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A collective of former Premier League footballers claim they were swindled out of millions by their financial advisers, including former Liverpool star Danny Murphy
Ex-Liverpool, Tottenham and England midfielder Murphy believes he was defrauded of approximately $6.5 million (£5 million) through what he describes as "financial abuse".
As many as 200 professional soccer players may have fallen victim, with some losing their properties and facing bankruptcy. The affected players are now being pursued for additional millions in taxation. Eleven retired professionals, including Murphy, Brian Deane, Michael Thomas and Rod Wallace, have formed the V11 campaign group after investing with Kingsbridge Asset Management during the 1990s and 2000s.
The group is campaigning for legislative changes to shield crime victims from tax liabilities.
Match of the Day pundit Danny commented on the initiative: "It's definitely saved lives. If it wasn't for the group, I don't know where I'd be now."
City of London Police launched an inquiry in 2018, resulting in the arrest of two individuals from the East Midlands.
However, the investigation was subsequently closed, with the force stating there was "insufficient evidence to support a realistic prospect of conviction".
City of London Police confirmed: "The decision... was made at commander level and... was also endorsed in a strategic investigation review by a senior officer from an external force."
No criminal charges have been filed against Kingsbridge Asset Management personnel.
David McKee and Kevin McMenamin, the firm's former directors, maintain they "deny any wrongdoing".
They informed the BBC: "We were honoured during our careers to have been trusted by [our] clients... that trust was never betrayed."
The duo stated: "At all times, Kingsbridge advised in good faith and set out the risks and opportunities both before and after any investment was agreed."
They went on to say: "Kingsbridge had well over 2,000 clients, many of whom received very similar advice. The huge majority of these clients remain satisfied with the way that Kingsbridge handled their affairs."
HMRC has responded by stating it has a duty to collect tax when it is legally due. The ongoing legal battle involving the players is featured in a new documentary titled Football's Financial Shame: The Story of the V11.
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