More stars hit by Spain meltdown
Thursday, March 11, 2010 @ 5:24 PM
Two former Premier League stars have joined the growing list of footballers considering multi-million pound legal action over their investments in a Spanish property development.
Jason Wilcox, who won the title with Blackburn Rovers, and Brian Deane, of Sheffield United and Leeds, are consulting Manchester law firm Hammonds on their next move against the wealth management arm of the Formation organisation over their recommendation to buy properties in the Monte Resina complex outside Marbella.
Manchester United's Wayne Rooney and Derby's Robbie Savage are also in talks with lawyers concerning allegations of vested interests in the advice given over their investments in the same development where the quartet all bought similar luxury apartments.
Savage is understood to have spent £50,000 on legal action and is prepared to risk losing over £300,000 if the upcoming court case goes against him.
England captain Rio Ferdinand also has a Monte Resina residence in his property portfolio but is not known to be joining his fellow footballers in their complaint process.
Formation, who claim the demise of the Spanish property market is responsible for the investments not proving successful, say they will vigorously defend any claim against them.
Source: Daily Mail