Premier League footballers are renowned for their high wages and extravagant lifestyles, but what happens when the dream turns into a nightmare. 

With telephone number wages, earning in a month what most people won’t see in a lifetime, it is surprising that some high-flying sports stars find themselves in financial difficulties. 

In some cases, gambling sees their fortunes whittled away on a wet afternoon in Redcar, while other make incredibly poor investment choices. Being one of the best footballers in the country does not automatically make a player a shrewd businessman. 

Others are blighted by ‘hangers’ on’ and scam artists seeking to exploit their wealth  and lack of financial knowledge.  

Among those struggling is the former Liverpool, Leicester City and Aston Villa striker Emile Heskey. 

Emile Heskey

Emile Heskey

Former Liverpool and Aston Villa striker Emile Heskey, who was once worth at least £12m  is now facing bankruptcy haver a series of failed investments and a major tax dispute 

According to The Sun, the former striker, who scored 110 times in 516 Premier League appearances is facing bankruptcy having been involved in a celebrity investment scheme at the centre of a £1.6bn tax dispute. 

While at the height of his career around 2009, Heskey was worth an estimated £12 million. 

Before moving to Liverpool, Leicester City offered him £25,000-a-week to remain at the Midlands club. 

Last year, it had been previously reported that Heskey was found to have defaulted on £92,000 of tax while working as football development officer between 2017 and 2020. 

He was fined £42,000. 

A celebrity bar he ran with his wife Chantelle in Alderley Edge was shut down by the High Court with debts of £163,000 in May 2023. 

The bar, called Parea, was opened in 2018 to serve the numerous footballers and WAGs who lived in the Cheshire enclave. 

Now HMRC are petitioning the High Court seeking the former England international’s bankruptcy. 

Burnley's Charlie Taylor is trying to annul a bankruptcy order against him after an 'administrative error' led to the non-payment of a bill

Burnley’s Charlie Taylor is trying to annul a bankruptcy order against him after an ‘administrative error’ led to the non-payment of a bill

He is not the only footballer facing financial issues, 30-year-old Burnley defender Charlie Taylor – who earns approximately £30,000-a-week – has been declared bankrupt after non-payment of bills. 

However, his issue was more due to an administrative error rather than a shortage of cash. He is in the process of annulling the ruling having repaid the debt in full. 

According to Cazenove Capital, the average professional footballer’s career lasts for around eight years, where they will earn approximately £300,000 a month. 

The financial experts warn that while the player is likely to be mortgage free and sitting on a £5m cash reserve, their luxury lifestyle will soon wipe out their savings. 

A spokesperson said: ‘An estimated 40 per cent of professional footballers go bankrupt within five years of retirement, and many more struggle financially in later life, according to Xpro, an organisation that helps professional footballers adapt to life after their playing career.’  

The Professional Footballers Association have begun trying to educate younger players about the need for proper financial planning and preparing themselves for life after the game. 

Some ex-players can secure lucrative media careers or continue into management, others are faced aged in their 30s with a lifetime ahead of them and no career plan. 

In 2014, former England goalkeeper David James was declared bankrupt despite earning an estimated £20m during his long career which included 805 club appearances and a further 53 for England

In 2014, former England goalkeeper David James was declared bankrupt despite earning an estimated £20m during his long career which included 805 club appearances and a further 53 for England

In 2014, former England goalkeeper David James was declared bankrupt despite earning an estimated £20m during his long career which included 805 club appearances and a further 53 for England. 

He faced an expensive divorce in 2005 which cost him an estimated £3m.  At one stage, he was earning £50,000 a week. 

Yet, he was later forced to auction his entire 1,800 record collection and sporting memorabilia in an effort to discharge his bankruptcy. 

Former Spurs, Rangers, Newcastle United and England midfielder Paul Gascoigne narrowly avoided bankruptcy proceedings in 2016 after he faced an unpaid £42,000 tax bill. 

The player squandered a fortune of more than £20 million as he struggled with depression and substance abuse, having spent several stints in rehab. 

He once received a £2 million signing on fee when he left Tottenham for Lazio, on top of a £22,000-a-week wage. 

In one low point in July 2010, Gascoigne appeared at the scene of a stand-off between armed police and gunman Raoul Moat, claiming to be the criminal’s friend. He said he brought the suspect ‘a can of lager, some chicken, a fishing rod, a Newcastle shirt and a dressing gown’. 

Paul Gascoigne squandered a fortune of more than £20 million as he struggled with depression and substance abuse, having spent several stints in rehab. He narrowly avoided bankruptcy in 2016

Paul Gascoigne squandered a fortune of more than £20 million as he struggled with depression and substance abuse, having spent several stints in rehab. He narrowly avoided bankruptcy in 2016

Gascoigne later admitted drinking heavily and snorting 14 lines of cocaine before arriving at the scene. 

Several former Manchester United players have faced financial difficulties despite their on-field successes. 

The HMRC declared former defender Wes Brown bankrupt in April 2023. 

Brown, who earned up to £50,000-a-week at the height of his career ran out of cash once his playing career ended and he split from his wife Leanne. 

A source told Mail Sport at the time: ‘It may seem like Wes was earning big money – to most people he was – but the trouble was he was also trying to keep up with the lifestyle of team-mates earning five or six times more than he was.’

Wes Brown rown, who earned up to £50,000-a-week at the height of his career ran out of cash once his playing career ended and he split from his wife Leanne

Wes Brown rown, who earned up to £50,000-a-week at the height of his career ran out of cash once his playing career ended and he split from his wife Leanne

Keith Gillespie, who once had a £7m fortune said: 'I lost an awful lot of money through gambling over the years, but I also lost money on property and got involved in a film scheme like a lot of footballers did.'

Keith Gillespie, who once had a £7m fortune said: ‘I lost an awful lot of money through gambling over the years, but I also lost money on property and got involved in a film scheme like a lot of footballers did.’

Keith Gillespie, who had a chronic gambling addiction saw him wager much of his £7.2m fortune which was supposed to see him set up for life. 

In an interview with the Guardian, he once said: ‘I lost an awful lot of money through gambling over the years, but I also lost money on property and got involved in a film scheme like a lot of footballers did.’ 

Ex Liverpool player John Arne Riise was declared bankrupt two years after winning the Champions League in 2005 with the Merseyside club, where he earned £50,000-a-week. 

His financial problems related to a £100,000 debt in his native Norway. 

Former Arsenal player Paul Merson also saw a £7m fortune frittered away on gambling. 

The midfielder had once thought of breaking his fingers so he could not ring the bookmaker to lay a bet. 

Ex Liverpool player John Arne Riise was declared bankrupt two years after winning the Champions League in 2005 with the Merseyside club, where he earned £50,000-a-week

Ex Liverpool player John Arne Riise was declared bankrupt two years after winning the Champions League in 2005 with the Merseyside club, where he earned £50,000-a-week

Former Arsenal player Paul Merson also saw a £7m fortune frittered away on gambling

Former Arsenal player Paul Merson also saw a £7m fortune frittered away on gambling

He now appears as a regular pundit on Sky Sports. 

Jermaine Pennant, who also once played for Arsenal, admits he squandered an estimated £10 million during his career, including buying a house which he later forgot about. 

He also once left a Porsche with a personalised number plate featuring his name at a railway station in Spain. 

He was also declared bankrupt last year having run up debts of around £1m. 

The former player once spent £25,000 on a bar tab for friends during a trip to Las Vegas and had owned a fleet of supercars including Lamborghinis, Ferraris, an Aston Martin DB9, a Porsche GTS and several Range Rovers. 

He said: ‘In all honesty, I could have been a billionaire and still f***ed it up. I have made so many mistakes but I did not know how to deal with things and would not think of the consequences of my actions.’ 

Jermaine Pennant, pictured, once forgot he had bought a house on an interest-only mortgage

Jermaine Pennant, pictured, once forgot he had bought a house on an interest-only mortgage

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Post source: Daily mail

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