Ex GK David James, who had spells at Liverpool, Man City, Pompey & Villa, is being forced to sell his collection of 150 odd footie shirts because he´s bankrupt after blowing 20 million quid ? Serious ? how ? really ? He split from his gold digger... sorry wife in 2005 & has had crippling debts. Even if she took 10 he still should of had the sence to work out how the rest should last him the rest of his life. Playing in India at the mo as player/manager, maybe becoming a manager will keep him above water. Thought he was a good GK... minus the calamities.
Why footballers are increasingly being declared bankrupt Mr James is the latest high profile footballer to fall on hard times after quitting the lucrative game. Many seem to encounter similar problems. Some have racked up debts having invested in several properties, while others have been chased down and fined by the taxman for investing in schemes that were invented to shelter tax. Others have frittered wealth away elsewhere. Keith Gillespie, dubbed the new George Best when he broke into Man Utd’s first team at age 17, lost his entire career earnings of £7 million after developing a gambling habit at an early stage. He also invested in property and in a film scheme investment, which was set up to avoid tax. Mr Gillespie declared himself bankrupt in 2010. Another footballer who has lost it all is Lee Hendrie, the former Aston Villa midfielder, who won one cap for England. Mr Hendrie declared bankrupt in 2012, unable to repay debts of £200,000 after the value of his property investments plummeted. Other footballers who have been declared bankrupt include former Chelsea defender Celestine Babayaro and Eric Djemba-Djemba, who played for Manchester United. But not all footballers have lost out investing in property. Some, such as ex-Liverpool striker Robbie Fowler, have made millions. Last year Mr Fowler launched a "property academy" to teach the secrets of buy-to-let investing. Mr Fowler, who is said to be worth £28m, built a portfolio of properties across the North West during his long playing career and is thought to own more than 80 rental properties.
Thats actually a shame because i seem to remember he gave and did a lot for various charities. Wonder if they will return the favour now ?
"Bankrupt" doesn't mean he has no money to feed himself and his family (like much of the population in the country he's working in.) Bankruptcy is just another legal term used by those in business to avoid paying some debts. 50% of business owners go bankrupt then start up another business after the required 12 months elapse. Cowboys love loopholes like this.
