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Not All Premier Footballers End up Wealthy

In the News

He and his wife were hit with an unexpected tax bill that lead to bankrupcy and now her losing her home after he passed away

https://www.thisislancashire.co.uk/news/19237199.wife-ex-bolton-striker-frank-worthington-says-the-future-looks-bleak/

TerenceMealing
22 days ago
What do you think of this?
beccatavender
beccatavender22 days ago

I think it was only when they introduced the premier league in 1992 plus Sky £ that they started earning lots of £.

But you don't know what bad investments he may have made 🙂

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TerenceMealing
TerenceMealing
Original Poster
22 days ago

True B , but i think the unexpected tax bill was the thing that caused more damage than anything

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beccatavender
beccatavender22 days ago

I don't know about you but my tax is taken out at source, friends I know who are self employed know when to expect a tax bill about aside £ for it. So, unless they were trying to use a tax loophole which was closed & now had to pay.

Like they say there are only two certainties in life death and taxes.

But it is sad when people are in this situation TerenceMealing

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TerenceMealing
TerenceMealing
Original Poster
22 days ago

beccatavender Yes especially when they suffer bad health and pass away with the widow left to struggle, such a tragedy

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davidstockport
davidstockport22 days ago

Frank Worthington was never a Premier League footballer, his career ended in 1986. The Premier League wasn't formed until 1992.

First division players who had careers back then were seldom wealthy, because of football.

Furthermore he only played in the old first division (top division) for two years of his career.

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TerenceMealing
TerenceMealing
Original Poster
22 days ago

Thanks for the updates D, i should have said upper divisions

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Johnny
Johnny22 days ago

This story made me think of Georgie Best.

Image

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tumblespots
tumblespots22 days ago

I'll be ruthless here and say that we all know we have to pay taxes on everything not just on income. If they didn't get paid by PAYE then they should have known to keep £X on one side. All tax rates are published and they would have known what percentage to keep ready for the bill?!

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TerenceMealing
TerenceMealing
Original Poster
21 days ago

I am not up there with the wealthy so i dont know how it all works and I dont expect many footballers are au fait with tax matters , so usually its their accountant that keeps an eye on them , unless you dont tell everything or neglect to declare something

You see it many times in the news about this and not just with footballers, actors, celebrities etc , in fact the last one i saw in trouble was katie price , declaring bankrupcy as she couldnt pay her tax bills and other expenses

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Pjran
Pjran21 days ago

Sounds like they didn’t listen to their accountants, we can all make bad financial decisions. I hope she soon settles in her new home, maybe council will help. Lots of people took out interest only mortgages and don’t think too long term.

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