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Multi-million pound earning UK football stars are now going broke


March 15, 2012 - London

A number of footballers are facing a growing risk of going bust even though they earn around 1.47 million pounds a year.

Bankruptcy experts claimed that many of these players blow their earnings on lavish lifestyles and fail to invest wisely.

The Sun quoted Marks Sands, the head of bankruptcy at accountancy firm RSM Tenon, as saying: "In 2010, the average salary of a player in the Premier League was 1.47 million pounds, 56 times the average UK wage. But as their wages have increased so have the number who become insolvent."

"The main reasons for this can be unsustainable consumption, falling incomes after leaving the top flight, poor investment and lack of financial awareness," Sands added.

His comments came after former Aston Villa and England star Lee Hendrie, 34, went bust after ploughing his cash into ill-fated property and film investments.

The footballer, who was paid 24,000 pounds a week at the peak of his career, was declared bankrupt in January after racking up 200,000 pounds in debts.

Ex-England striker Gary Lineker, 51, recently said footballers should not be paid more than nurses or teachers.

ANI

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