Former Liverpool and England footballer John Barnes has accumulated debts totalling £1.5 million through his media company, with liquidators warning that creditors are unlikely to recover most of the money owed.
John Barnes Media Limited entered liquidation in 2023 after failing to meet its tax obligations.
Recent documents from liquidators reveal the extent of the financial difficulties facing the 61-year-old former winger.
The liquidators' report indicates that only a "small distribution" will be made towards the substantial tax bill, whilst "no funds" will be available for unsecured creditors.
John Barnes is facing financial difficulty
GETTYThe company's collapse has left numerous parties facing significant losses.
The breakdown of debts reveals £776,878 owed to HMRC in unpaid VAT, National Insurance and PAYE contributions.
JUST IN: Andy Murray, 38, set for amazing Wimbledon honour as details announced
Unsecured creditors are owed £461,849, whilst a directors loan accounts for £226,000 and liquidator's costs amount to £56,535.
Barnes has repaid £60,000 after agreeing to settle the directors loan through instalments.
However, the vast majority of creditors face substantial losses from the company's collapse.
The scale of the debts highlights the severe financial difficulties that led to the company's demise.
Barnes received a three-and-a-half year ban from serving as a company director, which began on 24 April last year.
The prohibition followed an Insolvency Service investigation that commenced in September 2023.
The investigation revealed that John Barnes Media Limited failed to pay £78,839 in corporation tax between August 2018 and January 2020.
READ MORE: Emma Raducanu described as 'besotted' with Carlos Alcaraz as expert speaks out ahead of Wimbledon
John Barnes was renowned for his searing pace and dazzling skillsPAAdditionally, the company failed to pay £115,272 in VAT between February 2019 and 2020.
During this period, the company recorded a turnover of £441,798, with filed returns clearly outlining the VAT payments that should have been made.
The Secretary of State for Business and Trade accepted a disqualification undertaking from the former England international, who earned 79 caps for his country.
Barnes, who also played for Watford and Newcastle United, established John Barnes Media Limited in September 2012 as its sole director.
LATEST SPORTS NEWS:
John Barnes is still revered as a legend by Liverpool fansPAHis financial difficulties extend beyond this company, with six bankruptcy petitions filed against him dating back to 2010.
In a 2009 interview, Barnes acknowledged his aversion to financial management: "I don't like dealing with taxes, of course. I just hate not having enough money.
"Apart from that, I don't like dealing with bills and never have done."
He added: "I let my wife Andrea deal with them. I don't even like opening them."
Most Read
