Broke Football Stars: 5 Footballers Who Went Bankrupt
5 Football Players That Faced Bankruptcy
A 2013 study by XPro suggests that 60% of players go bankrupt within five years of retirement.
But what really happens to our favourite stars when they stop playing? And which footballers have faced bankruptcy over the years?
At The Sporting Blog, we’ve put together 5 football players who went bankrupt - some of these big names may shock you!
Bankrupt football star Paul Gascoigne
We previously covered the riches-to-rags story of Lee Hendrie, who earned £1.5m-a-year as a footballer before blowing £10m and spiralling into depression - but there are so many others that have thrown away their fortune.
Emmanuel Eboue lost all his assets in England after a divorce, Royston Drenthe declared bankruptcy after losing millions from his Real Madrid days, and Eric Djemba-Djemba was declared bankrupt after failing to control his spending.
But they aren’t the only footballers to go bankrupt. We’ve listed 5 well-known stars that suffered such a fate…
Paul Gascoigne
He became a millionaire overnight after joining Spurs in 1988
He amassed a £20m fortune during his career
Unfortunately, much of his fortune funded an alcohol addiction
It’s hardly a surprise to see Gascoigne on this list considering the life he’s had, but it’s staggering how much money he blew while struggling with addiction and poor mental health.
The former England, Tottenham Hotspur and Lazio midfielder amassed a £20m fortune over the course of his career, but that has since disappeared.
The Daily Mail said in 2008 that Gascoigne became a millionaire overnight after joining Spurs (1988-1992).
He reportedly earned £1.25m-a-year at Lazio (1992 - 1995) in addition to having a £1m-a-year boot sponsorship, earned £1m-a-year at Rangers (1995 - 1998) and £1.5m-a-year at Middlesbrough (1998 - 2000).
So much of that money funded an alcohol addiction, however, so it disappeared as quickly as he made it.
Gascoigne also wound up lofty tax bills and struggled to pay them back, so he was on the brink of bankruptcy years ago.
The 56-year-old ended up settling with HMRC to avoid financial ruin but no longer lives the life of luxury he once did during his playing days.
Diego Maradona
The best player of his generation in the 1970s and 1980s
He broke the world transfer record twice during his career
He spent much of his fortune on drink, drugs and friends
Another player you may expect to see struggling with finances, Diego Maradona was also guilty of blowing his fortune on an addiction.
The Argentine was the best player of his generation in the 1970s and 1980s but spent lots of money on alcohol and drugs while racking up debt due to a large tax bill.
Maradona broke the world transfer record twice when he joined Barcelona for £5m (1982) and Napoli (1984) for £6.9m, so his wages would have reflected his importance – The New York Times said in 1990 that the legendary No.10 earned $3m (£2.3m) at Napoli and up to $10m (£7.8m) in endorsements.
The 60-year-old died from a heart attack in 2020 with around £75k in his bank account, however, due to a life of excess.
He was reportedly a generous man who was taken advantage of by friends, but it’s surprising how much money he’s believed to have squandered.
Maradona is alleged to have made £15m a year as honorary president of Dynamo Brest along with multiple coaching roles in the Middle East, but he died cash poor with a tax bill of £40m.
Ronaldinho
He was the highest-paid player during his time at Barcelona
In 2018, it was alleged that he had only £5 to his name
He was jailed after trying to enter Paraguay with forged documents
Gascoigne and Maradona were the best players of their generation with the most lucrative sponsorship deals, so it’s inconceivable they went broke.
Ronaldinho being on this list seems unbelievable too, but reports suggest he was cash-poor years ago.
Ronaldinho was the highest-paid player during his time at Barcelona (2003 - 2008), earning €173k-per-week/€9m-a-year (£148k-per-week/£7.71m-a-year) in wages, but he lived a life of excess that led to spiralling debts.
Back in 2018, it was alleged that the former Brazilian international had only £5 to his name.
This was a player that earned $19m (£14.8m) from endorsements in the year after winning the Ballon d’Or (2006), but his spending got out of control.
A Daily Star article from 2021 reveals that Ronaldinho invested in betting endorsements, apps and cryptocurrency, taking on a lot of debt while his tax bill rose.
Things got worse for Ronaldinho, however, after being guilty of illegal construction. He was unable to pay the fine and had his passport seized. He reportedly also had 57 properties seized that were filed under his name.
That didn’t stop Ronaldinho from entering Paraguay with forged documents, however, so he was jailed after being caught. The world-class playmaker endured quite the fall after retirement.
George Best
He earned the equivalent of £580-per-week/£30k-a-year in the 1960s
He lived a life of excess
He died in 2005 without a penny to his name
It may be a shock to see Ronaldinho on this list, but it isn’t surprising that Best threw away his fortune.
The former Manchester United winger had a problem with alcohol and living a life of excess. Best spent a lot of money on his addiction and loved to enjoy expensive nights out.
He also spent money on expensive cars and lost untold sums gambling, racking up a lot of debt despite being a high-earner at United.
Best earned the equivalent of £580-per-week/£30k-a-year back in the 1960s, which was nearly the annual wage of an average worker.
But he would be examined at the London Bankruptcy Court after losing all his money while owing to companies.
Best blamed his drink problem for his spending being out of control and would have subsequent kidney treatment waived by Cromwell Hospital as he didn’t have the money to pay.
The Guardian said in 2005 that Best’s care at the hospital would have amounted to £100k, but the former Northern Ireland international died in 2005 without a penny to his name and spiralling debts to pay.
David James
He earned £20m before retirement
He spent his money frivolously while earning big wages
He declared himself bankrupt in 2014
James is fifth on the list of most Premier League appearances and he had a lucrative modelling deal during his playing days, but he declared himself bankrupt in 2014.
The former Liverpool goalkeeper was believed to have earned £20m before retirement but had a costly divorce that resulted in a significant loss of money and assets.
A Mirror article from 2019 posted an excerpt from James’ 2004 autobiography that revealed he would readily buy a new car rather than fix it during his playing days.
He would also buy new shoes rather than clean them too, so he made the most of his disposable income.
The ex-England shot-stopper earned £50k-per-week/£2.5m-a-year in the Premier League but racked up a lot of debt that forced him to sell football memorabilia - auctioneers Hilco would work on behalf of his bankruptcy trustees, selling football shirts, DJ equipment, his records and his vehicles.
James didn’t retire from professional football until the age of 43, which may have been to keep earning money before calling time on his 26-year career.
He’s since managed a football club and does punditry work for various broadcasters after hanging up his boots.
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