The late England manager Sven-Goran Eriksson admitted he was close to bankruptcy after losing £10million of his fortune to a financial adviser he took to court.
Eriksson’s admission comes in a new book which is set to be published in October, following his death last month from cancer at the age of 76.
The Swedish coach had a number of well-paid jobs during his managerial career, most memorably his five year spell as Three Lions boss between 2001 and 2006.
Eriksson was estimated to have received around £7million in pay-offs alone from England, Manchester City and Mexico.
In the book ‘A Wonderful Journey’, Eriksson made the revelation that despite his stellar managerial career, he had at one stage been close to bankruptcy.
Former England boss Sven Goran Eriksson admitted he had been close to bankruptcy in a new book, which will be published in October following his death at the age of 76 last month
Eriksson reflected on his brush with bankruptcy in the upcoming book ‘A Beautiful Game’
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He revealed his regret at giving his financial responsibilities over to former adviser Samir Khan.
Eriksson had reportedly met Khan in 2004 in Dubai and hired him to manage his finances three years later when he became the boss of Man City.
He admitted not heeding warnings about Khan, leading to him reportedly losing an estimated £10m of his fortune.
‘If I had done that, I could have saved a lot of money. I’ve hit a few studs in my life. Samir Khan accounted for the worst,’ Eriksson said, as per the Swedish newspaper Aftonbladet.
‘He, who was trusted to take care of my money, instead made me lose 100 million kroner.
‘I did sue him and won in court, but I never got any money back. So even though I made so much money, I was really bad for a while, I was close to personal bankruptcy.’
Eriksson had taken legal action in 2010, after growing concerned and asking Deloitte to run checks on Khan a year earlier.
His lawyers argued that Khan made negligent investments and earned ‘secret profits that have been paid to himself’.
Khan was alleged to have bought a house in Barbados in Eriksson’s name and taken out loans on the property, before doing the same with his mansion in Bjorkefors, Sweden.
Eriksson had been forced to put his Swedish mansion up for sale due to his financial troubles
Eriksson, who coached England between 2001 and 2006, admitted feeling like a ‘f***ing idiot’
Khan had denied Eriksson’s claims but was taken to court by the Swede and was declared bankrupt in 2013.
Speaking in 2013, Eriksson declared that Khan was the ‘only person on earth I hate’ having felt ‘let down, angry and disappointed’.
Reflecting on the situation in his autobiography, Eriksson admitted he had been ‘too gullible’ and felt like a ‘f***ing idiot’ for trusting Khan.
‘Basically it was my own fault. I was too gullible, an easily deceived Warmlander. I was a bit unlucky, but I was still a f***ing idiot who let him do exactly what he wanted,’ he admitted.
‘People close to me had argued that there was no need to worry, Samir Khan had cover. And I believed it.
‘When the whole thing finally came to light, I could not have dreamed that it was about so much money.’
Erikkson’s financial situation was claimed to have impacted his career choices, with the Swedish manager taking several lucrative coaching roles with various national teams and clubs.
Eriksson coached the Chinese Super League teams Guangzhou R&F, Shanghai SIGP and Shenzhen between 2013 and 2017.
His time in the nation coincided with China spending vast sums of money as part of an aim to become a force in international football.
He coached three teams in the Chinese Super League at a time of significant investment
He had been reported to have been on a contract worth an estimated £2million per year at Guangzhou.
Eriksson would later have a spell as manager of the Philippines, which would prove his final job in management.
The Swede had largely enjoyed a glittering managerial career, coaching the likes of Benfica, Lazio, Man City and Roma.
He is best remembered for being the first ever foreign coach of the England national team.
Despite leading what was dubbed a ‘Golden Generation’, he was unable to guide the Three Lions to glory.
At the 2002 and 2006 World Cups, along with Euro 2004, England were knocked out at the quarter-final stage as Eriksson struggled to cultivate a successful team, amid a myriad of club divides within the squad.
Nevertheless, Eriksson won 40 of his 67 games in charge and enjoyed subsequent international stints with Mexico and Ivory Coast.
Despite his lack of success with the Three Lions, he remained hugely popular in the UK – where he later coached Man City and Leicester – and received a significant outpouring of love and support after his terminal cancer diagnosis.
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