John Barnes has broken his silence regarding the bankruptcy that befell him in September 2025, attributing his financial downfall to ill-fated investments made during his illustrious playing days.
The Liverpool and England icon, now 62, faced a petition from HM Revenue and Customs after accumulating debts exceeding £1.5million.
Speaking on The Overlap podcast, the former winger disclosed that overseas ventures proved his undoing.
"So I got caught with a lot of coffee [investments] in Brazil," Barnes revealed. "A lot of investments all over the world."
John Barnes spoke candidly about his financial situation on The Overlap
|THE OVERLAP
The two-time league champion had previously experienced bankruptcy in 2009, which he characterised as a "tax oversight."
This latest financial crisis, however, stems directly from mismanagement of his funds throughout his career at the highest level.
When Gary Neville enquired whether the Kop legend had received guidance from advisors, Barnes was candid about the lack of professional support.
"No. My agent was just an agent who did football. These are other people coming in to say, 'Well, what about this? What about this scheme?'" he explained.
The Jamaica-born star drew parallels with the notorious Kingsbridge scandal, which saw numerous footballers lose fortunes through property investments.
"And then, of course, villas in Florida, similar to that. But I didn't look to go down the route that they then did [in attempting to get their money back]," Barnes added.
John Barnes owes around £1.5m | PAHe reflected on how financial guidance for players has transformed since his era, when advice often came from "mates who knew somebody" rather than qualified professionals.
The 62-year-old revealed he had spent years attempting to settle his obligations, successfully repaying approximately £2million between 2017 and 2024.
"But I lost a lot of money, and by the time I stopped playing football and this big tax bill came in, I was playing catch-up for many, many years," he stated.
Yet despite these considerable efforts, the taxman remained unsatisfied.
"But then the tax man wanted last year's money, after cashing in everything I had to pay them!" Barnes recounted.
He described HMRC's approach as "overly aggressive" in pursuing the final year's outstanding amount, which ultimately compelled him into bankruptcy once more.
The former England international, who earned 79 caps for his country, admitted he might have been better served by declaring bankruptcy years earlier.
John Barnes had 79 caps for England throughout his career | Getty"What I really should have done is gone bankrupt from 2017. Honestly I would have had £2m I could have done whatever I wanted with. But what I didn't want to do is to be seen not paying it," Barnes confessed.
The former Watford and Liverpool star has liquidated virtually all his assets in pursuit of clearing his name.
"I've still got my house and my car. But I haven't got any investments anywhere, because I've cashed it all in," he said.
Barnes expressed awareness of ordinary people's struggles, noting how some cannot afford their heating bills.
John Barnes is still revered as a legend by Liverpool fans | PA"And here am I having money and now I'm not paying the tax. So the only reason I did it was because of that. But that's life," he concluded.
The two-time FA Cup winner continues working as a pundit and remains a popular figure on the after-dinner speaking circuit.