The Athletic's recent article, "Fraud, film schemes, and devastation: The financial meltdown affecting a generation of players," sheds light on a concerning financial crisis faced by Premier League stars. Regulated financial advisors have preyed on players, mismanaging investments and leading to bankruptcy, divorce, and mental health issues.
The widespread targeting of players in fraudulent activities has contributed to the alarming situation. The lack of proper financial education and safeguarding measures have exacerbated the problem, and many players struggle to cope with the consequences.
"I don’t know a single footballer who doesn’t feel like he’s been ripped off financially along the way... They trusted the wrong people and didn’t know those they trusted were financially abusing them." - Andy Cole, former Newcastle United's top scorer.
"The statistics are stark. Forty percent face the threat of bankruptcy within five years of retirement. Thirty percent are divorced within 12 months of retirement. Thirty-three percent face mental health issues." - Gareth Farrelly, former Aston Villa and Republic of Ireland international, now a qualified solicitor.
Issues at Hand:
Predatory behavior by regulated financial advisors targeting footballers and mismanaging their investments.
The widespread use of film investment schemes and other fraudulent activities leads to financial ruin for players.
The lack of proper financial education and safeguarding measures for footballers.
The urgent need for change and support to prevent further devastation among former players.
Walker Sports Audit, developed in partnership with Black Progress Matters Black-owned business incubator, aims to provide professional athletes with trusted advisors to safeguard their financial future. It's time to address the pressing issue highlighted in The Athletic's eye-opening article and protect players from further devastation. Learn more about Walker Sports Audit here.