Charity says three in five EPL players declare bankruptcy after retiring

Three out of five English Premier League players declare bankruptcy within five years of retirement, according to a charity for former professionals.

XPro said that despite earning an average wage of £30,000 ($45,000, 35,000 euros) a week, many players blew their cash or followed poor investment advice, while as many as one in three were hit by costly divorce proceedings and settlements.

"It might sound incredible to normal fans but it can and does happen," the organisation's chief executive Geoff Scott, a former Stoke City, Leicester City and Birmingham City defender, was quoted as saying on xpro.org.

XPro, which provides advice to and supports 30,000 former players, added that "too many (players) forgot to put money aside for the taxman", while excessive spending linked to spiralling wages was also a factor.

The chief executive of England's Professional Footballers Association, Gordon Taylor, disputed the research, however, suggesting that the real figure for bankruptcy was between 10 and 20 percent.

"The fact is, as regards them going bankrupt, it's nothing like those figures (three out of every five)," he told BBC radio.

Taylor said his organisation did urge players to plan for the day when they were no longer earning five, or in some case six, figure weekly wages.

"Footballers, with very few exceptions, aren't going to earn as much money when they finish playing. We encourage young players to save for the future, for when they retire."

Taylor also warned players to beware of agents and advisers who only only became interested in them when they earned huge salaries and PFA courses were available to help former pros work in the media or in other careers.

"I have to be careful what I say about agents, but they are there during the good times and they're a bit like butterflies in the bad times. All the players come on to the PFA for advice when things have gone badly wrong," he said.

"It is about saving, it's about being sensible, it's about being careful, it's about not expecting to have the same lifestyle. It's not everybody that can adapt. That exit strategy is quite important."

Taylor highlighted the case of former Paul Gascoigne, who has struggled to cope since retiring from football, with alcohol problems blighting the life of the former England midfielder and those close to him.

XPro for its part said it was helping a number of players, including former Aston Villa and England midfielder Lee Hendrie, who was declared bankrupt in January last year.