Aston Villa American international Brad Friedel has been declared bankrupt today, despite getting paid £40,000.
Unlike most footballers who blow their fortune on fast cars and the high life, Brad Friedel has run out of money trying to help other players follow their dreams.
Macclesfield county court made the ruling after Freidel’s US academy ran up £5million worth of debt.
The academy, which was set up in Freidel’s native Ohio in 2007, is a not for profit academy aimed at helping players make the grade in the European leagues.
The project has suffered recently since sponsors dropped out. Trainees are also expected to pay £20,000 a year to be members of the academy.
RBS Citizens took action last August, and called in the £5million debt. A £260,000 house was repossessed last month as part of the deal.
A spokesperson for Freidel said that “This is a technical bankruptcy and it is not anticipated that it will be in place for long as an application for an annulment will be submitted in the next few days.
“Arrangements are in place to deal with the issues which gave rise to the bankruptcy.”
With Freidel out of contract in the summer and reaching the end of his career at 39, has time run out for the American to put money aside for his retirement.