The footballer's financial woes highlights the increasing need for sports stars to seek wealth management advice, and for wealth managers to advise high net worth sports stars.

Former England international Carlton Cole has gone bankrupt - despite earning £30,000 ($38,614) a week at the peak of his career, the Sun has reported, in a case that highlights how sportspeople require guidance and advice over their financial affairs. The ruling was made at London's High Court on the the striker, who played for Premier League clubs Chelsea and West Ham.

A spokesman for Cole told the Sun: “Carlton Cole is currently working mentoring young people and footballers about the pitfalls of life and money. He will be going into more detail in the coming weeks about the advice that contributed to this situation and the people he had around him who had a negative effect on his career and finances.”

The case was brought by Quantuma, a leading business advisory firm.

Cole, who played from 2001 to 2017, is not the first sportsman to have financial difficulties, and he will not be the last. This publication reported last year on the bankruptcy of Boris Becker, and recently published the connecting link between sports and wealth management. 

This publication has issued a list of stories and features about the intersection of sports and wealth management.