It appears that an increasing number of ex-professional footballers are being declared bankrupt.
Steve Watson, ex player of Newcastle United, Aston Villa, Everton and West Bromwich Albion was declared bankrupt in September 2017. He ended his playing career at Sheffield Wednesday, however, he now manages National League side Gateshead.
It is currently unclear as to whether his creditors will receive any dividend. It appears that Mr Watson was made bankrupt by HMRC as he had entered into a tax avoidance scheme.
It is bewildering that footballers earn a staggering amount of money yet an alarming number of them are declared bankrupt at the end of their careers.
Will Steve Watson be the last professional footballer to take a financial dive?
The answer to this question is unfortunately NO – but hopefully he may provide a lesson to younger professional players to ensure that they seek quality advice from trusted advisors throughout their short playing careers.