The financial concern of Wimbledon champion Boris Becker and other sports superstars
It is common to believe that celebrities are in a constant state of living a luxurious lifestyle full of glamour, wealth, and fame. However, this is often short-lived and once their moment in the limelight passes, many are left to deal with financial difficulty. Even the A-Listed celebrities such as Elvis have hit rock bottom when it comes to handling their money. In April 2022 former world tennis champion and Wimbledon commentator; Boris Becker saw the not-so-glamorous effects of bad money management.
A quick rundown
Becker was the world’s number one tennis champion as well as Wimbledon and BBC commentator. Born in Germany he was a well-loved sports star in England.
From the outside, he had a perfect life.
However, it all came crashing down in April 2022 at the age of 54, when Becker was jailed for two-and-a-half years for hiding £2.5 million in assets to avoid paying debts. He is now serving his time in Oxfordshire, and there are discussions of him being transferred to a foreign prison before his possible deportation. Becker was declared bankrupt in June 2017 after owing creditors north of £50 million over an unpaid loan of more than £3 million on his estate in Mallorca.
The future for Becker
Becker lost all accreditation after his conviction and was disgraced as a tennis legend and all his relations to Wimbledon. With his debt difficulties, as well as loss of respect from the sporting industry, Becker may struggle to find an income after his release. His lawyer stated, “Boris Becker has literally nothing and there is also nothing to show for what was the most glittering of sporting careers and that is correctly termed as nothing short of a tragedy”. Becker was previously worth an estimated £38 million, however, after being acquitted of 20 further charges related to his bankruptcy, he will be left with nothing.
The continuous pattern…
There is already a continuous thread of sports stars who have burnt in the ashes of financial difficulty. According to an NBA union survey, “within 10 years of retiring 6% to 8% of players had lost huge amounts of money or were having trouble making ends meet”. Financial struggles are extremely common with sports stars. Mike Tyson who has earnt over $400 million throughout his career had to declare bankruptcy before his retirement in 2003. Antoine Walker who earned just north of $108 million filed for bankruptcy in 2010. Finally, Terrell Owens who has an estimated $80 million in career earnings filed for bankruptcy in 2012 citing $50,000 of monthly child support payments.
We have shown that fame is not as glamorous as it is always made out to be and that even the wealthiest struggle financially without the right help. This is why we are here to help; our services include accountancy, investments, estate planning, pensions, and solicitors. We aim to help, grow, and protect your personal wealth. Whether making your own succession plans or overseeing the estate of somebody close to you, it’s essential to receive proper guidance and support.