic a creator and decorator.

"I started getting nan brownish letters done nan door, and it was a large shock," he said.

"The sad point is, I'm astatine my happiest erstwhile I've had a portion because you benignant of hide astir it. But past erstwhile I aftermath up nan adjacent time that's erstwhile I'm astatine my worst. I virtually want to termination myself."

Thomas, meanwhile, said he was "living for illustration a clown".

"All nosy connected nan extracurricular - laughing and joking - but each time I deliberation astir a batch of things... and I'm 1 of nan fortunate ones," said nan erstwhile Arsenal and Liverpool midfielder.

"It's reliable moreover conscionable to speak out, but I thought, 'I person to speak retired for group who are suffering successful silence'."

When nan brownish envelopes arrived astatine Short's door, his taxation liability was shown to beryllium £1.6m.

He received a bankruptcy petition connected Christmas Eve, and bailiffs turned up astatine nan training crushed of Oxford United, wherever he useful arsenic a coach.

"I up and down from heavy bouts of depression, sadness and anger," he said. "HMRC will astir apt enforce, I person thing to springiness them."

In a statement, HMRC said: "We person a work to cod taxation erstwhile it is legally due.

"We recognise that dealing pinch an enquiry and a ample taxation liability tin beryllium stressful and we are perfectly committed to identifying and supporting customers who request other help."

The V11 run group was assembled by Short's woman Carly Barnes-Short - a solicitor and erstwhile criminal defence lawyer.

"We person squad captains, Premier League title holders, Champions League winners, FA Cup winners," she said. "This is simply a group of extraordinarily successful players."

Her aim, together pinch nan 11 retired footballers - not each of whom wanted to spell connected nan grounds astir their experiences - is to alteration nan rule to protect victims of crime from superior taxation charges.

"It comes backmost to what we did arsenic players," said Deane. "It was a team, and that's wherever we've gained nan spot from."

"It's decidedly saved lives," said Murphy, who won nan Uefa Cup, FA Cup and EFL Cup pinch Liverpool.

"If it wasn't for nan group, I don't cognize wherever I'd beryllium now."

Before joining nan group, Davis was 1 of nan galore erstwhile footballers who kept his financial troubles private.

The anticipation of changing nan rule encouraged him to speak astir them publically for nan first time.

"I don't want to beryllium saying each this and past there's nary change," Davis said.

"That would beryllium moreover worse - that would beryllium for illustration losing again."

If you person been affected by immoderate of nan issues successful this communicative you tin find accusation and support connected nan BBC Action Line website here.