200 players were cheated for investment, former England team lost £5 million in midfield

From left to right, a group of former Premier League footballers said they lost tens of millions of pounds due to their financial advisers.

Danny Murphy, Michael Thomas and Rod Wallace are all members of the V11 team, which consists of 11 football players who chose an asset management company called Kingsbridge to help them invest in the 1990s and early 2000s.

Danny Murphy, who was once selected for England and is now a football commentator, said he lost about £5 million because of the company's "financial abuse".

Kingsbridge chief David McKee and Kevin McMenaming denied that their company had "any misconduct."

The two said: "Kingsbridge always advises in good faith and lists risks and opportunities before and after any investment agreement is reached."

There are as many as 200 players affected, some of whom have lost their homes and are in bankruptcy.

Despite London police calling the players "victims of crime", the tax authorities are still chasing them millions of pounds of tax.

"Like wildfire-word"

Bryan Dean scored the goal against Manchester United on behalf of Sheffield United, the first goal in Premier League history

Bryan Dean is another member of the V11 team.

In 1992, he scored his first goal in the newly established Premier League. From then on, football has entered a new era, with a large amount of funds pouring into the Premier League, and players have become richer than ever.

"We should think about future security issues," Dean said, and like everyone else, he hopes that these investments will ensure his future financial security.

"Kingsbridge seemed to fit everyone's wish at the time, that someone would come to manage your finances after you retire."

Speaking of which, Kingsbridge seemed to be tailor-made for players. In 1992, the same year as the Premier League was founded, David McGee and Kevin McMenaming founded the company in Nottingham, and there were more than 360 football players on the company's client list.

"If they develop the most influential people in the locker room into their own clients, then others will feel the company is safe," Dean said. "Like wildfires-word of mouth. These guys ruin our lives."

Former Aston Villa and Celtic forward Tommy Johnson were introduced to Kingsbridge by his agent.

"They are my financial advisors and many of Villa's players," Johnson said.

Johnson was on vacation with McGee and McMenaming, and they even attended Johnson's wedding.

"People would turn around and say they were just financial advisers," Johnson said, "but the reality is that a lot of players regard them as friends."

"These guys ruined our lives"

Tommy Johnson (left) invited David McGee (middle) and Kevin McGeeneming (right) to watch the 1996 League Cup final, McGeeneming and McGeeneming said: "In our careers, it's an honor to have gained the trust of our clients...that trust has never been disappointed."

Kingsbridge has won the trust of players through its relationship with the League Head Coach Association.

The company operates the association's website and was recognized by Howard Wilkinson, then chairman of the association and later coached Leeds United and England. Howard Wilkinson served as chairman of the league head coaching association for 32 years and only stepped down in 2024. Howard Wilkinson (left) and Rod Wallace (right) won the last League One championship with Leeds United in the 1991-92 season. In the summer of 1991, Rod Wallace joined Leeds United with a record-breaking net worth.

He said: "This company is very attractive to us because of the involvement of the management."

"My wife and I want to have a child, which is actually very natural, so let's do it according to their wishes."

It was not until 2008 that Wallace noticed something wrong with his investment. His net worth once reached £1.9 million, but by February 2024, he was declared bankrupt.

"We live in Surrey," he said. "It was a good place to live, but now we have to move out because we received an eviction notice and we have no deposits in our bank account, so we have no place to live."

Wallace is also a shareholder of Kingsbridge.

"This is my first time buying stocks," he said. "I was just told they broke down, it's all over."

Wilkinson also has a stake in Kingsbridge.

However, the content of a letter shows that Kingsbridge paid him £2,033 a month for four consecutive years to "demonstrate the interests of his shareholders". Even if his shares depreciate, his earnings were not affected. "This is entirely to safeguard the best interests of the business partnership between the League Head Coaches Association and Kingsbridge."

In order to clear the relationship, the League Head Coaches Association had to make a public statement: "Any Ann between David McGee and Kevin McGeenermin is a private arrangement, and the League Head Coaches Association is not involved."

McGee and McGeenermin also said: "Howard Wilkinson has never introduced us to clients or any business."

Wilkinson himself did not make any statement.. Where did the investment go?

In 1997, the British Ministry of Finance introduced a tax reduction policy for domestic film investment, trying to promote the development of the British film industry.

Ben Rees, a lawyer who specializes in investing fraud cases, said: "What the government did not expect was that tax incentives would be abused and turned into financial products."

Kinsbridge recommends that customers invest in movie financing plans, either with their own funds or through bank loans.

Wallace invested more than £2 million.

Kingsbridge also encourages customers to invest in real estate and can enjoy a 40% tax refund without repayment within 15 years. Four members of the

V11 team purchased an apartment worth 618,500 euros in the Monteresina development zone in Spain.

"They introduced this project to me and the other guys as if it was an exclusive development that should not be missed," Dean said.

However, the documents show that McGee and McMenaming were the original owners of the apartments, and they commissioned a company run by McGee's wife to manage the apartments.

Mckey and McMenaming set the price of the apartment and then advised their customers to purchase it. Later independent assessments showed that the prices of these apartments were overestimated. Clients were told that real estate investments in Port Charlotte could earn 15-20% return per year, former Derby County and Everton defender Craig Short were suggested to invest in another development, Port Charlotte, Florida.

"That property has no value at all," he said. "I have a huge mortgage on my back and can't afford it. For me, the easiest way is to walk away and return the keys."

When the U.K. Taxation and Customs began to recover the taxes owed by the movie program, the investment had been reduced a lot, leaving those who had already participated in it unable to pay the tax.

Rees joined the V11 team through a charity.

"I think every professional consultant makes mistakes, and these complex, high-risk, unregulated investments are completely unsuitable for young, naive, inexperienced football players," Rees said.

"When you see that the consulting firm itself is interested in the project or participate in the investment in some way, you don't feel that the project is problematic."

McGee and McMenaming said in a statement: "The film program has attracted strong support from all areas of the financial services industry. Any losses suffered by clients are deeply regrettable, but this is due to policy changes in the UK's Tax Customs Agency and the collapse of the global real estate market in 2008."

Kingsbridge has more than 2,000 clients, many of whom have received similar advice. The vast majority of customers are still satisfied with the way the company handles its affairs.

Have the police taken any action?

The City of London police launched an investigation in 2018 after the current Mayor of Greater Manchester Andy Burnham filed the issue with the City of London police.

Two men from the East Midlands were arrested.

But two years later the investigation ended and the police concluded that "there is not enough evidence to support the conviction."

Kinsbridge employees, including McKee and McMenaming, have never been charged with any wrongdoing. The marshals visited Craig Short at the training ground of Oxford United where he served as assistant head coach of the first team "The U.K. Tax Customs may enforce it, I have nothing to give" The average tax bill for all members of the V11 team exceeded £1 million.

Former Fulham midfielder Sean Davis is owed £330,000 and is now a painter and decorator.

He said: "The first time I received the tax collection envelope in the crack of the door, I was very surprised."

"Sadly, I was happiest when I was drinking because I quickly forgot about it after drinking. But when I woke up the next day, everything came back, and sometimes I really wanted to commit suicide."

Michael Thomas said he "lives like a clown."

"On the surface, it looks happy, talking and laughing, but every day I think a lot of things," the former Arsenal and Liverpool midfielder said. "Even if it's hard, it's hard, but I thought, 'I have to say it for those who are silently enduring the pain'."

When the tax-collected envelope was sent to Craig Short's doorstep, his tax obligation was £1.6 million.

He received a bankruptcy document on Christmas Eve and the bailiffs arrived at the training ground of the Oxford United where he was coaching.

"My emotions fluctuate repeatedly between deep depression, sadness and anger," he said. "UK Customs may enforce it, but I have nothing to give them."

UK Customs said in a statement: "We are obliged to collect taxes when the law stipulates that taxes should be paid. We recognize that investigating and handling large tax liability can be stressful, and we are absolutely committed to identifying and supporting clients who need additional help." The V11 team is calling for changes to the law to protect victims of crime from serious tax charges

"I don't know where I would be." The V11 team was formed by Carly Barnes Short, the wife of Craig Short, who was a former criminal defense attorney.

"Our team has captains, Premier League champions, Champions League champions, FA Cup champions," she said. "This is a very successful group of players."

Her goal with 11 retired players (not all retired players are willing to speak publicly about their experiences) is to modify the law to protect victims of crime from serious tax charges.

"It's back to what we did as players," Dean said. "We are a team, and our strength comes from it.. "

"It definitely saved our lives," said Danny Murphy, who won the UEFA Cup, the FA Cup and the English League Cup with Liverpool. "If it weren't for this group, I wouldn't know where I would be now. ”

Before joining V11, Sean Davis was one of many retired players who were reluctant to disclose his financial problems, and the possibility of changing the law prompted him to talk about these issues publicly for the first time.

Davis said: "I don't want to say so much, but nothing has changed." That would be even worse – like another failure. ”

source:7m cn tỷ số trực tuyến