A former Premier League boss is believed to be facing bankruptcy after being hit with a petition from HMRC, according to reports.
The 60-year-old, who managed a number of top-flight sides, is thought to be due to have a hearing at the High Court in a bid to resolve possible financial issues.
On the heels of wrapping up their careers on the pitch and in the dugout, other former stars have also struggled financially, with Liverpool legend John Barnes declared bankrupt at the end of last month.
Barnes’ media firm, John Barnes Media, was found to have racked up debts of £1.5million, with a bankruptcy order issued against the former England international by the High Court on September 23.
The 61-year-old has received six separate bankruptcy petitions since 2010.
But now fellow top-tier former player Iain Dowie will face his own legal ruling.
Iain Dowie is thought to be due to have a hearing at the High Court over a bankruptcy petition from HMRC (pictured in 2006)
The 60-year-old former striker retired from football management over fifteen years ago
The ex-Crystal Palace and Charlton Athletic manager managed his last game over 15 years ago.
But Downie’s financial issues are though to date back to the end of his stint at Selhurst Park.
The former striker was left with an enormous legal bill to pay on the heels of his exit from Palace, with a court ruling in 2007 that the former manager had deceived the club into waiving a £1m compensation clause.
Dowie had left the club to take up the role at Charlton, with former chairman Simon Jordan claiming that he had ‘misled’ the Eagles over his reasons for departure by mutual consent.
In addition to compensation, Dowie was ordered to pay Palace’s legal bill as well as his own after receiving the ruling that he had made ‘false representations’ to Jordan over his exit.
Legal fees alone were believed to total close to £800,000 – although Dowie and Palace reached an out-of-court agreement over the sum in 2008.
As per the Sun, the nearly two-decades-old issue could have played a role in the state of his finances, with a source suggesting that ‘there doesn’t seem to be any other reason for it.’
‘It is a shame for him as he’s such a likeable bloke, but he hasn’t cashed in with punditry as much as some other ex-players, and he probably could have done.’
Dowie’s departure from Crystal Palace saw him locked in a legal battle with the club’s former owner Simon Jordan
The ex-striker later joined Alan Shearer’s coaching team at Newcastle (pictured in 2009)
The outlet has contacted Dowie for comment.
Instead of remaining solely in the football world, the former West Ham and Southampton striker sought a new path, working first as a sales manager, and later as a mortgage advisor at a law firm.
Dowie joined Alexander Grace Law, near Burnley, where his wife Debbie also worked, in 2023, and called the decision a ‘no-brainer’ due to his recent background ‘within the conveyancing arena’.
The former Northern Ireland international also hit the headlines last year after suffering a near-fatal cardiac arrest while taking a spin class in Chorley, Lancashire.
Dowie was treated by gym members and paramedics after his heart stopped, being given CPR and use of a defibrillator while they waited for the ambulance to arrive.
‘I frequently reflect on how lucky I am,’ Dowie told the BBC. ‘I have lost good friends in similar circumstances.’
