David James bankrupt

TinLip

How do these guys who have made millions over the years end up broke?
I thought they were given some financial advice by their clubs.
I suppose it is expensive to fund the high-flying lifestyle of a footballer but can it really be that difficult?

Fazer

david james never struck me as particularly extravagant in his spending/flashiness compared to others, i think that a lot of the time its bad investments, either through their own fault or ripped off, like dodgy property deals in spanish villas

frankus

I can't beleive David James is ban...

Who?

TinLip

Even the things he not has up for auction aren't flashy. An Astra van, Mimi Cooper (how does he fit in that?), DJ equipment, a few old shirts...

dafuzz

Perhaps he bunked economics to go and play football up the rec, the scamp

lustycourtier

He used to live right by me. My Brother (a firefighter) cut him out his car after he killed an elderly couple on the A540 whilst speeding.

joeyowen

It does sound odd!  Maybe he wasn't getting paid that much?

(I use that term verrrryyy lightly, I'm talking compared to the 80k a week teenagers of todays game)

There are notable footballers who have gambling addictions

I saw a program a while back about depression in football, really sad to be fair.  One young lad used all his money to buy all his friends/families houses and cars, but when the recession hit... all went sour and he watched them one by one get evicted.

I guess you never know the inside stories.  We'll have to wait for David James - My Story in the bargain bin

lloyd

Never was any good at saving (someone had to do it....)

xSkarloey

lloyd;403215" said:

Never was any good at saving (someone had to do it....)

Yukka yukka yukk.

He was declared bankrupt in May. I picked up on this yesterday too because of the follow up piece on him flogging off his old football shirts etc.

Read that he earned 20 million over his career but a hefty divorce settlement and then property investments gone bad have left him unable to cover his bills.

I think essentially once a lot of these players end their careers they are still paying Premier League income size bills but without the income.

lloyd

I do seem to remember watching a Football Focus segment with him in it when he was at Portsmouth and being asked about player wages and the young lads spending lots of money on jewellery and generally being flash-his attitude on it was that if someone wanted to put £20,000 in their ear (diamond earring) why shouldn't they? 

Blowing £20M in essentially 10 years is pretty mental though-however it's come about

holnrew

Maybe he spent money like he was going to play forever? Do goalkeepers get paid much?

mike_l

Holn, I think his Ex-missus took a large chunk when they divorced.

Lixarto

frankus said:

I can't beleive David James is ban...

Who?

That was my reaction too.
But I find football incredibly dull and so I know nothing about it.

TinLip

mike_l said:

Holn, I think his Ex-missus took a large chunk when they divorced.

She's broke too. Maybe this is his way of making sure she can't get any more money out of him?

mike_l

frankus said:

I can't beleive David James is ban...

Who?

I can't believe Frankus can't spell "believe" 

DulcetJones

Lots of big sports figures go this route, they might be great at playing the game but they don't know much about handling money and make a lot of bad choices.  Most of these bad choices involve borrowing way beyond their means partly because greedy banks hand out credit cards and lines of credit like candy and partly because they aren't keeping an eye on their own financial situation.  The annoying part is in most bankruptcy cases nowadays people get to keep quite a few of their belongings while the debts get rubbed out.  Sure, they pay a higher interest for credit for a number of years afterward but they can still get credit, and if they are making any money they get to keep most of it as it comes in and now they no longer have all those annoying credit card bills.   

chillidoggy

Never heard of him.

Lixarto

DulcetJones said:

The annoying part is in most bankruptcy cases nowadays people get to keep quite a few of their belongings while the debts get rubbed out.

Annoying for who?
The banks? Fuck them.

stickyfiddle

Without wanting to sound mean, I'm pretty sure it's because most footballers are a bit thick, and don't do any diligence before investing in shit deals.

frankus

mike_l said:

frankus said:

I can't beleive David James is ban...

Who?

I can't believe Frankus can't spell "believe" 

I receive so many angry complaints about my spelling I frickin hate the I before E rule - there are more exceptions to the rule than not... stupid Flanders...

frankus

stickyfiddle said:

Without wanting to sound mean, I'm pretty sure it's because most footballers are a bit thick, and don't do any diligence before investing in shit deals.

same could be said of musicians ... how many broke musicians have gone and bought a £400 pair of shoes at the first sniff of any money.