MATCH of the Day pundit Danny Murphy has been dealt a financial blow after losing a court case against the Queens bank Coutts over failed tax avoidance schemes.
The former England, Spurs and Liverpool ace borrowed almost 1m from the bank in loans which he ploughed into a doomed investment.
Danny Murphy has been dealt a financial blow after losing a court case against the Queens bank Coutts over tax avoidance schemes
Murphy, 42, borrowed 640,000 and a further 296,000 after being persuaded it was legal to put the money into a film scheme called Ingenious which promised tax breaks.
He was among dozens of players to put cash into the schemes, which offered sports stars big tax breaks from artificial losses from hit movies including Avatar and Life of Pi.
But HMRC has since argued the schemes were tax evasion rather than avoidance and demanded millions back.
The TV pundit sued Coutts by arguing Ingenious attracted footballers to the schemes on behalf of Coutts and that the bank was liable for their losses.
But the High Court court ruled against the players, devastating the hope that the bank would be forced to cough up millions in compensation.
They will also be hit with legal costs.
Former Spurs midfielder Murphy, 42, was hit with a 2.5 million bill after investing in Ingenious schemes.
NOT THE ONLY ONE
Other footballers to have lost money in the doomed investment include former Arsenal and Everton striker Kevin Campbell.
Campbell who took out two loans totaling 1.1 million – one for 567,813 and another of 525,600.
Campbell lost 7 million after investing in tax avoidance schemes.
The court defeat is the second loss Murphy has suffered against Coutts.
Last year the pundit was among four former Premier League footballers to lose a High Court case after suing the bank for being in joint enterprise with their financial advisers over a controversial property scheme that left stars with massive losses.
Murphy was joined by fellow BBC pundit Robbie Savage, ex-Leeds striker Brian Deane and former Blackburn Rovers utility player Jason Wilcox.
The players lost money on apartments in Spain and Florida.
The foursome claimed the investments were only made possible by an 85% interest only loan that Coutts allegedly helped broker.
The court dismissed their argument.
TAXING YEAR
The latest ruling comes less than a year after HOAR revealed Danny had split with glamorous soap star wife Joanna Taylor, 41.
The footballer married the ex-Hollyoaks actress more than 14 years ago and they have two children together.
But he moved out of the family home in Surrey after they decided to part company.
Joanna said in January: Theres no bad feeling between us.
Hes the father of my children and they adore him. We havent been together for a while to be honest, weve been separated for a long time.
Dannys agent was contacted for comment.
