The news that more than 500 footballers may have lost up to £1 billion due to bad advice should serve as a major wake-up call for Premier League clubs.
According to the Guardian, former players from the first generation to play in the top flight may have lost huge sums of money because of disastrous investments based on financial advice, and HMRC demands following their involvement in investment schemes promoted as tax-efficient.
Questions are now being asked about the role played by the Professional Footballers’ Association, particularly with regards to its chief executive, Gordon Taylor, and how he justifies his lucrative salary.