Interesting read, bankrupt footballers.

[jarv]

Just read in the Sunday Observer about players who went bankrupt..... list includes a few surprises.

John Barnes, Davis James, Kenny Sansom, Chris Sutton, Keith Gillespie, Alan Hudson, Jason Euell, Carl Cort, Lee Hendrie.

All that money, where did it all go wrong.?

[FPT]

Kenny Samson's a pisshead these days. Lives local to me in South East London, I say lives, seems to spend a fair few nights smashed on park benches.

Lee Hendrie was the first one that came to mind when reading the headline, I think he's pulled himself together after trying to kill himself more than once. I guess it's living life at the top but wanting more.

I imagine it's a mix of overspending, misspending, poor/naive investments and general feelings of "it's never going to end." I hope we're teaching our kids about finances and futures beyond football in the academy - Hendrie is such a sad example, he made his England debut at 21, was playing top level football for probably over a million a year at 18/19/20 and was likely not given guidance and advice about saving and planning.

I think it highlights an issue in kids these days, they get so much, so fast and time probably feels ridiculously quick. Take Moussa Dembele for example, I've heard he's been offered an excellent contract for a Championship player in general, let alone a teenage Championship player and he's still 'looking for a way out' (lack of better terminology). When really, Moussa Dembele will be a top level footballer soon enough in his career, why chase it at 19 years of age? You're playing a good level of football here with potentially the best striker in the division and best creative player in the division - enjoy your football - try and be part of a promotion chase. Time will tell, but it's clear the answer will likely be no and it will be just another player that wants more.

[Forever Fulham]

Most North American NFL/CFL football as well as basketball players are bankrupt within 3 years after retiring from their leagues.  The leagues sit rookies down and overwhelm them with speaker after speaker to explain that fact, the why of it, and how to prevent it from happening to them.  Especially effective, you would think, are all of the famous former players who lost it all and speak to these young men with 'don't be like me' stories.  And it doesn't work.  Nothing you can say to them will work if they are convinced that somehow they are immune from it happening to them. 

I suppose the common thread among American NFL football, NBA basketball, and football players generally is that players tend to skew lower socio-economic, so there isn't a family history of having money, managing it, and the wisdom gained from a good education.  A sudden influx of silly money to a kid coming from a family living paycheck to paycheck is a recipe for disaster.  All of the users, sycophants, financial "advisors", the inevitable blood sucking entourage -- they all descend upon the unprepared player.  Loans to family members.  Loans never paid back.  Get rich quick schemes.  Franchise "opportunities".  And then there's the corps of women who chase them for their bank accounts.  Such a sad story repeated over and over again.   

[Andy S]

All in all they are kids and kids spend it like water anyway, Then they get used to spending it then a greedy agent takes his share then there are the business offers that can't go wrong but do and at the end of the day footballers are not regarded as the brightest buttons on the coat

[..FOF..]

Kenny Samson have cleaned up, I believe.

https://twitter.com/KennySansom03

[RaySmith]

Good luck to him.

[MJG]

Read an article about this subject about three years ago in FC Business. It's mainly overspending and basically many retiring at say 35/40 with no regular income.
They then probably still have a mortgage and the money drips down.
Now you can say they are earning 3m a year,  but then they get a mortgage/house that reflects that lifestyle. Have to remember there are a lot of pkayers out there,  nit enough room for everyone to continue in the game,  either coaching or media.
But don't feel sorry for most of these guys,  they have had advice and squandered it,  but there are mainly in the end just like you or I.

[Holders]

Most North American NFL/CFL football as well as basketball players are bankrupt within 3 years after retiring from their leagues.  The leagues sit rookies down and overwhelm them with speaker after speaker to explain that fact, the why of it, and how to prevent it from happening to them.  Especially effective, you would think, are all of the famous former players who lost it all and speak to these young men with 'don't be like me' stories.  And it doesn't work.  Nothing you can say to them will work if they are convinced that somehow they are immune from it happening to them. 

I suppose the common thread among American NFL football, NBA basketball, and football players generally is that players tend to skew lower socio-economic, so there isn't a family history of having money, managing it, and the wisdom gained from a good education.  A sudden influx of silly money to a kid coming from a family living paycheck to paycheck is a recipe for disaster.  All of the users, sycophants, financial "advisors", the inevitable blood sucking entourage -- they all descend upon the unprepared player.  Loans to family members.  Loans never paid back.  Get rich quick schemes.  Franchise "opportunities".  And then there's the corps of women who chase them for their bank accounts.  Such a sad story repeated over and over again.   

Well written. It's a bit of a cliche that many of those who go into football do so simply because they have the talent to keep them out of crime or the army. So they now get counselling as to what to do with their wealth ans it's sobering to read of so many who ignore it. But then, I remember ignoring much wise counsel in my teens.

[Logicalman]

Most North American NFL/CFL football as well as basketball players are bankrupt within 3 years after retiring from their leagues.  The leagues sit rookies down and overwhelm them with speaker after speaker to explain that fact, the why of it, and how to prevent it from happening to them.  Especially effective, you would think, are all of the famous former players who lost it all and speak to these young men with 'don't be like me' stories.  And it doesn't work.  Nothing you can say to them will work if they are convinced that somehow they are immune from it happening to them. 

I suppose the common thread among American NFL football, NBA basketball, and football players generally is that players tend to skew lower socio-economic, so there isn't a family history of having money, managing it, and the wisdom gained from a good education.  A sudden influx of silly money to a kid coming from a family living paycheck to paycheck is a recipe for disaster.  All of the users, sycophants, financial "advisors", the inevitable blood sucking entourage -- they all descend upon the unprepared player.  Loans to family members.  Loans never paid back.  Get rich quick schemes.  Franchise "opportunities".  And then there's the corps of women who chase them for their bank accounts.  Such a sad story repeated over and over again.

This is exactly what came to mind for me as well, especially the socio-economic bearing on it all.
The one exception to this bearing would be Mark Brunell, worth 50M at one point, but not so well off now and currently employed by Khan!