Former Scotland international footballer, Duncan Ferguson – AKA Big Dunc – has been declared bankrupt at the High Court in London. A petition for bankruptcy against Ferguson was rubbed-stamped just last week and this comes at a time where the former player is still in a footballing role, as first team coach at Everton FC.
An all-time fans’ favourite at Everton, Ferguson was less of a success internationally due to his misdemeanours on the field. In 1995 he found himself imprisoned for three months for head-butting Jock McStay whilst playing for Rangers and this led to his international career being limited to just seven appearances in total. Ferguson also made headlines in 1993 when he became the most expensive player to move between two British clubs when he moved from Dundee United to Rangers.
Throughout his eventful career, Ferguson signed a number of lucrative contracts with the likes of Rangers, Everton and Newcastle and, at one stage, is believed to have earned £38,000 a week. His career was, however, beset and curtailed through a number of injury problems.
Regardless of his career, a petition for bankruptcy (sequestration in Scotland) was brought against Ferguson by HMRC in December and was finally rubber stamped in January.
Surprisingly, statistics from XPRO, a charity that supports the welfare of former footballers, has found that 40% of professional players end up being bankrupt within five years of playing their last game on the pitch. Ferguson retired in 2006 and has since held a coaching position at Everton.
As Ferguson himself has not been available to comment we can only speculate on the reasons behind his bankruptcy. Some believe he has borne the brunt of a bad investment around the time of the financial downturn, as he made the decision to build flats on land he owned in Merseyside, whilst others believe he has received bad financial advice which is a common cause of footballer bankruptcies. In either case it doesn’t detract from the end result which is, unfortunately for Ferguson, the bankruptcy order and the consequences that follow for a true icon of the British game and a much-loved figure at Goodison Park.
Unusually high rates of inflation are threatening to sweep many more Scots into problem debt situations and serious financial difficulties.
People with debt problems in Scotland are being urged not to struggle with their issues alone and to reach out for help and support if they need it.
Our Scottish based team can help advise you on your debt problems.