A group of former Premier League footballers claim they lost millions due to the actions of their financial advisers. Ex-Liverpool FC and England star, Danny Murphy, believes he alone lost around £5m due to alleged “financial abuse”. It’s estimated that up to 200 football stars may have been affected, with some losing their homes and facing bankruptcy.
Now, they are being pursued for millions more in tax. Eleven retired footballers, including Murphy, Brian Deane, Michael Thomas and Rod Wallace, are part of the V11 campaign group. They invested with Kingsbridge Asset Management in the 1990s and 2000s.
The group is fighting to change the law to protect victims of crime from tax charges. Match of the Day pundit, Danny, said of the campaign: “It’s definitely saved lives. If it wasn’t for the group, I don’t know where I’d be now.”
City of London Police launched an investigation in 2018 and arrested two men from the East Midlands.
However, the investigation was closed with the force stating there was “insufficient evidence to support a realistic prospect of conviction”.
City of London Police stated: “The decision… was made at commander level and… was also endorsed in a strategic investigation review by a senior officer from an external force.”
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No charges have ever been brought against staff at Kingsbridge Asset Management. David McKee and Kevin McMenamin, who ran the firm, said they “deny any wrongdoing”.
They told the BBC: “We were honoured during our careers to have been trusted by [our] clients… that trust was never betrayed.”
The duo stated: “At all times, Kingsbridge advised in good faith and set out the risks and opportunities both before and after any investment was agreed.”
They further added: “Kingsbridge had well over 2,000 clients, many of whom received very similar advice. The huge majority of these clients remain satisfied with the way that Kingsbridge handled their affairs.”
HMRC has responded stating it has a duty to collect tax when it is legally due. The ongoing legal battle involving the players is featured in a new documentary titled Football’s Financial Shame: The Story of the V11 on BBC iPlayer.
