More than 500 footballers may have lost up to £1bn due to bad advice

• Disastrous investments a factor behind players’ calls for reform
• Danny Murphy says PFA failed to protect players

A major motivation behind the growing calls for reform of the Professional Footballers’ Association is the large number of recently retired players struggling with severe financial difficulties, despite having had lucrative careers in the game.

One accountancy professional with detailed knowledge of many players’ financial problems told the Guardian that approximately 500 former players from the first generation to play in the Premier League may have lost up to £1bn because of disastrous investments, based on financial advice, and HMRC demands following their involvement in investment schemes promoted as tax-efficient.

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Source : More than 500 footballers may have lost up to £1bn due to bad advice