The world’s leading football agents have become millionaires off the back of pedalling their clients between Europe’s richest clubs. But even with the massive commission payments they receive for being the middlemen for the biggest transfers in world football, some agents have taken to receiving secret – and illegal – commissions to broker deals.
One case even made it to the High Court, which was sought out to rule on an £8 million secret commission claim involving a Premier League club.
Since then, other footballers have come forward claiming their agents received undisclosed commission payments in return for advising their clients to sign particular deals.
England and Manchester United star Andrew Cole is just one of more than a dozen former footballers on a list that includes the likes of Match of the Day pundits Danny Murphy and Robbie Savage suing an asset management firm over payments to agents.
The High Court heard how the 16 players asked their agents to recommend a financial adviser who then put them in touch with an asset management company. The footballers paid commission for this, but they claim they were not told the money would be shared with the agents.
But this unfair practice of secret commissions is not just reserved for the world of football agents, it is also commonplace in property insurance involving managing agents.
“In our experience, the prevalence of secret commissions is widespread within the commercial property sector,” says M2 Recovery founder Neil Holloway. “Unfortunately, we also know there is widespread reluctance to change due to the fact that these secret commission payments are often financially supporting a business or subsidising other less profitable activities within that business. This, however, must change and it is to that end that M2 Recovery is working.”
Think you have been a victim of secret commissions? Get in touch with M2 Recovery now for a free evaluation.