Posted on: June 15, 2022, 09:44h.
Last updated on: June 15, 2022, 09:51h.
Dannie Guthrie enjoyed the good life, fulfilling his dream of becoming a Premier League soccer player. It wasn’t all fun and games, though, as a penchant for gambling has led to bankruptcy.
After accruing almost £200,000 (US$241,000) in total debt, the former Liverpool player has thrown in the towel, the Mirror reports. The 35-year-old borrowed £75,000 (US$90,367) from a friend in 2019 to cover his expenses. He also accumulated £120,000 (US$144,588) in gambling debts, according to a statement from The Insolvency Service.
Guthrie promised his friend to repay the debt using funds he received from selling a property. Instead, he chose to repay his gambling debts. Nothing seemed to get him out of the hole he was in, despite reportedly having a million-dollar leg.
The Secretary Of State approved Guthrie’s “Bankruptcy Restrictions Intaking” on May 18. This is an order that is issued to anyone who is bankrupt, but who requests bankruptcy for their own financial mismanagement. The order will continue until May 2028.
The UK’s Insolvency Service confirmed the outstanding debt in a statement. It added that Guthrie received a little more than £160,000 (US$192,928) for the property he sold.
However, instead of putting creditors and his friend first, he repaid his gambling debt. The agency emphasized that he also made several cash withdrawals, even though he knew he had no money to spend.
As a result, Guthrie cannot borrow more than £500 (US$602.90). He is also forbidden from being a director of a company without the permission of the court.
Kevin Read, the official receiver at The Insolvency Service, stated that Guthrie deliberately made decisions that he knew would have negative ramifications. He added that the lengthy bankruptcy restrictions should “serve as a warning” that the agency responds to financial wrongdoing.
After starting his career with Anfield, Guthrie moved on to the Premier League for Newcastle and Liverpool. He also played for other clubs in the English Football League Championship, including the Blackburn Rovers.
Fast Cash, Quick Losses
Too often, drunk off sudden stardom at the young age of 18 or 20, athletes stumble to properly manage their money. Guthrie isn’t the only British soccer star to have gone through bankruptcy, and more than a few found themselves in the situation because of their gambling.
Paul Merson, a former Arsenal star, reportedly lost a staggering £7 million (US$8.44 million) to gambling, drugs, and booze. Although the former midfielder became a regular on Sky Sports, he once considered giving it all up.
At one point, he even considered breaking his fingers to stop him from calling his bookies. However, not before he lost his £800,000 (US$964,560) pension on a gambling spree.
Lee Hendrie, a one-cap England player, went bankrupt due to depression and a gambling addiction. A former midfielder at Aston Villa, he earned more than £30,000 (US$36,174) per week.
However, he filed for bankruptcy in January 2012 due to huge debts and repossessions. He, too, went on to become a popular commentator on Sky Sports.