Millions vanished, careers crumbled, and some of football’s brightest stars were left bankrupt after trusting the wrong advisers.
When multiple former Premier League stars—including Danny Murphy, Michael Thomas, and Rod Wallace—came forward, their revelations shook the football world. Millions of pounds vanished, lives were devastated, and once-glorified careers gave way to court rooms and eviction notices. Now, through the V11 campaign and a new BBC documentary, Football’s Financial Shame: The Story of the V11, airing Tuesday 2 September at 21:00 BST on BBC Two and iPlayer, they’re telling their story—with justice hanging in the balance.
The Rise and Fall: Trust Misplaced in Kingsbridge Asset Management
In the mid-1990s, Kingsbridge Asset Management—founded by David McKee and Kevin McMenamin—built a prestigious clientele among top-flight footballers. Courtesy of connections like the League Managers Association and Howard Wilkinson’s endorsement, the firm seemed trustworthy. But what started as planned financial advice quickly unraveled into catastrophic losses through film financing schemes and property investments in Spain and Florida, commonly touted with tax relief incentives.
Many of these assets were revealed as over-priced, mismanaged, or worthless. By 2008, the fallout triggered a wave of bankruptcies and mental health crises—not to mention mounting tax liabilities from HMRC that players were ill-equipped to handle. The BBC’s in-depth reporting pulls no punches. According to BBC News, “playing like a team” is now the only thing keeping some of these players from total collapse.
Danny Murphy, Michael Thomas, and Rod Wallace are among the ex-players leading the V11 campaign after losing fortunes in disastrous investment schemes.
The V11 Campaign: From Victims to Advocates
The V11 campaign was spearheaded by former Premier League stars Rod Wallace, Danny Murphy, Michael Thomas, among others—11 ex-professionals determined to fight for change. There are whispers that up to 200 footballers may have been affected, with some losing homes, careers and mental well-being. HMRC is reportedly chasing each player for over £1m in tax debts, even though City of London Police regarded them as “victims of crime.” The documentary reveals how solidarity—like they once relied on the pitch—became their lifeline in confronting both financial ruin and legal injustice.
Behind the Numbers: Who Lost What, and Why
Danny Murphy estimates losses of around £5 million due to what he terms “financial abuse.” Rod Wallace, once worth nearly £2m, found himself evicted and bankrupt as of February 2024. Others—like Sean Davis, Craig Short, Michael Thomas—face six-figure tax bills, with some now working in trades like painting or coaching, far removed from their glory days.
The stress has had devastating effects on mental health. These stories are intertwined with H-T-M-L-styled property schemes: the Monte Resina development in Spain, the Florida project in Charlotte Harbor. Many viewed them as exclusive opportunities, only to discover stark conflicts of interest: Kingsbridge insiders set inflated prices and even managed the developments.
What’s Next? Legal Battles, Tax Claims, and Systemic Reform
Despite arrests by City of London Police in 2018, no charges were ever brought; by 2020, the investigation was closed for lack of “realistic prospect of conviction.” HMRC indicates it will continue to press for outstanding liabilities, even while acknowledging the mental stress these demands can cause. Advocates—led by the V11 group and supported by solicitor Carly Barnes-Short—are campaigning for legislative protections for crime victims facing tax enforcement. Their goal: to prevent future financial exploitation of athletes by strengthening oversight of advisers and shifting how victims are treated in the eyes of the law.
The V11 group of ex-footballers unite outside Parliament, pressing for legal reform after losing millions in failed investment schemes.
FAQs: People Also Ask
Why is it called the V11 campaign?
The name reflects the 11 former footballers united by a shared crisis—they once played as eleven on a team, and now they’ve returned to that number to fight for their collective rights.
Did any players profit from the investments?
By all accounts, no. There’s no evidence of financial gain among the V11. Instead, they suffered mounting losses on investments that Kingsbridge had a financial interest in—particularly the Spanish and Florida developments—resulting in ruinous tax obligations.
What legal protections are being sought for victims?
The V11 campaign is advocating for law changes to shield victims of financial crimes from aggressive tax enforcement—especially when they were advised under false pretenses and later declared victims by police investigations.
Will the documentary cover how HMRC treats vulnerable ex-athletes?
Yes. The BBC’s reporting highlights not just the financial mechanics, but the human cost: the “brown letters” of tax demands, emotional tolls, evictions, and how participants like Sean Davis and Michael Thomas are forced to navigate overwhelming stress while seeking closure.
Final Whistle: From Devastation to Defiance
This isn't just a story about financial loss—it’s a tale of betrayal, resilience, and transformation. The V11 players may have been failed by their advisers, but they're not giving up. From whispering in locker rooms to shouting in courtrooms, they’re fighting for more than compensation—they’re seeking reform, recognition, and restitution.
Unlike modern stars such as Mohamed Salah, Bruno Fernandes, or Alexander Isak, who earn sums their predecessors could scarcely imagine, the V11 generation played in an era where fortunes were smaller and far more vulnerable to exploitation. Their lost millions were not the endless riches of today, but hard-earned rewards that should have secured their futures. And as the credits roll on their BBC documentary, one thing is clear: this team refuses to lose again.
