Former England and Liverpool star John Barnes has disclosed that a string of ill-fated investments across the globe played a significant role in his bankruptcy declaration last September.
The 62-year-old's media company, John Barnes Media, accumulated debts totalling £1.5 million before being liquidated, leading to the bankruptcy order.
Speaking on the Overlap's 'Stick of Football' podcast, Barnes revealed that ventures including Brazilian coffee and property in Florida had cost him dearly.
"I got caught with a lot of coffee [investments] in Brazil, a lot of investments all over the world," Barnes explained. "And then, of course, villas in Florida, similar to that."
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The former winger drew parallels with the V11 group, a collection of ex-professional footballers who suffered substantial losses after being persuaded to invest with Kingsbridge Asset Management during the 1990s and 2000s.
Barnes explained that his football agent handled only sporting matters, leaving him vulnerable to outside parties promoting various schemes.
"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 said.
Former England and Liverpool star John Barnes has disclosed that a string of ill-fated investments across the globe played a significant role in his bankruptcy declaration last September
|GETTY
However, Barnes noted he chose not to pursue legal action to recover his losses in the manner the V11 group had attempted.
"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 added.
Barnes has been settling his tax obligations with HMRC since 2017, having repaid approximately £2.2m over that period while continuing to make monthly instalments of £10,000.
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Five facts about the Premier League | PA/GETTY/REUTERS/GBNEWSThe former footballer acknowledged he could have avoided much of this financial strain by declaring bankruptcy eight years ago.
"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," he said.
"But what I didn't want to do is to be seen not paying it."
He liquidated virtually all his assets to meet the tax demands, retaining only his home and vehicle.
"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 explained.
Barnes emphasised his awareness of ordinary people's financial struggles, stating he wanted to demonstrate he was meeting his obligations rather than evading them.
John Barnes became a legend for England and Liverpool during his playing days
|GETTY
"Because I really want people to know, because I see how hard it is for people all over when they can't pay their heating bill and stuff," he admitted.
The former winger, who earned 79 caps for England, enjoyed a decorated playing career that included two First Division titles, two FA Cups and a League Cup with Liverpool, where he was named player of the year in 1988.
Barnes, who also played for Watford, Newcastle and Charlton before managing Celtic, Jamaica and Tranmere, currently serves as a Liverpool ambassador.
He suggested today's players benefit from superior financial guidance compared to his generation, who relied on advice from acquaintances with supposed connections.