Former Footballers to Address Government Over financial abuse

In a significant move, Sir Keir Starmer has invited a group of retired footballers to discuss allegations of “financial abuse” they claim to have faced. The group, known as the V11 campaign, includes notable names like Danny Murphy and Brian Deane, who assert that they were misled during investments made with Kingsbridge Asset Management in the 1990s and 2000s.

Key Highlights

• V11 group comprises 11 former players advocating for justice.
• Players reportedly lost tens of millions and face substantial tax liabilities.
• Government meeting aims to address the players’ ongoing struggles.
• Campaign seeks law changes to protect victims from tax penalties on losses.

During a recent session at Prime Minister’s Questions, Labour MP Jo White likened the players’ plight to the infamous Post Office scandal, emphasizing the severe financial losses which have led many players to financial ruin. “Working-class footballers lost hundreds of millions to financial mis-selling, but the V11 group is still being pursued for tax on money they never had,” she highlighted.

The Prime Minister acknowledged the gravity of the situation and suggested that the meeting would clarify what measures the government can take to support the affected individuals.

Meanwhile, David McKee and Kevin McMenamin, the individuals behind Kingsbridge, have consistently denied any wrongdoing. They maintain that all advice provided was done in good faith, outlining the risks involved with the investments.

Unfortunately, the fallout has been dire. Numerous footballers, many of whom invested in Kingsbridge, have lost their homes and faced bankruptcy. Murphy estimates his losses at around £5 million, while Wallace was declared bankrupt in 2024. Other group members like Tommy Johnson and Craig Short have also spoken publicly about their devastating experiences.

In 2018, the City of London Police initiated an investigation into the allegations, informing players that they were victims of crime. However, the case was later closed due to a lack of evidence for prosecution against Kingsbridge staff.

Currently, HMRC is pursuing tax payments on these investments, which have significantly depreciated, leaving many players in a precarious financial position. An HMRC representative stated, “We have a duty to collect tax when it is legally due. We recognize that dealing with an enquiry and a large tax liability can be stressful and we are absolutely committed to identifying and supporting customers who need extra help.”

As a result, the V11 group is advocating for legal reforms that would shield victims of financial crime from excessive tax charges, hoping to prevent others from enduring similar fates.

FAQs

What is the V11 campaign?
The V11 campaign comprises former footballers seeking justice for financial losses incurred through Kingsbridge Asset Management.

How much money did the players reportedly lose?
The players collectively lost tens of millions, with individual losses around £5 million reported.

What changes are the players advocating for?
The players are pushing for legislative reforms to protect victims of financial crime from tax liabilities on their losses.

Who are the key figures involved?
Key figures include Danny Murphy, Brian Deane, and Rod Wallace, among others.

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