The number of former footballers who have been collectively defrauded of millions of pounds could be far greater than originally thought.
Former Premier League stars including Danny Murphy, Brian Deane and Rod Wallace are among the victims of a scandal that campaigners hope to force the Government to act upon.
Prime Minister Sir Keir Starmer confirmed this week that talks will take place with the Treasury to seek a resolution to the long-running case involving the ex-footballers, who are part of the V11 campaign group.
The group is made up of 11 former players who invested with Kingsbridge Asset Management in the 1990s and 2000s. All have been pursuing a resolution to their case after being formally recognised by police as victims of financial crime, while continuing to face substantial tax liabilities.
At Prime Minister’s Questions this week, Labour MP Jo White compared the issue to the Post Office scandal. She said: ‘Working-class footballers lost hundreds of millions to financial mis-selling, but the V11 group is still being pursued for tax on money they never had.’
David McKee and Kevin McMenamin, who ran Kingsbridge, have previously denied any wrongdoing. Last year, they said: ‘At all times Kingsbridge advised in good faith and set out the risks and opportunities both before and after any investment was agreed.’
Awareness of the case has increased in recent months, including following the BBC documentary Football’s Financial Shame: The Story of the V11, in which members of the group spoke publicly about their experiences. The programme brought wider attention to the issues involved and has seen V11 receive strong from across sport and beyond.
Former Liverpool England international midfielder Murphy believes he lost roughly £5m while ex-Leeds striker Wallace was declared bankrupt in 2024. Many have lost their homes. Tommy Johnson, Sean Davis and Craig Short are other members of the V11 group who have spoken publicly.
City of London Police opened an investigation into the case in 2018 and told the players they were ‘victims of crime.’ But the case was later closed, with the force concluding there was ‘insufficient evidence to support a realistic prospect of conviction.’ No charges were brought against Kingsbridge staff.
Deane said: ‘We trusted professionals we were told to trust and followed the advice given to us. For more than 10 years, we’ve lived with the consequences of something we didn’t create. We’ve done everything asked of us — engaged, provided evidence, cooperated fully. Now, with these talks, we just want a fair outcome and the chance to finally move on.’
Carly Barnes-Short, a lawyer and wife of player Craig Short, who is a V11 spokesperson said: ‘We welcome the opportunity to engage constructively with the Government and the Treasury, and we remain focused on securing a fair and lasting resolution. We are hugely grateful for the support we have received from the public and from across the sporting world.
‘This has always been about more than the V11. We are determined to ensure others are not left in the same position — and to secure lasting change so the system better protects the next generation.’
