Republic of Ireland hero John O'Shea is among a group of more than 100 current and former footballers facing financial losses totalling more than €140million.
Documents seen by The Sunday Times show how players were advised to invest in high-risk film and property investments to avail of tax breaks, but are now facing huge losses after property values flopped and British tax authorities questioned the legitmacy of the the film schemes.
Sunderland defender O'Shea is believed to have invested $430,000 in a property development in Florida where others have lost up to 90 per cent of their money, but the Waterford man has been relatively fortunate compared to some of his peers.
Former Arsenal forward Kevin Campbell has lost up to £7million and is now in the midst of bankruptcy proceedings, while Manchester United legend Rio Ferdinand has been hit with an estimated £2.5million loss on properties in Spain and Florida.
Ex-Blackburn skipper Craig Short is down roughly £2.6million, while former Liverpool midfielder Danny Murphy and Arsenal hero Martin Keown have also been caught up in the scheme.
The players were all advised by a firm called Kingsbridge Asset Management, run by David McKee and Kevin McMenamin, who earned in excess of £5million in commissions from the players.
"We've been ill-advised," Campbell told the newspaper. "When I see the paperwork it's horrendous. I am not one to be bitter, but £7m is a lot of money."
