5 famous footballers who went bankrupt
5. David James
Despite earning a massive £20m from his football career, a messy divorce from his wife Tanya in 2005, meant that one of the most famous English goalkeepers struggled to pay off debts. As well as football, he earned a decent sum of money through modelling contracts with Armani but as the debts mounted, he declared bankruptcy in 2014.
In order to begin paying off the debt, he sold a lot of his personal football memorabilia such as signed shirts, match balls, gloves etc. He is now a full time panellist on BT Sport as well, so it seems all is well for the former goalie.
4. John Arne Riise
Arne Riise made his fame whilst exhibiting his lightning left-foot at Liverpool. Despite earning wages exceeding £50,000 per week whilst playing for the Reds, the Norwegian filed for bankruptcy in 2007 after suffering with an unpaid debt of £100,000.
He also had to deal with legal cases back in his home country of Norway, but this didn't gain much media attention. The last we heard of him, he had come out of retirement and was playing his football in the Indian Super League for Chennaiyin FC.
3. Brad Friedel
The American goalkeeper played his way through several Premier League teams including Aston Villa, where he earned over £40,000 a week. However, in 2011 the goalie was declared bankrupt after it was discovered that he had accumulated debts of over £5 million.
All of this took place in the United States where the player's non-profit football academy had racked up debts which it couldn't pay. Friedel had taken loans out from RBS Citizens in order to set up the academy in his home state of Ohio. He has since retired from football and began coaching the US U-20 team.
2. Paul Merson
Former Gunner, and hardline Wenger critic, Paul Merson enjoyed a prosperous career at Arsenal. He won an FA Cup as well as a league win with the North London club but despite earning a tidy salary in those days, he was almost left on the streets after being plagued with alcohol and drug issues.
The substance abuse issues caused him to spend in excess of £3 million. He was also involved in a messy divorce case which forced him to sell his West Midlands home in order to finance many of the problems he faced. He's now back on track as he secured a full-time job as a TV pundit for Sky Sports and has become a regular for Gilette Soccer Saturday.
1. Paul Gascoigne
Perhaps the most high-profile footballing bankruptcy, Gazza has hit headlines all over the place with his extravagant substance abuse which led to severe money issues. Back in his hey-day, the Englishman was a talented and popular footballer who thrilled audiences around the world. The National Football Museum described him as the 'most naturally gifted English midfielder of his generation.'
However, life was not so peachy after his post-retirement became somewhat of a disaster. He suffered with severe mental health issues, eventually leading to a drug and alcohol addiction which saw him owe the tax authorities over £200,000. He spent time in jail on several occasions, primarily for drink-driving, cocaine possession and disturbance.
In November 2018, Gascoigne was charged with sexual assault and was due to appear in court in December 2018.
