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Footballers earning 1.5m pounds-a-year 'at risk of bankruptcy'

London, Thu, 15 Mar 2012 ANI

London, Mar 15 (ANI): Top footie stars are reportedly at a risk of going broke despite earning 1.47 million pounds a year.


Bankruptcy experts claim many blow their earnings on lavish lifestyles and fail to invest wisely.


"In 2010 the average salary of a player in the Premier League was 1.47 million pounds, 56 times the average UK wage," the Daily Star quoted Marks Sands, head of bankruptcy at accountancy firm RSM Tenon as saying.


"But as their wages have increased so have the number who become insolvent.


"We have certainly had an increase at RSM Tenon in the past three years. The main reasons for this can be unsustainable consumption, falling incomes after leaving the top flight, poor investment and lack of financial awareness," he said.


His comments came after former Aston Villa and England star Lee Hendrie, 34, went bust after ploughing his cash into ill-fated property and film investments.


The footballer, who was paid 24,000 pounds a week at the peak of his career, was declared bankrupt in January after racking up 200,000 pounds in debts.


Ex-England striker Gary Lineker, 51, recently said footballers should not be paid more than nurses or teachers.


Lineker, who earned around 1,000 pounds a week when he was a top player, said it was impossible to justify Premier League salaries which include Mario Balotelli, 21, who pockets 200,000 pounds a week at Man City. (ANI)


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