Investigation Called for Financial Abuse Case Involving Former Premier League Players
Three parliamentarians have called for an investigation into allegations of "financial abuse" made by a group of former Premier League players.
Danny Murphy, Brian Deane, and Rod Wallace are members of the V11 campaign group, which consists of 11 footballers who invested with Kingsbridge Asset Management during the 1990s and 2000s.
The players have reportedly lost tens of millions of pounds, with some now facing significant tax liabilities.
Lord Mann, Alex Sobel MP, and Sarah Bool MP described the situation as a "failure of regulation, accountability, and duty of care." Their comments followed the airing of the BBC documentary, "Football's Financial Shame: The Story of the V11," on Tuesday.
David McKee and Kevin McMenamin, who managed Kingsbridge, have denied any wrongdoing. They stated to the BBC, "At all times, Kingsbridge advised in good faith and outlined the risks and opportunities both before and after any investment was agreed upon."
'These victims have been failed'
It is estimated that up to 200 footballers may have been affected, with some losing their homes and facing bankruptcy.
The cross-party parliamentarians emphasized, "This was not a case of greed or poor decision-making. These men did what we ask of everyone—they saved for their futures, trusted regulated professionals, and followed advice they believed to be sound.
"We believe that these victims have been failed not only by their advisers but also by the financial services sector, regulatory and law enforcement bodies, HMRC, and the football industry."
The City of London Police initiated an investigation in 2018, but it was closed two years later due to a conclusion of "insufficient evidence to support a realistic prospect of conviction." No charges were filed against Kingsbridge staff, including McKee and McMenamin.
Lord Mann, Sobel, and Bool are now advocating for "a thorough investigation into the conduct of all advisers and schemes involved" and a "fair and timely resolution to the decade-long tax dispute." Bool expressed her desire to see a leniency package implemented by HMRC for the V11 group.
In response, HMRC stated, "We have a duty to collect tax when it is legally due. We recognize that dealing with an inquiry and a large tax liability can be stressful, and we are fully committed to identifying and supporting customers who require additional assistance."