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The Real Reason Craig Bellamy Went Bankrupt – And It’s Not What You Think

The Real Reason Craig Bellamy Went Bankrupt – And It’s Not What You Think

Former Liverpool striker Craig Bellamy is widely recognized as one of the best Welsh players of all time, but his horrific riches-to-rags story has left him bankrupt. Indeed, the forward who played in the Premier League for over a decade currently does not have any assets or anything significant to his name.

While Bellamy did not earn the crazy major salaries that players these days do, he did quite well for himself with his stints at clubs like Manchester City and Liverpool. He won the EFL Cup with Liverpool and even played in the 2006-07 UEFA Champions League final too.

Bellamy scored 19 international goals for Wales and over 150 goals in his domestic career as well. He was quite well known all across his playing career and should be known by fans who have been following the Premier League over the first decade of the 21st century as well.

The Truth About Craig Bellamy’s Bankruptcy

While he wasn’t even among the highest-paid players in the Premier League, Bellamy did earn quite a good amount of wages through his stints with the likes of Liverpool, City, West Ham United, and Newcastle United.

As per Capology, Bellamy earned just under £2 million in wages across his playing career. He earned decent money in endorsements and sponsorships too, which should’ve ideally set him up for life.

The Welshman was a millionaire thanks to his playing career but ended up losing all his riches due to poor decisions. Describing the reason behind his losses, Bellamy said: “I have never touched drugs since I was a young kid. I don’t gamble. I have never gambled. It doesn’t make any sense to me. But I have gambled on people unfortunately.”

This means that Bellamy did not fall into the ‘fame trap’ and splurge his money on drugs or vices after getting rich. That is unlike some famous footballers like Diego Maradona or Ronaldinho. Maradona filed for bankruptcy in 2009 after wasting his money on drugs and a partying lifestyle where he spent money on girls, unnecessary assets, and vices.

Ronaldinho also earned a reputation for being a party freak who failed to invest his money properly. The Brazilian winger wasted his money on alcohol and partying all over the world, which left him with just £5 in his bank account in 2018.

How did Craig Bellamy go from multi-millionaire to bankrupt?

Besides the golf saga with John Arne Riise, Bellamy was not involved in major public controversies throughout his career. But it appears that things in his private life have pulled him down and left him with almost nothing. In a shocking interview with the Daily Mail, Bellamy revealed that he is currently bankrupt.

The Burnley coach has fallen into hard times. He doesn’t his own house to live in, with Burnley renting him a flat. He doesn’t even own a car, nor can he afford to do so. He’s lost his major assets and his investments have all resulted in major losses.

Bellamy has been a victim of a string of bad personal decisions and backstabbing people that have left him in ruins. It’s not that he spent money on bad things. He was quite charitable. Bellamy set up a school in Sierra Leon, paid funerals for strangers in Cardiff, and even helped bankroll an education of a kid from Brazil’s favela.

But his advisors and financial people ended up duping him. His financial advisors made a series of bad investments in properties in London and Cardiff that ended up with him losing all his money. He was even caught in a film partnership+tax deferral scheme that ended up making losses for many celebrities.

Bellamy also lost several luxury watches that he kept in possession of a jeweler, who can’t be found anymore after his business went into liquidation. On top of this, he lost money due to friends who borrowed money from him and ended up cheating him. He also lost a fortune in having to pay for divorce settlements to his wife Claire Jansen.

He’s even lost his family home in Wales and currently owes over £1.3 million in taxes to Her Majesty’s Revenue and Customs. Craig had even given his Power of Attorney (POA) to some of his advisors, which ended up resulting in disaster. Bellamy has undergone mental health issues in the past and the hacksters capitalized on his vulnerability by winning his trust and splurging his money on failed investments.

The Welshman was close to ending it all before Vincent Kompany urged him to move into football management with him in 2019. After working with him at Anderlecht, Bellamy continues working as an assistant for Burnley – who are tipped for Premier League promotion.

Despite his situation, Bellamy wants his riches-to-rags story to be an eye-opener for young footballers and those who are entirely dependent on trusted advisors to handle their financial business – because they could also end up bankrupt like him.