Many footballers, including Dean Windass, face bankruptcy soon after retirement due to poor investments, tax problems, or financial mismanagement.

The financial downfall of Dean Windass is neither unique nor isolated; it embodies a recurring pitfall within the football world: the rapid ascent to wealth followed by a devastating fall into bankruptcy.

Akhbrna News has noted that Windass, a former English striker who played across various leagues, found himself nearly bankrupt just seven years after retirement following a failed investment in the film industry and a costly divorce settlement.

Once earning £30,000 a week, Windass now pays £500 monthly to settle a tax bill totaling £164,000. Yet, he is not alone in this plight.

Names like David James, Wes Brown, Lee Hendrie, Shaun Wright-Phillips, Emile Heskey, Jermaine Pennant, Celestine Babayaro, Asamoah Gyan, Diego Maradona, and Ronaldinho have all transitioned from the pinnacles of glory to the traps of bankruptcy.

The recurring causes behind these stories:

  • Poor investments: Many players are persuaded by "agents" or "friends" to enter ventures they don't understand, like filmmaking or shady real estate deals.
  • Tax issues: A lack of understanding regarding tax laws or engaging unsuitable accountants often leads to financial difficulties.
  • Financially ruinous divorces: As seen with James, whose divorce cost him £3 million, or Windass.
  • Addiction and lavish spending: Some struggle with gambling or substance addictions, while others live extravagantly without considering their future post-retirement.
  • Lack of financial education: Players often lack serious financial training during their time at academies.

As Curtis Anderson, a former England U-17 goalkeeper, remarked, "We never had anyone talk to us about money, only warnings about alcohol and gambling."

Ryan Babel shared his experience, saying, "At 21, I bought a Bentley, and by 25, a Rolls Royce. I would cover all my friends' expenses in every event. But life isn't a constant birthday celebration. Eventually, I realized this couldn't continue."

Anderson, now a financial advisor for athletes, pointed out, "Many players believe their money supply is endless. The truth is, the moment income stops, mistakes are revealed."

Babel further added, "The game doesn't teach you how to manage your finances. You start your career young and often leave school early. When faced with huge sums, you don't know how to handle it, and worse, many people around you treat you like an ATM. Once you're broke, they're gone!"

This narrative is echoed by Lee Hendrie, who has attempted suicide multiple times due to financial pressure, stating, "No one who advised me had solutions when my investments crumbled and I faced divorce."

What is the rate of bankrupt players?

No official statistic is available. However, an organization called "XPro" claimed in 2013 that three out of five former players go bankrupt within five years of retiring, a figure that remains controversial.

Gordon Taylor, former head of the PFA, suggested the real percentage is between 10% and 20%.

The stark reality persists: Premier League players earn over £100,000 weekly, and clubs spent £4.1 billion on wages during the 2022-23 season, yet bankruptcies continue to occur.

As Anderson aptly put it, "You don’t need to be a financial expert, just recognize the need for knowledgeable advice. Acting early is crucial. Surround yourself with the right people."

Windass reflected on his poor investment, "I wasn’t a tax cheat. I just made a poor investment choice. Had I known better, I wouldn't be in this situation."

Ultimately, while football may provide rapid riches, it doesn’t impart wisdom. Bankruptcy isn't inevitable, but it's surprisingly near if players fail to realize early on that glory is fleeting, yet consequences are enduring.