Football Managers Face $30M Loss After Investing In Film, Property Schemes

Some of football’s best-known managers "face huge tax bills after investing in film and property schemes recommended by two financial advisers," according to Alexi Mostrous of the LONDON TIMES. Republic of Ireland Manager Martin O’Neill, Howard Wilkinson, Steve McClaren and Stuart Pearce "are said to be among investors in film schemes that are being challenged by HM Revenue & Customs." If the schemes are ruled ineffective in the courts, "they could face bills running into millions of pounds." The managers "were advised by David McKee and Kevin McMenamin." Stuart Cotton, "a former HMRC tax inspector who runs the Investor Rescue website," put the managers’ losses at up to £20M ($30M). McKee and McMenamin deny that and say that they warned clients about the risk "without exception" and that their clients were "always advised of the suitability and risks ... and were advised that such investments needed to be part of a balanced portfolio" (LONDON TIMES, 11/23).