Football legend Danny Murphy warns of silent heartbreak facing hundreds of ex

Match of the Day pundit Danny Murphy said hundreds of former footballers are suffering the ‘silent heartache’ of losing their fortune – but he wants to help others avoid it happening to them

Football legend Danny Murphy has said hundreds of former stars are going through the “silent heartache” of losing their fortunes in failed investments.

The Match of the Day pundit is among the household names who lost millions after putting their earnings into investment deals. He said his ordeal – and that of fellow footballers in the same position – highlights the alarming gaps in support for sports stars and entertainers.

On Wednesday MPs heard police are looking into whether the high-profile players were victims of fraud. Danny, 48, was joined by former Premier League stars Andy Cole, Craig Short, Michael Thomas and Paul Williams in Parliament to launch the new V11 Foundation – which will support others like them.

All lost huge sums, which MPs heard took a devastating toll on their family lives and mental health. The retired midfielder – whose former clubs include Liverpool, Fulham and Tottenham as well as earning nine England caps – told The Mirror: “There are more than you know, and bigger names than you think.

“This is a huge problem and has been for many, many years. It’s been, I wouldn’t say brushed under the carpet – that’d be wrong – but I think it’s been partly hidden because of the shame of it.

“For many people they don’t want to come forward because it’s been too much and they’re going through silent heartache. We’ve been through that together, which has been helpful.”

Danny believes he lost around £5million. He said: “There’s a major hole that needs filling in terms of support for former players and players to come who will be finishing and don’t see the pitfalls.

“So it could be a very beneficial foundation and a legacy for us that with all the s*** and all the difficulty that we’ve been through we can do some good.

“That would be fulfilling and cathartic for all of us.” He said many current and former footballers were unaware during their careers that money they had invested was lost.

And to make it worse, many are being chased for millions in unpaid tax. Danny said: “The majority of us went through our careers loving every minute of playing and enjoying it.

“It was only after we finished that we then realised the problems, and that’s one of the things we want to highlight, while you’re playing don’t think that everything going on in the background necessarily running smoothly because it’s not.”

Ex-Manchester United and England striker Andy Cole told an event in Parliament that it took a huge toll on him. “It’s been a little bit tougher for me mentally, but we’re getting there,” he told the group. “We’re getting the best support.”

Paul Williams, who played for Derby County, Coventry City, Stoke City and Southampton, welcomed the new foundation. He said: “It’s going to help a lot of people in the future.

“It needs to be resolved and I’m really excited about the foundation.” The V11 group of former players was formed of stars who lost eye-watering sums.

The City of London Police opened an investigation in 2018, but two years later concluded there was “insufficient evidence to support a realistic prospect of conviction”.

However on Wednesday Labour peer Lord John Mann told the ex-players that Nottinghamshire Police has agreed to look again at the case. He told them: “We’re with you all the way.”

And Labour backbench MP Jo White said: “With money came vultures. These 11 men followed the Government’s advice – they invested in Britain and British industy. But the vultures were circling.

“This group lost tens of millions on the back of following Government advice. This has been a huge blight – devastating, soul destroying, life changing.”

Members of the V11 group also include former pros Rod Wallace and Brian Deane – who scored the first ever Premier League goal in 1992. They hope their new foundation – which is going though the process of becoming a charity – will make a difference.

By providing support for retired players, it could support more than 30,000. It will campaign on mental health, financial fraud and misselling and provide health support on issues such as dementia.

The asset management company believed to be involved could not be reached for comment, but has previously denied any wrongdoing to the BBC.