As a professional rugby player, you may have high earning potential, and it might feel like financial problems are the last of your concerns.
However, many sportspeople face financial challenges, no matter how much they earn during their careers. By learning from their experiences, you may be able to avoid potential mistakes and maintain financial stability now and after you retire from playing.
So, here are three important financial lessons you could learn from some high-profile examples: Ugo Monye, Wes Brown, and Bradley Wiggins.
1. Understand your tax position
Ex-English rugby union player Ugo Monye followed a fairly typical career path after retiring from rugby. In 2015, he transitioned into a broadcasting career, working as a pundit and appearing on TV shows including A Question of Sport.
However, in February 2025, Ruck reported that Monye was on the verge of bankruptcy after an issue related to an unpaid £200,000 tax bill.
Unfortunately, confusion about taxes is relatively common for ex-sportspeople and figures such as Gary Lineker have found themselves in legal disputes with HMRC in recent years.
These issues often arise when broadcasters earn an income through a business and may be unclear about how and when they need to pay tax on that wealth. Additionally, you might not have a clear understanding of your personal tax liability when selling assets or generating growth on your savings.
As these stories demonstrate, underpaying tax (whether intentionally or not) could lead to significant financial problems.
That is why it is crucial to clearly understand your tax position.
We can help here by explaining complex tax legislation in clear terms. Additionally, we may be able to help you find ways to mitigate a large tax bill and retain more of your wealth.
2. Manage your earnings from sport carefully
Even if you are playing professional sport and earning a significant wage, it is important to manage your spending carefully and create a clear budget because you could still face financial difficulties.
Sadly, this is what happened to former Manchester United star Wes Brown, who declared bankruptcy five years after hanging up his boots.
Even if you have a successful sporting career and earn a high wage, it is still crucial to pay close attention to your finances and set aside wealth for the future. While a rugby career could be lucrative, it is also relatively short. So, it is prudent to carefully manage your income and expenditure during your career, and contribute to pensions and long-term savings while you are earning.
By thinking ahead like this, you can enjoy some of your wealth now, while also ensuring that you have savings for the future. You could then use those funds to help you transition into a second career so you can continue to earn. Or, you might instead draw on them for an income down the line.
We can support you by creating a budget and helping you manage your spending, so you can maintain your lifestyle while also planning for the future.
3. Find a trusted professional to help you manage your finances
During his sporting career, cyclist Bradley Wiggins was largely in the dark about his finances.
According to Cycling News, in a 2024 interview, he admitted that he assumed his wealth “was going to be there forever” and regretted not paying closer attention to his financial affairs.
Crucially, he revealed that the structure of his finances through businesses made him personally liable for losses in a way he was not aware of.
He was involved in three separate businesses:
- An image rights company.
- XIX Entertainment, which handled various brand and endorsement deals.
- A cycling team called New Cycling Limited.
Unbeknownst to Wiggins, the businesses were arranged so that the top company would cover all losses from the other two. When that business ran up debts of £1.5 million, Wiggins was made a director without his knowledge and a loan was taken out in his name to cover the loss.
To add to this, he was working for Sky as a self-employed contractor. But when the TV broadcaster entered a legal battle with HMRC, Wiggins was eventually deemed to be an employee, meaning he had to pay a significant Income Tax and National Insurance (NI) bill.
According to Wiggins, “Sky knew what was happening from the day I signed with them”.
Bradley Wiggins trusted those around him to manage his financial affairs and now feels they took advantage of him, leading to significant personal losses.
This story highlights the importance of finding an independent financial professional who is working to uphold your interests.
As a fully authorised and regulated firm, we can be that partner for you at DBL Asset Management.
Get in touch
Please do get in touch with DBL Asset Management if you need tailored advice to help you avoid some of these financial pitfalls.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The Financial Conduct Authority does not regulate tax planning.