The roar of a stadium crowd fades quickly once a player steps off the pitch for the last time. For a group of former footballers in the UK, what followed retirement was not just silence, but a financial storm that has cost them millions.
A BBC investigation has revealed how dozens of athletes, once celebrated on the Premier League stage, have seen fortunes vanish after being steered into high-risk investments. Many trusted Kingsbridge Asset Management during the 1990s and 2000s—advice that, years later, has left some bankrupt and even facing huge tax bills.
A group called V11
Eleven former players have united under the banner of the V11 campaign group, determined to highlight what they see as systemic failures in financial advice given to athletes. They are not alone. Nearly 200 footballers may have been affected, according to the BBC, with personal stories ranging from losing homes to being pursued by HMRC for millions in unpaid taxes.
Former Leeds striker Rod Wallace recalls signing off on investment plans during his playing days, trusting that the details were being managed responsibly. By 2008, he noticed irregularities. Once worth close to £2 million, he was declared bankrupt earlier this year.
How it all unraveled
The collapse traces back to a combination of tax-driven schemes and economic shifts. In the late 1990s, the UK Treasury introduced tax incentives for film investments to boost the domestic industry. Kingsbridge, like other advisers at the time, encouraged clients to join film financing projects—sometimes using borrowed funds. Later, players were advised to put money into property, benefiting from rebates that postponed tax liabilities.
But when HMRC reviewed the schemes, many of the promised benefits disappeared. What had once been promoted as tax-efficient investments turned into devastating liabilities.
Kingsbridge’s founders, in response to the BBC, maintain they acted in good faith and that the losses were tied to broader changes in tax policy and the global financial crisis of 2008. They stress that the majority of their 2,000 clients remain satisfied.
A cautionary tale for athletes
Financial experts say the crisis underscores a long-standing problem: professional athletes earn the bulk of their income in a narrow window of time, usually peaking in their 20s. By their 40s, many are left with only a fraction of that income—unless they planned wisely.
Ruairi Dennehy, a chartered financial planner, argues that “resilient” financial planning matters more than chasing quick returns. He stresses the importance of education, diversification, and building security through regulated investments, pensions, and insurance.
“An athlete’s relationship with their financial adviser can be the most important professional relationship they have after retiring,” Dennehy said. “The goal should be long-term security, not risky shortcuts.”
More than lost millions
For the V11 members, the fight is about more than recovering money. It’s about exposing the vulnerability of players who, while wealthy at the height of their careers, often lack the financial literacy to protect themselves. Their campaign is a reminder that the real test of a footballer’s legacy may not be what they did with the ball, but what they managed to keep once the game was over.
