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Football's Financial Shame: The Story of the V11
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That's what their agents are there for. Or do they just trouser their % and walk away.AndyG said: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
Players are adults. They need to take some accountability for their actions.1 -
Saga shares are worth £2.05 todaythickandthin63 said: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.0 -
oohaahmortimer said: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.3 -
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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.newyorkaddick said:
Saga shares are worth £2.05 todaythickandthin63 said: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.If you bought at IPO there was plenty of time/years to have taken a decent profit. The dangers of holding individual shares.4 -
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?1
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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.newyorkaddick said:
Saga shares are worth £2.05 todaythickandthin63 said: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.1 -
They've seen a little bit of a rally the last year, nearly doubled, but if you still held from when they listed it's a long way back. Maybe time to consider moving them on and into something else. I've held them at various times over the past 18 months but just set a small profit level and sell (and more importantly set a stop loss!).thickandthin63 said:
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.newyorkaddick said:
Saga shares are worth £2.05 todaythickandthin63 said: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.1 -
No sympathy for any of them. Or for anyone that loses money trying to make money from money while sitting on their arses. Shares etc is a gamble end of.Always puzzles that society praises hedge fund rich pricks sitting on a yacht doing nothing as theyve conned the tax man but vilifies someone in a council house sitting on their arse taking tax money in dole payments.Of the 2 I have less of a problem with sloth than greed.1
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How have they conned the tax man exactly?Greenhithe said:No sympathy for any of them. Or for anyone that loses money trying to make money from money while sitting on their arses. Shares etc is a gamble end of.Always puzzles that society praises hedge fund rich pricks sitting on a yacht doing nothing as theyve conned the tax man but vilifies someone in a council house sitting on their arse taking tax money in dole payments.Of the 2 I have less of a problem with sloth than greed.0 -
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A massive generalisation to be fair. But pieces of filth like Philip Green for example who gave his non dom wife £1.2billion dividend straight to Monaco dodging tax then got knighted. That sort of thing.valleynick66 said:
How have they conned the tax man exactly?Greenhithe said:No sympathy for any of them. Or for anyone that loses money trying to make money from money while sitting on their arses. Shares etc is a gamble end of.Always puzzles that society praises hedge fund rich pricks sitting on a yacht doing nothing as theyve conned the tax man but vilifies someone in a council house sitting on their arse taking tax money in dole payments.Of the 2 I have less of a problem with sloth than greed.0 -
Not sure it’s fair to put these footballers in the same category as Philip Green!!Greenhithe said:
A massive generalisation to be fair. But pieces of filth like Philip Green for example who gave his non dom wife £1.2billion dividend straight to Monaco dodging tax then got knighted. That sort of thing.valleynick66 said:
How have they conned the tax man exactly?Greenhithe said:No sympathy for any of them. Or for anyone that loses money trying to make money from money while sitting on their arses. Shares etc is a gamble end of.Always puzzles that society praises hedge fund rich pricks sitting on a yacht doing nothing as theyve conned the tax man but vilifies someone in a council house sitting on their arse taking tax money in dole payments.Of the 2 I have less of a problem with sloth than greed.0 -
I saw the thread title, and I immediately thought this must be about Henry Wilson, who played on the left wing for Charlton against Exeter in August 1921. I am sure I am not alone.0
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I wasn’t. But they’ve both tried to make money from doing fuck all.I could not care one jot for people that had money. Gambled and lost and are now in the same boat as the rest of us.If I ring up a tip line and get bad advice and lose my savings do I get to cry on a telly program. Fuck em 🥲🥲🥲2
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You presumably didn't watch the programme?Greenhithe said:I wasn’t. But they’ve both tried to make money from doing fuck all.I could not care one jot for people that had money. Gambled and lost and are now in the same boat as the rest of us.If I ring up a tip line and get bad advice and lose my savings do I get to cry on a telly program. Fuck em 🥲🥲🥲
If you did what's your opinion on the financial advisers forging client signatures, investing in family members property at twice the true value etc?1 -
Interesting logic, so if the little old lady down the road gets scammed (which whether you agree or not is a large part of their issues) then it’s her fault, @“#% her, trying to make money from doing F all…….Greenhithe said:I wasn’t. But they’ve both tried to make money from doing fuck all.I could not care one jot for people that had money. Gambled and lost and are now in the same boat as the rest of us.If I ring up a tip line and get bad advice and lose my savings do I get to cry on a telly program. Fuck em 🥲🥲🥲
i don’t have a huge amount of sympathy regarding the tax owed, but do in respect it’s quite clear some of them were scammed as the programmed highlighted. Think it was Wallace where loads of the investments they made, the paperwork (signatures) were forged.2 -
Quirky irony...financial advice being provided on the V11 thread!3
