Gascoigne could face bankruptcy
Oct 24 2008 by Dan Warburton, The Journal
TROUBLED former Newcastle United star Paul Gascoigne could be made bankrupt following allegations over tax debts.
The former soccer star’s finances will be analysed at a court hearing next month.
A date at London’s High Court is scheduled for November 6.
The former England player, who starred at the World Cup in Italy in 1990, was recently treated for alcohol and mental health problems.
Legal papers confirmed HM Revenue and Customs were making a bankruptcy petition against the retired footballer.
They listed the 41-year-old’s address as his father’s home in Dunston, Gateshead, and his occupation as “unknown”.
Gascoigne was once one of football’s highest paid stars.
He became a millionaire when he was transferred from Newcastle United to Tottenham in 1988, where he earned £600,000 a year.
After that he penned a £1.25m-a-year wage deal with Italian giants Lazio in 1992 on top of a £1m-a-year boot contract.
His divorce from former wife Sheryl cost him a one-off payment of £1m plus maintenance and he has lost huge sums in failed business ventures including a clothes store which went bust.
He was still earning £1m a year after joining Glasgow Rangers in 1995, and continued his career with Middlesbrough in 1998 where he earned £30,000 a week. While a cult hero in the England team, he was given £2m sponsorship from Puma, £500,00 to plug Brut aftershave and £300,000 for Walkers Crisps ads. He also secured a £2.5m deal with sports giant Adidas. But this month it was reported that he had just £250,000 left of a £14m fortune. A lifestyle of alcohol and gambling has allegedly drained away his wealth and he is reputed to have bet £4,000 on the turn of a card.
Reports suggest he shared his funds and good luck with numerous good causes and between 1991 and 2001 he gave £1m to charity. In latter days he has spent tens of thousands getting help at rehab clinics. The recovering alcoholic, accepted a police caution last month for criminal damage after allegedly smashing a phone.
