Steve Staunton bankrupt

[eamonn]

So if trap 3 wins the 11.11 at Hove this morning I definetly won't be investing my estimatec £10 profit into the film industry.

How has it got on?

[ktvillan]

I was chatting with a Lawyer friend of mine  about Lee Hendrie's bankruptcy and one or two others.  It was over a year ago , I can't remember the exact details, and I'm not sure how true it is (but he is a Senior Partner in a big Law firm in Brum with no reason to make it up).  anyway he reckoned it's often something of a scam, there is something about them having pensions funds or other investments, possibly offshore, stashed away somewhere.  Apparently if they declare themselves bankrupt there is a way they can keep the dosh.  Nothing would surprise me in the multi million pound world of footballers and their advisors.

[Dominic22]

Having been involved with unravelling some of these for a couple of ex-players. It is a combination of very poor advice from agents, advisors, colleagues etc. Fantastic salesmen (conmen) coupled with the belief that the revenue are complete idiots.

The having money offshore is i'm afraid not correct it was an investment that went wrong and opened them up to huge re-course for the revenue to claim money back.

There are multiple current players involved but the income and money they have enable them to pay the money off. These players were at the edge of huge salaries (compared to modern football) and of course are not earning that income now so they are in trouble

[Leicester_Villian]

Staunton is is a top guy ...... he can be found most Saturday afternoons watching his son play football for Shenston Pathfinders ....not many ex pros can be found on the touchline at this level

[Risso]

Having been involved with unravelling some of these for a couple of ex-players. It is a combination of very poor advice from agents, advisors, colleagues etc. Fantastic salesmen (conmen) coupled with the belief that the revenue are complete idiots.

The having money offshore is i'm afraid not correct it was an investment that went wrong and opened them up to huge re-course for the revenue to claim money back.

There are multiple current players involved but the income and money they have enable them to pay the money off. These players were at the edge of huge salaries (compared to modern football) and of course are not earning that income now so they are in trouble

That's it in a nutshell.  People like Staunton and Alex Ferguson "invested" money in film schemes, that were designed purely to avoid tax.  When those schemes failed, the people involved have to pay back the tax, plus penalties, plus interest, which can be several times what they put in, in the first place.  Plus they would have paid a fee to the promoter which they wouldn't get back.

Robbie Fowler took a much more sensible course of action by buying lots of very low value rental properties, so that individual properties failing wouldn't affect the overall portfolio.  As somebody else said, the yields involved would have been quite high.  I'm no IFA, but this to me is a much more sensible idea than putting all of your eggs in one basket.  Buy a few million pounds worth of terraced houses or stick it all in one big office block?  The latter is fine if it's in a boom area, but if the underlying tenant folds, then the building is almost worthless.

[Chris Jameson]

Staunton is is a top guy ...... he can be found most Saturday afternoons watching his son play football for Shenston Pathfinders ....not many ex pros can be found on the touchline at this level

How do you know? Gareth Southgate has been known to referee junior matches in the Harrogate area, I've seen Danny Mills watching his sons and daughter and several other pros over the years. A mate told me that Paul Ince was often watching matches when he was at Boro. Harrogate used to be the Stella Street of football until Leeds dropped out of the top flight and their players could no longer afford the exorbitant house prices!

[damon loves JT]

Robbie Fowler is a slum landlord here in Oldham and not a popular figure in the social housing sector.

[Goldie.7]

If you want to get rich quick then look no further, Fowler and his cronies can help you with that. Offering an intense 1-on-1 course for around a £1000 and after that a mentorship for around £20k.

Nice one Robbie.

[myf]

Apparently Gabby has a load of houses as well

[Tokyo Sexwhale]

Apparently Gabby has a load of houses as well

His kids need to live somewhere.


I remember back in the 90s someone sent Steve Staunton's tax return into the Danny Baker Show.  I can't remember what he earned, but apparently he added the extra information "...and more if I score".

[clash city rocker]

Trap 3 at Hove came nowhere so I will not be investing money in the production of the next bond movie.

[luke95]

Apparently Gabby has a load of houses as well

Gingerbread houses ?

[Rudy Can't Fail]

Last time I saw Staunton he was walking down Savile Row with an arm full of shopping bags. He still looked badly dressed.

[Legion]

Staunton is is a top guy ...... he can be found most Saturday afternoons watching his son play football for Shenston Pathfinders ....not many ex pros can be found on the touchline at this level

How do you know? Gareth Southgate has been known to referee junior matches in the Harrogate area, I've seen Danny Mills watching his sons and daughter and several other pros over the years. A mate told me that Paul Ince was often watching matches when he was at Boro. Harrogate used to be the Stella Street of football until Leeds dropped out of the top flight and their players could no longer afford the exorbitant house prices!

Gabby regularly goes to watch one of his sons play football on the fields at Walsall EDC on Saturday/Sunday.

[TopDeck113]

Why is it that whenever I hear that a former top-flight professional footballer has gone bankrupt, the proverb about a fool and his money immediately comes to mind?