Revealed: The £75,000-a-week footballer who was still overdrawn by the end of the week

Read more: http://www.dailymail.co.uk/news/article-1229291/Revealed-The-75-000-week-footballer-overdrawn-end-week.html#ixzz0XLGcwH2b

former Premiership footballer routinely blew his £75,000 a week wages in a matter of days and was constantly overdrawn, a court was told yesterday.

Ex-Newcastle striker Obafemi Martins, 25, was paid the handsome salary after he joined the club for a £10million fee in August 2006.

But despite his extraordinary earnings, his former management team yesterday claimed they repeatedly bailed him out after his bank account continually slipped into the red.

The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.

But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.

He was always overdrawn and repeatedly relied upon NVA Management Limited to 'manage his life', the High Court was told.

Martins, who owned several fast cars including a top of the range Porsche 4X4, spent the money funding an extravagant lifestyle of luxurious penthouse homes and fine dining.

He is now being sued by his former management company who claim that he still owes them 300,000 for sorting out his finances.

Robert Tennink, for NVA, said: 'Day to day life with superstars is demanding and superstars are demanding.'

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He told the court that Martins would withdraw £40,000 for the weekend, followed by another £25,000 on the Monday.

'Despite earning these vast sums of money he was constantly overdrawn,' added Mr Tennink.

He said the firm, which looks after the affairs of several footballers, film and music stars, said that Martins had agreed to pay them for simply managing his life.

It was under their stewardship that Martins agreed a £2million image rights deal 'simply for being Mr Martins'.
It's claimed Martins was constantly overdrawn despite earning £75,000-a-week

It's claimed Martins was constantly overdrawn despite earning £75,000-a-week

He also had lucrative sponsorship deals with various companies including Pepsi and Nike but had not been paid.

When the company stepped in to run his affairs they sorted the unpaid contracts, bringing in thousands of pounds.

They also organised visas when he travelled to Italy, where he once played for Inter Milan, and sorted out his passport, his mortgage and property valuations.

They even arranged critical illness cover and were constantly running up and down the motorway from their London offices to Newcastle in a bid to do all that he required.

'But surely these were things a secretary could do?' asked Judge Richard Seymour QC, referring to the size of fees charged.

'It was a Jeeves-type of role that they performed.'

Mr Tennink protested that managing every aspect of his life was just part of what they did, and asked the judge to bear in mind the sort of figures these players earned.

He said Martins had come to them in July 2007 and agreed a fee of around £300,000 plus 20 per cent of any sponsorship monies they managed to acquire on his behalf.

'He asked for these services to be carried out,' Mr Tennink told the court.

Before they managed his affairs Martins had not been paid a penny for his image rights for the use of his name on Newcastle shirts and mugs and had received nothing from his sponsorship deals.

He could not even find the contracts he had originally signed, Mr Tennink added.

Martins paid the company £67,500 in January last year and another £25,000 in April last year.

But the question for the court to decide, said Mr Tennink, was whether there was a 'binding obligation' for him to pay the outstanding bill of over £300,000.

After Newcastle were relegated from the Premiership last summer Martins was sold for £9million to German Bundesliga Champions Wolfsburg.

Martins, who once owned a penthouse apartment overlooking Newcastle's exclusive Quayside, is fighting the claim.

The hearing is scheduled to last for three days.

Read more: http://www.dailymail.co.uk/news/article-1229291/Revealed-The-75-000-week-footballer-overdrawn-end-week.html#ixzz0XLGioBPc

All I can say is WaaaaaOOOhhh


I hope in some 20 years time, we won't be organizing fund raising to pay his rent in Ikorodu

These Nigerian footballers sha!

LIES


[size=18pt]The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.

But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.[/size]

This is a blatant lie- how can you withdraw £40000 in cash from a bank account in the UK at once? and another £25000 the following monday- dont hoodwink us with lies, we know the banking system and how it works- pls shut the f up.

walakolobo:

LIES


[size=18pt]The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.

But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.[/size]

This is a blatant lie- how can you withdraw £40000 in cash from a bank account in the UK at once? and another £25000 the following monday- dont hoodwink us with lies, we know the banking system and how it works- pls shut the f up.

LOOOOOOOL

He fails to remember the son of who he is, 40K pound every weekend?
i'dont know what to say.

He needs a new MANAGEMENT TEAM

He could not even find the contracts he had originally signed, Mr Tennink added.

lol naija boy

I just hope this story is not true

the story is true and for those ignorant posters, the overdrafts and line of credit limits
a premiership footballer has is not like you that works a 36 hours a week job and is paid
£35k a year,

Who cares how he lavishes his hard earned money,,fscking thread made frontpage,na wa o

story is true and for those posters who say its a lie
the overdraft limit and line of credit of a premiership footballer is not the
same as some one doing a 36 hour a week job and earning £36k a year!!!

It's his money and none of your business on how he spent it.
He sfor it, and has right to abolish it the way he wants.

spare him

well some are true you will not believe the live they live,knowing money is coming in every week

maybe some1 is jobing him. Plenty Money!!!

NVA is right! when they say 75k a week, it seems too much, don't forget government will still take there 40% tax a week, and he still has to pay his manager 10% from his salary, when you earn big you spend big, martins is a star, but not a star to compare ronaldo who earn much much higher, live according to your pocket, this situation happens to everybody,

It's his money and none of your business on how he spent it.

It sure is his money. But let's not hear any talk of fundraising for him in 20 years time (as deor03 rightly said)

Martins is from Nigeria i think he knows what he is doing,i have some friends abroad who also do the same,OPERATING SECREAT ACCOUNT and leave PUBLIC account EMPTY,this dude is hidding his money somewhere,its impossible to spend 65k pounds in 3days expecially in uk.So leave the dude alone he knows what he is doing

deor03:

All I can say is WaaaaaOOOhhh


I hope in some 20 years time, we won't be organizing fund raising to pay his rent in Ikorodu

He lives in v.g.c.

mechangeid:

Martins is from Nigeria i think he knows what he is doing,i have some friends abroad who also do the same,OPERATING SECREAT ACCOUNT and leave PUBLIC account EMPTY,this dude is hidding his money somewhere,its impossible to spend 65k pounds in 3days expecially in uk.So leave the dude alone he knows what he is doing

I HOPE YOU  ARE SURE OF WHAT YOU ARE TALKING ABOUT?

brutal:

He lives in v.g.c.

I think what the poster meant was at the rate he's going he might barely be able to pay for even a place in ikorodu.

Shame on Chris Nathaniel of NVA management. He kept exploiting the poor boy for "representation."  Asking for $420,000 because he announced to the media when Oba's mother died.

For what shall it profit a man, if he shall gain the whole world, and lose his own soul?

why didn't this stupid management company tell us this bullshit while they were still managing him? why now?
since when has it become a crime for people to spend their own funds their own ways?

as for some of us here waiting to contribute for his house rent, u have to wait forever as that God that brought him to this level will never let him down.
i have said it times without numbers, most nairalanders anjoy rejoicing over our fellow countrymen's failures but the good news is NO ONE CAN COURSE WHO GOD BLESS.

walakolobo:

LIES


[size=18pt]The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.

But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.[/size]

This is a blatant lie- how can you withdraw £40000 in cash from a bank account in the UK at once? and another £25000 the following monday- dont hoodwink us with lies, we know the banking system and how it works- pls shut the f up.

Some bank branches MAY require advance notice if you require cash over the counter that is greater than your daily cash machine withdrawal limit, however, it is not impossible for large withdrawals as stated above to be made.

guys dont be suprised. you will be suprised on how much these footballers spend on just a weekend alone.

where i was working before as a financial advisor i had a fooballer customer once that spends £50k per month on champagne. he was almost going bankrpt but the timely intervention of myself and company to rescuse him out of the debt he was in via a Debt management Plan. were we negotiate with all his creditors.

If what i'm hearing is true,
'Obagoal' should go learn from Baba Yekini's experience because by the time he runs down completely, im own go worse pass vulcanizer or fuji musician.
I hope he learnt some trade, like Yekini, b4 venturing into footie.

Do u guys wanna go to Uk and spend like Martins?LOL, well here is a CHANCE!!!willing to go and school in U.K or U.S.A for your undergraduate study, masters and PHD degrees? well here is an opportunity for you now to know how to get a scholarship, Rush to gloscholarships..com and type your name, email address on the right spot and get an instant access.thanks
to your educational success

Martins is probably sending his money home like someone suggested. It totally makes sense especially if he has capital projects going on back home.

Plus this incident probably happened once or twice. Im not sure its a weekly occurence

mechangeid:

Martins is from Nigeria i think he knows what he is doing,i have some friends abroad who also do the same,OPERATING SECREAT ACCOUNT and leave PUBLIC account EMPTY,this dude is hidding his money somewhere,its impossible to spend 65k pounds in 3days expecially in uk.So leave the dude alone he knows what he is doing

i sincerely hope so.
it would break my heart to see him end up like bash ali who is
currently camping in front of Police HQTRS Abuja with sign-
"Former Cruiserweight Champion homeless in Abuja" and some
other demeaning slogans.
FYI, there was a time bash sprayed dollars at parties in lagos.
it would really break my heart!