“HE was one of the highest-paid football managers of all time, raking in a cool £25million during his five-year reign as England boss. But Sven-Goran Eriksson’s glittering career was scarred by a string of financial disasters that left him penniless. 11 Sven Goran-Eriksson died £8.6million in debt Credit: AP:Associated Press 11 He was led to”, — write: www.thesun.co.uk
But Sven-Goran Eriksson’s glittering career was scarred by a string of financial disasters that left him penniless.
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Sven Goran-Eriksson died £8.6million in debtCredit: AP:Associated Press
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He was led to believe he was helming a Man City-style transformation at Notts CountyCredit: The Times
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Sven and the club were led on by convicted fraudster Russell KingCredit: Action ImagesThe Swede, who tragically passed away from pancreatic cancer last August, lost millions over the years before a desperate bid to save his fortune.
Despite his footballing success, Swedish documents revealed Eriksson died £8.6 million (88 million kronor) in debt.
His lawyer and close friend Anders Runebjer blamed his tax debts on poor investment decisions – including a failed film scheme in 2006.
The 76-year-old was best known for managing England from 2001 to 2006 and made history as the first foreign manager to lead the team at two World Cups.
During his 36-year career, Eriksson had a number of lucrative roles and received around £7million in pay-offs alone from England, Manchester City – where he spent a season in charge – and Mexico.
He also coached IFK Goteborg, Benfica, Roma, Fiorentina, Sampdoria, Lazio and Leicester City, winning 17 major trophies.
But away from the pitch, Sven fell victim to several embarrassing scams and financial disasters.
From fake billionaires to an unscrupulous adviser, we take a look at scams which fleeced the late manager…
Football club scamThe most bizarre chapter of Eriksson’s football career began in June 2009 when he was first contacted by convicted fraudster Russell King, a former financier from Jersey.
He claimed to represent a wealthy group of investors from the Middle East and Europe, reaching out through a third party.
He and an associate wined and dined Eriksson at the Dorchester Hotel and gave a “very clever, very convincing” pitch about taking over Notts County, billing it as a Manchester City-style transformation.
“I met these two guys, and they were very enthusiastic about what they had to say,” Eriksson recalled. “They told me they had already bought the club and had big plans to take it to the Premier League.
“They promised improvements to the players, the training ground, the academy, and even said they would fix the stadium and buy feeder clubs.”
Unbeknown to Sven, King had served a two-year sentence for fraud in the early 1990s for trying to claim £600,000 in insurance by falsely reporting his Aston Martin stolen.
King managed to seize control of nearly 50 per cent of a London investment bank by falsely claiming he was overseeing the sovereign wealth of the Bahraini royal family.
He then used a bank guarantee from the same institution to take control of Notts County, only for it to later be revealed as worthless.
The conman lured Eriksson in with promises of £10million in shares and Eriksson became director.
They promised improvements to the players, the training ground, the academy, and even said they would fix the stadium and buy feeder clubsSven Goran Eriksson
King wanted Eriksson’s star power to legitimise his schemes, even dragging him to North Korea to seal a deal with the rogue state’s officials.
King claimed one of his companies was worth a jaw-dropping $2trillion (£1.27 trillion) after supposedly securing rights to mine the country’s gold, oil, and iron ore in exchange for £1billion from Bahrain.
But the promised billions never materialised. King fled to Bahrain, leaving millions in debts and Notts County unable to pay basic bills.
Extradited years later, he was jailed in 2019 for 25 counts of fraud and larceny but released from Jersey prison in 2021.
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England football manager Sven Goran Eriksson and his ex-partner Nancy Dell’OlioCredit: PAEriksson later admitted his embarrassment, recalling how he was taken in by King’s outlandish promises.
“They used my name, of course they did,” he said. “At the time, we couldn’t even pay the milk bill at Notts County. It was a big, big mistake.”
‘Hated’ financial advisorAfter the embarrassing Notts County saga, the football icon later claimed he had lost £10 million thanks to the actions of his trusted financial adviser, Samir Khan.
In a bombshell interview with the Telegraph in 2013, Sven said he had been forced to put his £4 million Swedish “dream house” on the market.
“I never hate anyone in my life,” he said. “I don’t think I have many enemies but I hate Samir Khan because you can’t treat people like he has done.
He’s probably the only person on earth I hate. I feel let down, angry and disappointed because I trusted this man for many, many yearsSven Goran Eriksson
“He’s probably the only person on earth I hate. I feel let down, angry and disappointed because I trusted this man for many, many years.”
The pair met in 2004, and by 2007, Khan had control of Sven’s affairs. Two years later, the Swede grew concerned and asked Deloitte to run checks on Khan.
In 2010, Eriksson’s lawyers obtained a worldwide freezing order in the High Court against Khan and launched legal proceedings, claiming that Khan made negligent investments and pocketed “secret profits”.
Khan denied the claims before being declared bankrupt.
Eriksson said: “I gave him too much freedom. I gave him all the authority he needed to take care of my economy.”
Film scheme backfired
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Sven admits he made some bad financial decisionsCredit: AP:Associated PressAs Sven scrambled to recover cash, he also fell victim to the failed Eclipse Film investment scheme.
The series of film financing schemes, conceived by HSBC, claimed they would make money by buying the rights to blockbuster Disney movies and leasing them back to studios.
Investors were told they could defer their tax bills and spread the payments out over a number of years.
But HMRC became concerned the £2.2 billion scheme was being used to avoid tax, leading them to take Eclipse to the Supreme Court in 2016.
Investors were handed accelerated payment notices the following year – reversing the tax benefits they had previously enjoyed and demanding they pay interest on the multi-million pound sums.
The Supreme Court crushed any hopes for the scheme in 2012 by refusing to challenge HMRC’s ruling.
Investors, including Sven, were told they wouldn’t receive the £117m in tax relief promised, leaving them liable for massive bills.
Home sold at ‘bargain’ price
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Sven’s mansion near Sunne, SwedenCredit: Alamy
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Sven is seen in the swimming pool of his his mansionCredit: AlamyWhile managing the Three Lions, Sven bought a grand 19th-century lakeside manor in Sunne, Sweden, for £420,000.
The sprawling 835-square-metre home features numerous reception rooms, a library, and an expansive poolhouse, which includes a saltwater pool, spa, sauna, jacuzzi, gym, and relaxation space.
Outside, the property boasts a tennis court, a jetty, a sandy cove, and waterside gazebos.
Sotheby’s agents noted Sven had added his personal touch to both the interior and exterior.
However, when it came to selling the estate after Sven’s death last year, the financial gods were unkind once again.
Despite its value peaking at £3 million, by last year its value had plummeted by nearly half, selling for a “bargain” price of £1.8 million.
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Nancy paid tribute to her ex after his death, saying ‘you will be missed’Credit: Instagram @nancydellolio
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The late football manager with his partner Yaniseth Alcides during the Sports Gala 2024Credit: Rex
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Sven’s partner and David Beckham at his funeral last yearCredit: Rex
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Eriksson with Roberto ManciniCredit: Getty
2000 – He guided Lazio to the Serie A title to become one of the hottest coaches in the world.
2001 – Following the resignation of Kevin Keegan, he was appointed England’s next permanent manager in February 2001. He oversaw 66 games with the Three Lions, winning 39 and losing just 12.
2002 – Eriksson led England to the 2002 World Cup with the likes of Steven Gerrard, Paul Scholes and David Beckham in his squad. The Three Lions were knocked out in the quarter-finals.
2004 – The legendary manager also led the Three Lions to Euro 2004, but they were knocked out of the quarter-finals to Portugal.
2006 – Eriksson led England to another World Cup, his final tournament in charge, before resigning.
2007 – The Swede took charge of Manchester City a year after leaving the England job and oversaw 45 games.
2010 – Having coached Mexico, Ivory Coast and Notts County after parting ways with Man City, Erikson took charge of Leicester and saved them from relegation. Following his time with the Foxes he went on to manage China and Philippines.
2024 – In January 2024, Eriksson announced he had been diagnosed with terminal pancreatic cancer. Three months later, he fulfilled a lifelong dream of managing Liverpool in a legends match at Anfield, before passing away in August.