Why do so many footballers end up broke?

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Why do so many footballers end up broke?

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Why do so many footballers end up broke? FourFourTwo investigates...

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It’s the unseen epidemic: the game’s young, rich and famous ending up penniless. Alec Fenn investigates how excess, addiction and divorce is leading former millionaires to financial ruin

A footballer who played for three of the game’s biggest clubs sobs after learning he’ll soon be made bankrupt. The chairman of a Premier League outfit sighs, before granting his captain an advance on his wages for the last time following another costly defeat at the roulette table. Inside a court, a player pleads with a judge to reduce his child maintenance payments after frittering away his fortune.

These are not plot lines from an episode of Footballers’ Wives, but real stories unfolding in the private lives of three players currently in English football. Forty per cent of their trade suffer from financial problems during their careers and then in retirement. But when the average annual wage of a Premier League footballer is so vast, how on earth do so many fall upon hard times?

For some, the problems begin with the adrenaline rush of signing their first professional contract. A Liverpool player recently tore open the envelope of his first wage packet and headed straight to a car dealership close to the club’s Melwood training ground. He agreed to buy a brand new Range Rover on finance, only to later find out that he couldn't afford the repayments.

Thankfully, we had a good relationship with the garage in question and they were willing to take the car back
- Peter Fairchild


Liverpool were made aware of his mistake and so called in Peter Fairchild, a private client tax adviser who offers financial advice to academy prospects at Premier League and Football League clubs, to sit down with the player. “He got confused between his net and his gross income,” he explains to FourFourTwo. “I had to tell him what he would be earning after the taxman had taken his share. Thankfully, we had a good relationship with the garage in question and they were willing to take the car back.”

Fairchild believes peer pressure plays a big factor in the financial mistakes made by young players. “They see a fleet of shiny cars at the training ground and don’t want to be seen driving a Fiat Punto,” he continues. Former Everton prodigy Danny Cadamarteri made his debut at 17 and had a similar experience across Stanley Park. “I saw wealthy players buying their designer wash bags and new cars and felt I had to keep up with them,” he tells FFT. “It’s easy to get caught up in it all.”

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Danny Cadamarteri in his early days at Everton

His youthful indulgences seem fairly insignificant compared to a high-profile Premier League star on the books of a London club. The 24-year-old earns a reported £35,000 per week, but he struggles to make ends meet at the end of the month having agreed to pay handsome salaries to family, friends and acquaintances, who carry out a variety of jobs within his entourage.

Bad investments

For football’s high rollers, real friends can be hard to find. Agents, financial advisors and businessmen often seek to befriend players before promising to multiply their earnings in return for sizeable investments. “At one stage I had 30 offers from different people in front of me,” the former Manchester United, Everton and Spurs striker Louis Saha tells FFT. “When you’re a player, you don’t have the time to do your research properly and determine who to trust. It’s hard to say: ‘No, I don’t want to invest.’”

The 38-year-old has first-hand experience of being burnt by bad financial advice. A few years ago he was persuaded to invest money in a scheme operated by a UK bank, which promised to recover tax if he invested in certain technology companies. The dividends failed to materialise. “I ended up losing a six-figure sum,” admits Saha. “After that I began to worry about money, I knew I had to be more careful.”

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Saha, pictured at Michael Carrick's testimonial, had his fingers burned in the past

He isn’t the only one to be tempted by lucrative-looking schemes. One Premier League footballer came close to parting with £100,000 in a property development in Morocco that had been recommended to him by a team-mate.

“I told him to look the place up on Google Earth – he didn’t even know where it was,” says Fairchild. “To get there you had to fly to Marrakesh, then get another internal flight, followed by a three-hour drive to the location. I said: ‘How are you going to get your workforce and building materials there for a start?’ He didn’t invest, but others did and lost money.”
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Education is key to achieving long-term prosperity. Former Spurs defender Ramon Vega completed a degree in banking and finance during his formative years as a professional player in Switzerland. Since his retirement in 2004 he has made more than £15m as the founder of London-based firm Vega Swiss Asset Management.

“I was lucky to have a good education in Switzerland,” he tells FFT. “I speak five languages, so I would negotiate rental contracts with UK estate agents for some of my foreign team-mates. Clubs need to give the players financial education.”

They live inside the bubble of an academy, so they’re shocked to hear they might only get half of their wage after tax and national insurance - Peter Fairchild

Some are trying to. Fairchild has visited in excess of 35 teams and provides teenage talents with basic advice to lay the foundations for a sound financial future. “I tell them what they see on their contract isn’t what they’ll see in their bank accounts,” he says. “They live inside the bubble of an academy, so they’re shocked to hear they might only get half of their wage after tax and national insurance contributions.”

He encourages players to split their wages into three pots. “Pot one is for living costs, such as their rent and cars,” he explains. “Pot two is for savings to leave with a trusted advisor to grow – if they put £1,000 a month into some bonds for 18 months, they will have an enhanced sum to put down on a house deposit. Pot three is for spending – they are young and should enjoy themselves.”

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Ramon Vega: thick jumper, clever bloke

But the soundest advice can still fall on deaf ears. The bright lights of casinos and instant gratification of betting apps continue to prove the downfall of players with bulging bank accounts. In his book How Not to be a Football Millionaire, former Manchester United wideman Keith Gillespie revealed that he squandered £7.2m through gambling before being declared bankrupt in 2010.

A study by the Professional Players’ Federation in 2014 found footballers are three times more likely to have gambling issues than the average population.

John Hartson narrowly avoided the same fate. He’d racked up over £300,000 in gambling arrears before signing an Individual Voluntary Agreement, which saw him gradually pay back 12p of every £1 owed to a lengthy list of creditors. Michael Chopra and Matthew Etherington also lost sizeable sums before checking into gambling addiction clinics. A study by the Professional Players’ Federation in 2014 found footballers are three times more likely to have gambling issues than the average population, but why?

Doctor Henrietta Bowden-Jones works as a consultant psychiatrist in addictions for the Nightingale Hospital. Among her patients are city bankers and elite sportsmen, and she believes the competitive environment of football dressing rooms, the personality traits of players and even their genetics can make them vulnerable to frittering away all of their fortunes.
“If there is a history of it in the family, then it can get passed down,” she explains to FFT. “Early life events which were serious enough to make a player want to escape them are also common in players with gambling addictions. Then you’ve got a confident individual who believes that he will be successful in predicting the outcomes of sporting events, combined with a surplus of cash – and that’s a dangerous combination of factors.”

Lonely and at risk

Flashing slot machines and the friendly patter of roulette dealers can often provide comfort for players, who are feeling lonely after joining a new club hundreds of miles away from their families and friends. A former Premier League footballer – who did not wish to be named – remembers seeking some refuge in his local bookies.

“I went out on loan to QPR and it was the first time that I’d lived away from home,” he says. “I didn’t know anyone in London, so I started betting to kill some time after training.”

Boredom is an excuse that Graeme Law heard time and again when he interviewed 34 current and former professional players – including international stars and Premier League regulars as well as those lower down the football pyramid – as part of his PhD at the University of Chester. “Players choose to gamble as a way to relieve boredom on journeys to away matches and after training sessions on pre-season tours,” he says.

One player told him he found the buzz of online poker more thrilling than playing football matches. Another admitted that the entertainment of the FIFA video game tournament that’d be staged on the team coach, in which sizeable sums were bet on each virtual game, sometimes surpassed the pleasure of the real-life contest.

Players choose to gamble as a way to relieve boredom - Graeme Law

Several players said their performances had suffered after losing thousands of pounds during gambling sessions on the team bus. Many footballers have also lost vast sums of money investing in property. That includes ex-Aston Villa and England midfielder Lee Hendrie, who was declared bankrupt in 2012. But he wasn’t just blowing his money at the bookies.

“Obviously people can paint a picture of you – ‘he’s done all his money’ – but I have never put myself in that situation where I’ve been a gambler,” Hendrie said in a 2015 interview. “I like to go out and have a bit of fun, which everyone does, but unfortunately my properties just didn’t work and it all fell on top of me. The market crashed – I couldn’t sell my house.”
Hendrie later admitted that his financial woes were a factor in him twice trying to take his own life. “It all just got too much,” he said.

Life changes rapidly for players following retirement and, amazingly, 33 per cent of ex-pros are divorced within 12 months of hanging up their boots. A large proportion leave their marriages with their own wealth severely compromised. In 2004, a court ruled Ray Parlour had to pay his ex-wife, Karen, £440,000 every year – more than a third of his £1.2m-a-year salary with Arsenal – and he also had to provide two mortgage-free houses valued at £1m and a lump sum of £250,000.

Sam Hall, the founding partner of family law firm Hall and Brown, recently represented Celtic’s manager Brendan Rodgers in divorce proceedings with his ex-wife. Hall is the man many footballers turn to in a bid to limit the damage to their wealth. With settlements starting at 50-50 between husband and wife – before maintenance payments for children are discussed – his task is to lower that split to the player’s advantage as much as possible.

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Parlour in 2004 made headlines, the year his divorce settlement

“When judges see a player earning £100,000 a week, they assume they will have a high income for their entire career,” he tells FFT, “but they’ve got a shelf life of about eight years at the top of their earnings. This could be cut down with one bad tackle, after which he can’t earn anymore. Normal people work for 40-45 years and have the chance to restock the pot after a divorce. Footballers’ wages plummet after they stop playing and very few are high earners beyond their 30s.”

Professional contraception

Upon divorce, the courts can order footballers to switch a host of assets over to their wives, including property at home and abroad, as well as savings and pensions. They can even demand businesses are sold – with some or even all of the profits handed over – while maintenance payments for children and their spouse may be set over a definitive timeframe or, in the worst case scenario, the rest of a player’s life. Hall urges them to use what he calls ‘professional contraception’ to protect their assets.

His biggest mistake had been to appoint his former boot boy as his agent and then put him in charge of all of his assets
Renting, rather than buying, properties and maintaining separate financial lives through sole name bank accounts are just two ways players can minimise the liability to their finances. However, neither provides cast-iron protection in divorce courts and even pre-nuptial agreements – although influential – can sometimes be overruled by a judge. “Not only do we have the most lucrative divorce culture in the world in England and Wales, but we’ve also got no mechanism to safeguard against it,” explains Hall.

The protection of footballers’ wives in UK courts has alarmed many foreign players arriving in England from European teams, as they’re often accustomed to a system which protects their assets through binding pre-nups. January is one of Hall’s most chaotic months. He routinely answers the phone to the representatives of players from overseas, wishing to draft up pre-marital contracts to protect their riches prior to signing for the new club.

One player recently pleaded with a judge to scale down his child maintenance payments from £95,000 a year to just £65 per week after falling into financial disarray. His biggest mistake had been to appoint his former boot boy as his agent and then put him in charge of all of his assets. “Agents always need to be regulated, otherwise players could be exploited,” insists Hall. One leading British player has risked falling into the same trap, after hiring a representative whose previous experience involved being in charge of a company selling advertisements onto beer mats.

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A visual representation of such investments

Louis Saha is trying to protect players from placing their trust in the wrong people. In 2014, he launched Axis Stars – a social network that allows footballers to discuss lifestyle, insurance, finance, sponsorship and other career-focused matters with fellow pros, as well as contact trusted experts in those fields. They’re also able to use a contractual management platform, which lets them view their relevant financial documents in one place. “I want to make sure that players don’t get conned and lose their money,” he says.

However, there is little that the Frenchman’s venture will be able to do to halt the looming financial iceberg for hundreds of current and retired professionals.

Before 2010, a host of footballers had profited from Employee Benefit Trusts. Clubs paid large sums of money into them, which were then transferred to their players as tax-free loans to top up the salaries. But a change in the law will see individuals who have received but not yet repaid the loans by April 2019 ordered to pay income tax on the remaining amounts.

The ruling will affect players who have taken out loans since 1999 – this means those who’ve long since retired, as well as current pros, could end up with huge tax bills they cannot afford to pay back, resulting in widespread bankruptcies. “If they'd received £2m, for example, they’ll have to pay 40-45 per cent of that figure to the taxman, who will only accept cash,” says leading tax expert Andy Dodd. “If I was a footballer who had received one of the loans and not paid it back, I would be very, very concerned.”

Their bank managers should be, too.

Read more at https://www.fourfourtwo.com/features/wh ... mRKyytj.99
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Re: Why do so many footballers end up broke?

Post by Rawlings »

Okocha should be added to the mix
he lost a lot of money in a Naija investment, but then forced the govt to pay for his losses
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Re: Why do so many footballers end up broke?

Post by Kabalega »

Most people who suddenly find themselves with large sums of money upgrade their lifestyle and spend like crazy.
Most lottery winners lose their money.

To make matters worse athletes are surrounded by sharks for advisers (e.g. Don King) and groupies.


There was a World champion boxer who called his manager for advice after the bank called about a late payment that they wanted to make for him. The bank had called to ask "Sir, do you want to make the payment from checking/current or savings account?"

He didn't know what to do, so he called his "trusted" manager.
The manager explained that all the guy knows is boxing and has little time for anything else unless he is "blowing off stress."
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Re: Why do so many footballers end up broke?

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To the peruser of a lower reading age, the answer...Blacks.
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Re: Why do so many footballers end up broke?

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Does not apply to footballers alone....even bankers!
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Re: Why do so many footballers end up broke?

Post by Cellular »

Coach wrote:To the peruser of a lower reading age, the answer...Blacks.
Blacks? :roll:

In the US, very prominent otherwise smart white athletes have also been taken to the cleaners.

The thing they have in common is that they are athletes and remain vulnerable to con-man/woman. Has nothing to do with skin color.

Some of these guys go/end up broke not because they squandered their money but because they were victims of fraud.
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Re: Why do so many footballers end up broke?

Post by icee »

Definitely not a color thing. Like someone mentioned here...most lottery winners.... I think 8 out of 10 end up being worse off . They go from having nothing to being deeply in debt. The core of the problem is the difference between rich vs. wealthy. The foundation is mindset (how people see money), one of the many symptoms are 1. Spending habits 2. Saving habit (or lack thereof) and 3. Fundamental knowledge and ability to budget.

In doing business with anyone, the first thing I try to observe is the symptoms of the potential partners spending behavior.

Current Earning Power + Future Earning Potential + ( - Current Cost structure) = Trending positive or Trending negative wealth. High current earning power (e.g footballers) coupled with a high current cost structure ...is trouble waiting to happen if the lifespan of the earning potential is short (same with lottery winners). These things are fundamental laws. Current earning potential can be situational , the other two parts of the equation require the right mindset, discipline...and sometimes, the dicspline can only be learned by building slow and steady wealth (paying your dues).
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Re: Why do so many footballers end up broke?

Post by deanotito »

This is an easy one. They're young and 'uneducated'. I think Leagues have to take a more active role, and probably compel them into retirement plans (like a 401k), life insurance, annuities etc.

Being broke after a long career is preventable, but someone has to make up for the knowledge gap the player has. I still find mid 30s professionals asking me what to do with their money, so I can't imagine what life is like for a 21 year old soccer player.
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Re: Why do so many footballers end up broke?

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Why do so many footballers end up broke?

Same reason 'uneducated' lottery winners lacking/not listening to good advice end up broke.

Coach, please note it's not a racial issue.
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Re: Why do so many footballers end up broke?

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Upbringing, management, and having a good support system to keep their feet on the ground matters too. I recall famous story of Alex Ferguson exploding at Ryan Giggs for asking for a club car. Ferguson hit the roof and told Giggs he would not be allowed to have "even a skateboard". Keep in mind that at the time, Giggs was playing for the English champions, in the Champions League, for his country, and was the most famous young player in the world - yet Ferguson refused to indulge him.

For a more recent example, when Chevrolet became Man Utd's sponsors in 2012, they offered a Chevy sports car to all Man Utd players. Ferguson intervened and refused to allow any player under 23 to receive a car. He did not want to give shiny new toys to the young players. Keep in mind that players like Smalling, Jones, Welbeck, Rafael, and Fabio were in the first team squad at the time and were under 23(and were internationals) yet Ferguson refused to budge.
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Re: Why do so many footballers end up broke?

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some of yall aren't intelligent....and the OP is one massive olodo...so let me ask what is money meant for? if not to spend it or give it away..the money go follow you enter your grave..some of una the love for money nah pure madness
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oh by the way coach, you are one dull shallow individual , stating skin color.. what a door knob :boo:
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Re: Why do so many footballers end up broke?

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Rooney is a prime example of a soon to be ex footballer to be taking to the cleaners, if they ever got a divorce, his wife will end up with everything

Modern day sports stars, everything has to be shiny, including their women, even shiny things have their shelf life
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Re: Why do so many footballers end up broke?

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deanotito wrote:This is an easy one. They're young and 'uneducated'..
/close thread

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Re: Why do so many footballers end up broke?

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Footballers are so insanely rich nowadays that unless they marry a rock star or an heiress, they at serious risk when they marry.
marko wrote:Rooney is a prime example of a soon to be ex footballer to be taking to the cleaners, if they ever got a divorce, his wife will end up with everything

Modern day sports stars, everything has to be shiny, including their women, even shiny things have their shelf life
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Re: Why do so many footballers end up broke?

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I sympathise with these guys, they live a totally different life to most of us, they usually don't have the dreaded Monday mornings that keep many well behaved
And when the carpark is full of Bentleys, you have to be Ngolo Kante to resist keeping up with the Joneses.

Money and fame are not easy things to handle, especially if it both comes when you are are young lad. Throw women into the mix and you have a dangerous cocktail
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Most of them don't go to post secondary school. Also look at the way they spend money on sports cars and etc. The NFF should encourage all players to get an education. Their are online schools.

All you need is $2 million to be set for life if you spend it wisely.

$1 million should go into investments. A diversified portfolio of stocks, bonds, Tbills, annuities and etc.

$500 K for new house, new car, settling debts for you and family and etc. A $300K house is good. You don't need a mansion. A $60K car is good, you don't need a $2 million sports car. Also buy energy efficient car.

$200 k emergency fund for emergencies in savings account earning interest.

$200 K business that will earn you a monthly salary. $100 K cash invested as equity into the company over a five year period.

You can even leave the money for your children and grandchildren.
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Re: Why do so many footballers end up broke?

Post by mastermind »

athletes got wealth but no knowledge of how to get rich without huge contracts they're accustomed to. Today in the western world, a millionaire would know things like supply chain, sourcing from china, managing concurrent projects, innovation etc. Most of the footballers focus on their football since tender age, most of them are not that business smart to hold on to the money talk less of making millions after retirement.

Lucky ones are those with good family support, but the rest are not so lucky.
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Re: Why do so many footballers end up broke?

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You can do everything right and still end up broke. Do not forget the role that luck plays in all this. ref 2008: crisis, financial cross ref: Bernie and his ilks (sic)

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Re: Why do so many footballers end up broke?

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Bigpokey24 wrote:oh by the way coach, you are one dull shallow individual , stating skin color.. what a door knob :boo:
Peruser of a lower reading age
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Re: Why do so many footballers end up broke?

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ohenhen1 wrote:Most of them don't go to post secondary school. Also look at the way they spend money on sports cars and etc. The NFF should encourage all players to get an education. Their are online schools.

All you need is $2 million to be set for life if you spend it wisely.

$1 million should go into investments. A diversified portfolio of stocks, bonds, Tbills, annuities and etc.

$500 K for new house, new car, settling debts for you and family and etc. A $300K house is good. You don't need a mansion. A $60K car is good, you don't need a $2 million sports car. Also buy energy efficient car.

$200 k emergency fund for emergencies in savings account earning interest.

$200 K business that will earn you a monthly salary. $100 K cash invested as equity into the company over a five year period.

You can even leave the money for your children and grandchildren.
When you earn £300k a week, a £500k house will NOT be good enough for you! You will not be accepted in the 'group' with a $60k car!

The problem is simple. Lack of financial literacy.
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Re: Why do so many footballers end up broke?

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Scipio Africanus wrote:You can do everything right and still end up broke. Do not forget the role that luck plays in all this. ref 2008: crisis, financial cross ref: Bernie and his ilks (sic)
You make your luck.

Bad things happen. With proper financial literacy, they will understand diversification of portfolio, good and bad debts, managing your expenses etc.
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Re: Why do so many footballers end up broke?

Post by Coach »

Cellular wrote:
Coach wrote:To the peruser of a lower reading age, the answer...Blacks.
Blacks? :roll:

In the US, very prominent otherwise smart white athletes have also been taken to the cleaners.

The thing they have in common is that they are athletes and remain vulnerable to con-man/woman. Has nothing to do with skin color.

Some of these guys go/end up broke not because they squandered their money but because they were victims of fraud.
Celluminatus, years of idolatry and passing the goblet amongst fellow secret societarians has obviously brought some degree of malaise.

The statement is not that footballers end up broke because they're black, rather a statement on the agenda...those less adept at reading between the lines, read the pictures. They went as far back as Danny Cadamarteri to meet their message, why not a picture of Chopra, Gillespie, Etherington, Neil Ruddock, Kenny Sansom, Lee Hendrie, Dean Windass? Because a reggae headed Danny boy says it better.

Shades of the domestic violence helpline poster that had a black man with what can only described as tribal scarification, reminiscent of an Oluwadeji, on his cheek, as the centre piece.

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