Former Manchester United defender, Wes Brown, has been declared bankrupt after a string of failed property investments and a costly divorce.
The bankruptcy petition was filed by HM Revenue and Customs in February and approved by the High Court last month.
According to a report by the Daily Mail, sources close to Brown claim that he lost a significant amount of his wealth due to unsuccessful property deals, exacerbated by his extravagant lifestyle.
It claims that while Brown was earning £50,000 per week at Manchester United but was reportedly trying to maintain a lifestyle comparable to his peers who earned significantly more than him.
The report further adds that Brown’s financial situation was worsened by his expensive divorce from his wife, Leanne, who stars in the reality TV show, Real Housewives of Cheshire.
Brown reportedly overpaid for a farm where Leanne now resides, spending around £6m-£7m. Despite efforts to sell the property, they have been unable to do so, with any remaining wealth now tied up in the farm.
He is now said to be renting a property from Manchester United and England striker, Marcus Rashford, “at mates’ rates”.
The case serves as an important reminder for footballers to manage their wealth for the future, as their playing careers are relatively short, and injuries could end their careers unexpectedly. Brown’s bankruptcy highlights the importance of financial planning, as well as the need to live within their means, even when earning large salaries.
Brown played for Manchester United for over a decade, making 362 appearances for the club and won numerous titles, including seven Premier League titles and two Champions League trophies.