Financial Struggles of Former Footballers
The sight of brown envelopes piling up in his mailbox brought an unsettling dread to Dean Windass. A former striker who enjoyed a colorful 18-year football career, Windass represented teams across all four English leagues, including notable time in the Premier League with Bradford City, Middlesbrough, and Hull City, as well as Aberdeen in Scotland. Despite not reaching superstar status, he was well-compensated during a prosperous period in English football.
Windass’s Financial Crisis
Fast forward seven years post-retirement in 2009, Windass found himself facing financial ruin due to a staggering £164,000 tax debt—a fallout from a poor investment in the film industry—and a costly divorce. He recalls a particularly mortifying moment at a pizza restaurant when he overheard someone remarking about his bankruptcy.
“I was embarrassed. It was hard enough leaving football behind; then this bankruptcy situation made it even worse. The stress was overwhelming.”
Broader Trends Among Retired Players
Windass’s plight is not an isolated incident. A number of former English internationals, such as David James, Wes Brown, and Lee Hendrie, have similarly declared bankruptcy since concluding their careers at the elite level. Additionally, in recent news, Emile Heskey faced action from HMRC over a significant unpaid tax bill of £1.6 million last year. Trevor Sinclair, another former England international, was recently made bankrupt due to a £36,000 tax issue, and Shaun Wright-Phillips is currently contending with HMRC bankruptcy proceedings, although his representative claims the matter is being contested.
While many who enjoy high-profile football careers may earn substantial sums, a troubling trend emerges when considering the financial journeys of retired players. High-profile cases such as Jermaine Pennant, Celestine Babayaro, and Asamoah Gyan reflect a broader narrative; despite elite careers, several athletes struggle financially once they step away from the pitch. Legends like Diego Maradona and Ronaldinho experienced similar downturns after they left the game.
Causes of Financial Downfall
The recurring themes among these situations often reflect poor financial decisions, burdensome divorces, or an extravagant lifestyle that spirals out of control. The crux of the issue raises significant questions about how the sport can help mitigate these frequent financial downfalls.
Reflecting on younger players’ journeys, Curtis Anderson, a member of the England team that won the Under-17 World Cup in 2017, emphasizes the lack of financial education provided to rising stars. After ending his own career prematurely at 22 with Wycombe Wanderers, Anderson shifted his focus toward educating athletes on financial planning. He explains that while clubs occasionally address issues related to gambling and alcohol, discussions about managing finances remain minimal. Anderson cautions that young players often grow accustomed to a lavish lifestyle and fail to consider the possibility of it ending.
Soufyan Daafi, who played in Ajax’s youth system, shares a similar sentiment in his efforts to reshape perceptions about player finances. Together with Kenneth Vermeer, he co-founded Sport Legacy, which manages over 100 athletes’ careers globally. Daafi advocates strongly for financial education, recognizing that many athletes forget to prepare for life after football, leaving them vulnerable to unwise financial decisions fueled by lifestyle pressures.
Former players like Ryan Babel, who experienced the financial highs and lows of professional football, stress the importance of financial literacy and planning. Babel recalls the widespread tendency for players to indulge in luxuries without grasping the long-term implications of such spending, noting that unsustainable lifestyle choices can lead to significant regrets once the football income ceases.
Statistics and Insights
Despite various accounts shedding light on these struggles, accurate statistics on bankruptcies among former footballers are challenging to pinpoint. XPro, a charity supporting retired players, once suggested that three in five might face bankruptcy within five years after leaving the sport, though this figure is not universally accepted. Gordon Taylor, a former head of the Professional Footballers’ Association, estimated the rate to be between 10 and 20 percent.
Notably, high-profile bankruptcies paint a stark contrast to the abundant earnings associated with professional football. The Premier League has seen average salaries soar to over £100,000 each week, with total wage expenditure exceeding £4.1 billion in the 2022-2023 season. Yet, some former players like James and Hendrie have faced dire financial situations. James’s bankruptcy was preceded by a costly divorce that contributed significantly to his financial downfall, while Hendrie attributed his own struggles to poor investment choices and emotional distress following his divorce.
Conclusion
Windass understands these stories all too well, having personally grappled with both mental health struggles and financial pressures following his football career. He recalls a misstep involving a film investment and a significant resultant tax bill that left him in dire straits.
“I paid 40 percent tax throughout my career and wasn’t looking to evade taxes; I just got caught in an unfortunate situation.”
As Windass reflects, he acknowledges the intertwining nature of divorce and financial instability among players, noting the concerning trend but also emphasizing personal accountability in navigating life after football. Ultimately, many cases mirror one another—significant earnings can vanish, leading to sobering realizations of missed opportunities for sound financial management.
Anderson concurs, underscoring the necessity of cultivating a support system and prioritizing education regarding financial stewardship. He emphasizes that while players may not need exhaustive knowledge, they should understand the importance of making informed decisions about their finances.
