Darts Veteran Mervyn King Faces Bankruptcy Owing to Overlooked Tax on £2m Prizes
In the thrilling, money-filled world of professional sports, tales of individuals blowing their cash and ending up in financial hot water due to reckless money management are all too common. The latest big fish swimming in troubled waters is Mervyn King, legendary darts champ, who claims he wasn't aware that he needed to shell out taxes on his earnings throughout his 30-years in the game.
Mervyn, a sprightly 58, found himself declared bankrupt by the High Court of Justice in London, and now races against time to cough up a jaw-dropping £500,000 ($646,000) in taxes. Facing imminent loss of his humble abode, this isn't the fairy tale ending Mervyn had envisioned for his career earning him a cool £2m ($2.6m) over the years.
He claims he made a rookie mistake declaring his tournament wins as 'winnings' when they should have been labeled 'earnings,' a declaration that left him open to tax obligation. Poor Mervyn had sought the authorities' help to come clean, preventing a potential jail term.
Mervyn hopes his story serves as a wake-up call to fellow players. He points fingers at the darts governing bodies PDC (Professional Darts Corporation) and BDO (British Darts Organization, now replaced by the WDF) for failing to educate players on their tax obligations for prize money. He believes they hand out the winnings carelessly with no further financial advice.
According to industry trends, professional darts organizations may fail to prioritize tax education due to a variety of reasons, such as assuming player responsibility, jurisdictional complexity, third-party reliance, regulatory priorities, or resource allocation issues. Although there's no direct evidence linking these factors to darts organizations, they're common across several industries.
Unlike other industries with unionized creative professionals, darts lacks a comparable player association to advocate for such education. Potential solutions, like mandatory pre-tournament briefings or partnerships with tax advisors, are yet to be seen in darts governance. Here's hoping Mervyn's cautionary tale inspires others to be more financially vigilant!
- Despite earning a substantial income of £2m ($2.6m) throughout his 30-year career in darts, Mervyn King now faces the risk of losing his home due to unpaid taxes totaling £500,000 ($646,000), following a High Court ruling in London.
- Mervyn, at 58, attributes his financial predicament to a misconception about tax obligations, as he declared his darts tournament winnings as 'winnings' rather than 'earnings.'
- Mervyn King further criticizes the darts governing bodies, PDC (Professional Darts Corporation) and BDO (British Darts Organization), for not educating players on their tax obligations for prize money.
- In contrast to industries with unionized creative professionals, darts currently lacks a comparable player association to advocate for financial education, potentially leaving players at risk of mismanagement.
- As the sports-betting world continues to grow, it's important for all athletes, especially those in less regulated sports like darts, to be financially vigilant and seek expertise in personal-finance and wealth-management, to avoid ending up in Mervyn King's predicament.
