Former Premier League star Danny Guthrie declared bankruptcy after incurring gambling debts of over £120,000. [Image: Shutterstock.com]
Danny Guthrie back in the headlines
Former Premier League star Danny Guthrie has declared bankruptcy after amassing gambling debts of over £120,000 ($144,681).
Guthrie broke onto the professional soccer scene with Liverpool, with whom he signed in 2006. He would later appear for English sides Bolton, Blackburn, Newcastle, and Reading, as well as Indonesian club Mitra Kukar, League Two side Walsall, eventually signing with Icelandic second division team Fram in 2021.
now dealing with severe financial consequences from his poor gambling habits
Despite the marvelous potential of the West Midlands native once flashed on the pitch, he is now dealing with severe financial consequences from his poor gambling habits.
The fall of a star
Guthrie’s first notable financial distress came in 2019 when he borrowed £75,000 ($90,416) from a friend, per the Insolvency Service. This transaction was made simply so that he could cover his large expenses.
Guthrie promised to repay his friend with the proceeds he made from the sale of his house.
opted to pay off the loan instead of other lenders
However, the ex-Premier League player allegedly incurred gambling debts prior to the friendly loan. In 2020, Guthrie sold his house for £160,000 ($192,888) and opted to pay off the loan instead of other lenders.
The 35-year-old accomplished this “by making several cash withdrawals despite knowing he was insolvent,” according to The Insolvency Service. He recently accepted a six-year bankruptcy order at Stoke County Court, which will impose restrictions until May 2028.
Restrictions moving forward
The ramifications of Guthrie’s sentence will make it harder for him to access money so freely.
Guthrie will not be able to borrow amounts exceeding £500 ($603) without divulging his bankruptcy status. He will also not be able to act as a company director without the consent of the court.
The Insolvency Service hopes that these regulations discourage others from making financial mistakes.
Danny Guthrie’s actions were deliberate in dissipating assets”
“Danny Guthrie’s actions were deliberate in dissipating assets, at a time he was already insolvent, and to the loss of his creditors,” said Insolvency Service official receiver Kevin Read. “This extension of bankruptcy restrictions should serve as a warning that the Insolvency Service will take action to tackle such financial wrongdoing.”
Guthrie is currently working as a senior coach at The Football Academy in Dubai, United Arab Emirates. He was last living in the Damac Towers in the heart of the city, according to unconfirmed reports.