Sven-Goran Eriksson died £3.7m in debt after financial adviser ‘defrauded’ him
Sven-Goran Eriksson died millions of pounds in debt, mainly to HM Revenue and Customs, it has been revealed.
Citing information released by the Swedish Tax Agency, reports in Eriksson’s homeland have stated that the former England manager owed a total of 118 million Swedish krona (£8.64 million), almost 100 million krona (£7.25 million) of it to HMRC.
Eriksson, who died from pancreatic cancer aged 76 in August, was further said to have had assets of 66 million krona (£4.8 million), leaving his estate with a deficit of 51 million krona (£3.7 million).
He was famously the alleged victim of a £10 million fraud in the latter part of his glittering managerial career which he said left him on the brink of bankruptcy.
Records cited on Tuesday were also said to have revealed that his funeral, which took place in Fryksande Church in Torsby in September, cost 650,000 krona (£48,000), while a tombstone was additionally bought for 30,000 krona (£2,200).
News about Eriksson’s estate comes days after it was revealed the luxury mansion where he spent the final years of his life had been put up for sale for a “bargain” price of £1.8 million.
In 2013, Eriksson told The Telegraph of his regret at giving his financial responsibilities over to former adviser Samir Khan, who he had sued over what he alleged was a £10 million fraud.
‘The only person on Earth I hate’
“For most people in the world it’s a huge amount of money and it is even for me,” he said. “Even if I was paid well with the jobs I had, it’s big, big money. I’m not bankrupt. I still have some money.”
He went on: “You know, I never hate anyone in my life. 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 years. I gave him too much freedom. I gave him all the authorities he needed to take care of my economy.”
Khan was introduced to Eriksson in 2004 and took control of his affairs in mid-2007.
In 2009, Eriksson grew concerned and asked Deloitte to run checks on Khan, which led to the termination of their professional relationship a year later.
In May 2010, Eriksson’s solicitors obtained a worldwide freezing order in the High Court against Khan and the Swede formally launched legal proceedings against him.
Court documents claimed that Khan had access to confidential details “including mandates to bank accounts which gave him unlimited access to Mr Eriksson’s wealth”, adding that: “About finances, Mr Eriksson is not especially knowledgeable nor particularly interested, except to the extent that he wants to secure the financial future for his family and for himself, expecting his money to be invested soundly and rationally.”
Eriksson claimed that his money was lost on a range of negligent investments including a residential and leisure development of 92 flats in Southsea, Hampshire, and a proposed development of two plots of land at the Royal Westmoreland Golf Club in Barbados.
The money, according to the court papers, was used to fund a property for Khan and his family in Barbados, on building work on Khan’s own family home and “to earn secret profits that have been paid to himself’’.
Khan also “bought expensive artworks and sculptures”, according to Eriksson’s lawyers. Court documents allege Khan “misappropriated money for a variety of improper purposes, including unsecured loans to other companies for secret profits” and “undertaking loss-making speculations on foreign currency markets”.
As for what Khan had allegedly done with the money, Eriksson replied: “I think he has spent it.”
Eriksson’s damages claim against Khan – who had denied defrauding him – ended when the latter was made bankrupt earlier that year.
The former England manager later accepted an apology from Khan after the former adviser admitted breaching a money-freezing court order made during the litigation.
Eriksson earned huge sums in his career, including at least £7 million in pay-offs from England, Manchester City and Mexico.
