The former Manchester United forward Louis Saha shared with the newsmen what he called “Life After Football”.
He explained that it is crystal clear that footballers make a lot of money, meanwhile, many footballers have forgotten that away from the glitzy, glamorous lifestyle, the reality for many players after retirement is just a new world.
Many footballers find it rather challenging as financial issues could be lurking around the corner after few years.
He noted that the path to bankruptcy for many is often complicated but a pattern can be traced, he believes it is rarely due to a failed business, but is frequently down to over-spending, poor investment choices and a failure to keep the taxman tuned.
The former France international spoke further that the combination of young and rich has an allure for those wishing to sell investments that pay a huge margin, be it investments that dubiously promise to reduce tax bills or simply property that is wildly over-priced.
Speaking from his experience, he made clear that one of the main issues is that footballers rely excessively on the advice given to them without knowing what is actually going on. Some may put it down to ignorance and a lack of interest but it’s not that simple.
He took a swipe at the financial advisers, alleging that players sign up to schemes that promises them large reductions in tax bills, because financial advisers target high-earning footballers and suddenly, it becomes a culture within the game.
“Today, a staggering number of footballers are faced with unimaginable financial challenges and unfortunately, rather than talking to my ex-colleagues about the great times we had, this has become the topic of conversation,” Saha said.
“No one likes a pathetic lifestyle but I strongly believe that something needs to be done to properly address these issues to avoid the rate of bankruptcy from increasing even further,” he concluded.