We need to remember that footballers often come from a background of limited financial knowledge and all of a sudden the are earning large sums and have no clue what to do. They are preyed upon by vultures who they think are friends. It is very sad that families who had a very limited timeframe to earn enough money to sustain their post football life have been conned and now face a life of stress and strife
That's what their agents are there for. Or do they just trouser their % and walk away.
Players are adults. They need to take some accountability for their actions.
I dont understand all the complexities involved here but its not only dubious schemes like these that go arse upwards.How many people like me, bought saga shares at £1.85,now worth sod all,there were thousands of us,all done our money,who has that money.
Many moons ago when I worked in the city , loads were doing film schemes etc looking for tax “breaks” . my accountant/ financial adviser said to me ‘do you want to sleep at night or look over your shoulder for the rest of your life?’
I still don’t fucking sleep even though I took the sensible option . think the film schemes stuff worked for some but most got hit with monster tax bills further down the line . You pays your money makes your choice . Plenty of con artists about to fleece anyone who’s a bit green behind the ears .
I was asked by one of my clients many years ago, a very reputable law firm, to ask a good friend of mine if he’d review some proposals they were putting together for their Sports Law team. In particular, a way of helping footballers reduce their taxes.
My friend was a CFO at a Championship club and politely refused to even comment on them. He’d worked in football at finance and exec level all his life. A qualified accountant himself. His polite response was that he’d seen loads of these schemes over the years and the one thing he’d learnt was that HMRC close down all these schemes sooner or later as they become abused. The only exception he’d ever made was for image rights and that was for just one player (others thought they should have it too, but were kindly put in their place). His view was that these schemes simply weren’t worth it and he’d never put them before any player.
I dont understand all the complexities involved here but its not only dubious schemes like these that go arse upwards.How many people like me, bought saga shares at £1.85,now worth sod all,there were thousands of us,all done our money,who has that money.
Saga shares are worth £2.05 today
They IPO'd at £1.85, but around 2020 they issued new shares diluting existing shareholders. Whilst it wasn't solely, it was a COVID effect due to lack of travel which was a big income for them. From memory for every 15 shares held, you were diluted to 1. So in effect the £2.05 is in reality less than 14p. If they hadn't they would probably have gone bust.
If you bought at IPO there was plenty of time/years to have taken a decent profit. The dangers of holding individual shares.
Re the PFA. I believe the PFA can act for players when negotiating contracts etc, or at least used to, so I've always been surprised why players use agents who must trouser more than the PFA would. And if the PFA do this still I'd imagine they'd also offer other financial advice to players or at least have a list of reputable IFA's they'd recommend. Otherwise what do the players pay their PFA 'subs' for?
I dont understand all the complexities involved here but its not only dubious schemes like these that go arse upwards.How many people like me, bought saga shares at £1.85,now worth sod all,there were thousands of us,all done our money,who has that money.
Saga shares are worth £2.05 today
The shares where "Diluted" some years ago,I think on a ratio of about 15 to 1,which means they are worth about 15 p.
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Players are adults. They need to take some accountability for their actions.