- Bankruptcy Declaration: Wes Brown was declared bankrupt last year, following a series of financial missteps including bad property deals and overpaying on a farm.
- Lack of Guidance: Brown admits that not having the “right people” around him during his career was a significant factor in his financial downfall. He believes that when making a lot of money, it’s crucial to have the right guidance.
- Personal Struggles: Alongside his financial issues, Brown has faced personal troubles, including a split from his wife Leanne in 2022.
- Current Situation: Brown’s current financial predicament is ongoing, and he has expressed concern about other players facing similar issues, hoping they can avoid the same path.
- Advice to Young Players: Brown warns young players about the dangers of getting involved in financial ventures without understanding them fully, emphasizing the importance of seeking advice and guidance.
Wes Brown bankruptcy, the former Manchester United and England footballer, has revealed that his bankruptcy was not due to a lack of income but rather a lack of the “right people” around him. Despite earning a significant income during his playing career, including a peak of around £50,000-a-week at Manchester United, Brown found himself in financial trouble due to poor investments and a divorce from his wife, Leanne Wassell, which significantly impacted his finances.
Brown’s financial troubles began with a series of unsuccessful property investments. He overpaid for a farm that Leanne Wassell lives on, spending approximately £6m or £7m, which has yet to be sold despite attempts to lower the price. Another property, once valued at £4.5m, took seven years to sell for £2.4m, almost half its original value. These investments, combined with the high costs of divorce proceedings, led to a significant financial strain.
Don’t Miss | Father, 29, Jailed for Life for Murdering His Four Weeks Son
Brown’s bankruptcy was officially declared after a petition was filed against him by HMRC, who he is said to owe a six-figure sum in unpaid taxes. Additionally, a car finance company was also involved in the bankruptcy proceedings, highlighting the extent of his financial difficulties.
In speaking out about his situation, Brown emphasized the importance of having the “right people” around him, suggesting that his lack of guidance in financial matters contributed to his financial downfall. He mentioned that he was not interested in the social aspects of his wealth, such as attending events or making appearances, which could have been a distraction from managing his finances effectively.
Brown’s experience underscores the challenges faced by many former footballers, who often struggle to manage their finances after their playing careers end. Despite earning high incomes during their playing days, many find themselves in financial trouble due to poor investments, high living costs, and the pressures of maintaining a lifestyle that is often out of proportion to their income.
Gareth Farrelly, a former Everton and Ireland star who now works as a lawyer, has highlighted the scale of football’s bankruptcy crisis. He noted that generous wages are no protection against the financial problems that can afflict former players. Farrelly pointed out that players often want to be seen as highly valued, leading them to make expensive purchases and maintain a lifestyle that is difficult to sustain without proper financial management.
Wes Brown’s bankruptcy serves as a cautionary tale for many former footballers, emphasizing the importance of financial literacy and the need for the right financial advice. Despite his high earnings during his playing career, Brown’s situation highlights the potential pitfalls of poor financial management and the lack of guidance in navigating the complexities of wealth management.
Don’t Miss | Man who ‘tried to hire hitman to KILL adopted kids’ parents’ is jailed
