Scores of leading footballers face losses totaling an estimated £100M ($150.6M), with some "confronting potential ruin," after investing in film schemes and property ventures recommended by two financial advisers "operating at the heart of the national game," according to Harper, Belfield & Ungoed-Thomas of the SUNDAY TIMES. Some of the biggest names in British football are "among those caught up in the crisis," including former England and ManU stars Rio Ferdinand and Andy Cole, and the Match of the Day pundits Danny Murphy, Martin Keown and Robbie Savage -- "according to leaked documents." More than 100 players were advised by David McKee and Kevin McMenamin, whose firm Kingsbridge Asset Management earned more than £5M ($7.5M)" in commission on the players’ investments before they tanked or the footballers were hit with tax demands after HM Revenue & Customs challenged the film schemes." Former Arsenal and Everton striker Kevin Campbell, who invested in five film schemes and faces losses of up to £7M ($10.5M), is now at the center "of bankruptcy proceedings." Speaking publicly for the first time, Campbell said, "When I see the paperwork, it's horrendous. I am not one to be bitter, but £7M is a lot of money." A spokesperson for McKee and McMenamin issued a strong denial and said that "without exception" the pair's clients were always "advised of the suitability and risks of the schemes and were advised that such investments needed to be part of a balanced portfolio." Kingsbridge emails, documents, memos and other correspondence "reveal the financial advisory firm invested and managed" almost £400M of its clients' money, including loans, between '03 and '07. By far the "most expensive investment made on the footballers' behalf" was more than £100M in film-scheme partnerships -- aggressive, high-risk tax vehicles. Some have been "challenged by HMRC as tax-avoidance schemes" (SUNDAY TIMES, 11/8).
