Three out of five Premier League players are bankrupt within five years of hanging up their boots, according to Xpro, a charity set up to support former footballers.

Despite earning an average wage of £30,000 a week many blow their cash or follow poor investment advice and as many as one in three then suffer further financial hardship due to divorce.

XPro, which currently guides and supports 30,000 ex-players, said often poor advice was to blame as was the fact too many forgot to put money aside to pay tax.

"It might sound incredible to normal fans but it can an...