David Bebber for The Times
A group of 45 former Premier League footballers is suing professional advisers linked to a film investment scheme that fell foul of the tax authorities, The Brief can reveal.
The footballers are among 122 investors who took part in the Ingenious Media scheme between 2000 and 2013 and who are now taking legal action, according to Peters & Peters, the London law firm acting for the claimants.
The firm has issued proceedings against the Ingenious group and three of its directors, including its founder, Patrick McKenna. The lawyers also confirmed that claims are being brought against professional agents and financial advisers who sold, recommended or marketed the investments, as well as several banks that financed the deals.
The claim alleges that the investors face significant tax liabilities as a result of the schemes being sold negligently.
The lawyers said that a case management conference was likely to take place in October. The firm refused to name its clients.
Jonathan Tickner, a Peters & Peters partner, said that the “investors have all suffered significant financial losses as a result of these schemes being mis-sold to them as legitimate opportunities in which to invest in film or other media businesses. They were misinformed that the tax reliefs had been approved by HMRC and were permitted by law.
“This is particularly hard for sporting professionals whose earning potential is at its peak for only a few years. A number of those affected are now facing bankruptcy”.