Despite earning millions during their careers, an alarming number of professional footballers in the UK go bankrupt within a few years of retirement. It’s the flip side of success in ‘the beautiful game’ that I recognise only too well as both an Insolvency Practitioner and the former Vice Chairman of Premier League club Tottenham Hotspur.
The tally in recent years has included several former England International stars, but this persistent and concerning trend across the football industry goes back decades. So why do so many players face eventual financial ruin – and what can be done to mitigate the risk?
Footballer welfare organisation Xpro, using Insolvency Service figures, estimates that approximately 40% of Premier League players risk declaring bankruptcy within five years of hanging up their boots. This shocking figure is even worse in the lower leagues, where career lengths are shorter and salaries far more modest than the headline-grabbing earnings of top-tier stars.
One of the fundamental financial challenges facing footballers is their relatively narrow earning window. The average professional playing career lasts just eight years. While a select few reach the heights of the Premier League and enjoy contracts worth tens or hundreds of thousands per week, many operate in the Championship or League One, where weekly wages are a fraction of those in the top flight.
Even among elite players, the assumption that large earnings over a short spell will last a lifetime is often misguided. Injuries, loss of form, or competition for places can all lead to an abrupt end to income. Without adequate financial planning, the transition to post-playing life can be financially devastating.
A common theme in many footballers’ bankruptcy stories is limited financial literacy. Many enter the professional game as teenagers, with little understanding of how to manage wealth, invest sensibly, or budget for the future. Surrounded by advisers, agents, and an entourage of well-wishers, players are vulnerable to poor advice, fraud and exploitation.
Perhaps more obviously, there a cultural expectation that success must be visibly demonstrated through luxury lifestyles – high-end cars, designer wardrobes, and multiple expensive properties – which can rapidly deplete even the largest salaries.
Several high-profile bankruptcies have been the result of ill-advised investments. From failed property ventures to dubious tax avoidance schemes and film finance, footballers often fall prey to ‘get even richer quick’ opportunities with inadequate due diligence.
The case of a former England international who lost millions in a movie investment scheme – later deemed by HMRC to be a tax avoidance vehicle – highlights the financial jeopardy that often lies in unclear or risky ventures. Many ex-players also face unexpected tax bills years after retirement, when they no longer have the income to cover them.
Organisations such as the PFA (Professional Footballers’ Association) have made great strides in promoting education and post-career development, but greater coordination with financial professionals, insolvency practitioners, and restructuring experts is still needed.
For agents, clubs, and even governing bodies, there is a moral and economic case for helping players build sustainable futures. Clearer guidelines on financial advisers, mandatory education in personal finance, and regular financial health checks during a player’s career could help reduce the number of insolvency cases we see in the years following retirement.
At Buchler Phillips we have many decades of experience working with individuals facing financial distress after a period of significant wealth. In the case of footballers, early intervention is key. Financial awareness, appropriate wealth management, and career transition planning should be embedded into a player’s support network from the outset.
Working directly with players and their management teams, we are able to offer support including:
- Financial planning for domestic and overseas players
- Pay structures
- Helping to understand complex personal financial positions
- Reviewing investment opportunities
The collapse into bankruptcy of former footballing heroes is not inevitable. But with greater awareness, trusted advice, and the right planning, players can enjoy long-term financial stability after the final whistle on their careers.
Written by David Buchler, chairman at Buchler Phillips, a UK based independent boutique firm with an impeccable Mayfair heritage, specialising in corporate recovery, turnaround, restructuring and insolvency.