Eleven retired Premier League stars have united to expose financial devastation that cost them tens of millions through investments managed by Kingsbridge Asset Management during the 1990s and 2000s.
The V11 campaign group, featuring Match of the Day analyst Danny Murphy alongside Michael Thomas and Rod Wallace, reveals how trusted financial advisers left them facing bankruptcy and crushing tax demands.
Murphy estimates his personal losses at approximately £5m through what he describes as "financial abuse". The scandal potentially affected 200 professional footballers, with many losing their homes despite police acknowledging them as crime victims.
Their story unfolds in tonight's BBC Two documentary "Football's Financial Shame: The Story of the V11", broadcasting at 9pm. The programme examines how these sporting heroes found strength through collective action after suffering in silence for years.
Danny Murphy revealed he lost £5million in the scheme and described it as 'financial abuse'
|PA
Kingsbridge Asset Management established itself at football's heart through strategic relationships and personal connections.
Founded in Nottingham by David McKee and Kevin McMenamin in 1992, coinciding with the Premier League's launch, the firm cultivated trust among newly wealthy players.
JUST IN: Manchester City confirm Ederson departure to Fenerbahce
The company's credibility soared through its administration of the League Managers Association website and endorsement from then-chairman Howard Wilkinson.
Brian Deane, who netted the Premier League's inaugural goal, explained: "If they got the most influential person in the changing room, you thought you were in a safe place."
Word spread rapidly through dressing rooms. "It was like wildfire - word of mouth," Deane recalled. The firm's website eventually boasted over 360 footballer clients.
Tommy Johnson revealed deeper connections, describing holidays and wedding invitations with the advisers. "People will turn around and say they were just financial advisers," he said. "They weren't, they were friends."
The investment schemes centred on government-backed film financing tax relief introduced in 1997. Investment fraud lawyer Ben Rees explained: "What the government didn't envisage was the tax advantages would be abused and turned into a financial product."
Players borrowed heavily to invest in these schemes alongside property ventures offering 40 per cent tax rebates deferred for 15 years. Rod Wallace invested over £2m in the film sector alone.
Four V11 members purchased Spanish apartments at Monte Resina for 618,500 euros each. Documents reveal McKee and McMenamin originally owned these properties, with McKee's wife managing them through her company.
**SIGN UP FOR OUR FREE DAILY GB NEWS SPORTS NEWSLETTER HERE**
Former Premier League players, such as the competition's first goalscorer Brian Deane, were left with crippling debts
|PA
"Talk about conflict of interest," said investigative journalist Richard Belfield. "McKee and McMenamin set the apartment prices and then advised their clients to buy them. These prices were over-inflated, as an independent valuation later showed."
Personal devastation emerges through harrowing testimonies from affected players. Craig Short received a £1.6m tax demand and faced bankruptcy proceedings on Christmas Eve, with bailiffs arriving at Oxford United's training ground where he coaches.
"I fluctuate from deep bouts of depression, sadness and anger," Short revealed. "HMRC will probably enforce, I have nothing to give them."
Sean Davis, owing £330,000, now works as a painter and decorator. "I literally want to kill myself," he confessed, describing how alcohol temporarily numbs his pain.
Clients were told they could expect their property investments in Charlotte Harbor could achieve a return of up to 20 per cent in a year
|Kingsbridge Asset Management
Michael Thomas admitted to "living like a clown" - maintaining outward cheerfulness whilst battling inner turmoil. "All fun on the outside - laughing and joking - but every day I think about a lot of things," he said.
Wallace's financial collapse proved catastrophic. His £1.9m net worth evaporated, leading to bankruptcy declaration in February 2024 and eviction from his Surrey home.
The V11 campaign emerged through solicitor Carly Barnes-Short, Craig Short's wife and former criminal defence lawyer. She assembled what she calls "team captains, Premier League title holders, Champions League winners, FA Cup winners" to pursue legal reform protecting crime victims from severe tax penalties.
"It was a team, and that's where we've gained the strength from," Deane explained. Murphy credited the group with saving lives: "If it wasn't for the group, I don't know where I'd be now."
LATEST SPORTS NEWS:
Former Fulham star Sean Davis admitted he 'wants to kill himself' over his insurmountable debt
|PA
City of London Police arrested two East Midlands men in 2018 but closed their investigation after two years, citing insufficient evidence for conviction. No charges were brought against Kingsbridge staff.
McKee and McMenamin maintain their innocence, stating they "deny any wrongdoing" and acted "in good faith", attributing losses to HMRC policy changes and 2008's property crash.