Former Liverpool Ace Jermaine Pennant Went Bankrupt After Losing £10m

Plenty of professional footballers have gone on to lose everything and go bankrupt after wrapping up their playing careers. But not too many have had the rollercoaster journey of Jermaine Pennant.

The former Arsenal, Liverpool and Birmingham City man was viewed as a ‘bad boy’ during his playing career, which never reached the heights expected. Pennant was a promising wide player in his younger days, but became a journeyman very quickly, not sticking around at any club for longer than a few years.

He looked destined to eventually earn an England cap when he was appearing in a Champions League final for Liverpool in 2007, but Pennant’s life decisions may have been behind his career being derailed. In early 2023, the retired winger’s life hit a real low point.

Jermaine Pennant Went Bankrupt With Crippling Debts

Ever since making a decent amount of money, the midfielder-turned-pundit has lived a luxurious lifestyle, including fast cars, expensive homes and lavish holidays. Pennant has admitted he is terrible with money and would’ve blown even more than the £10 million he actually did (per The Mirror):

He was officially declared bankrupt in January 2023 after racking up debts of around £1 million. He owed money to HMRC, banks, councils and utility companies.

The way he’d lived his life, spending money on anything and everything he wanted, Pennant had blown his entire fortune, which he estimates to be around £10 million. A divorce from his wife, Alice Goodwin, led to further losses, as everything mounted up.

Pennant Forgot He Owned Expensive Mansion

Pennant revealed he was diagnosed with ADHD and PTSD from childhood trauma in 2024. His ADHD led to the ex-England youth international forgetting he owned a house that he originally bought for £1.2 million.

After moving from Liverpool to Real Zaragoza, Pennant was still paying the interest-only mortgage on the six-bedroom property in Cheshire. The mansion was left unoccupied when he was in Spain, but was later taken over by a drug gang, who caused a fire at the home.

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The winger failed to live up to expectations after his incredible Premier League debut.

Despite admitting to overindulging in the purchases and decisions he made, the now 43-year-old is adamant he doesn’t know why he was declared bankrupt. He told talkSPORT (per The Sun):

Ex-Arsenal Youngster Spent 30 Days in Prison

Losing his career earnings isn’t the scariest experience in Pennant’s life. While playing for Birmingham City in 2005, Pennant was sentenced to 90 days in jail after admitting to drunk driving while disqualified after previously being banned.

He initially identified himself as his friend Ashley Cole when questioned, but eventually served 30 days before being released. Opening up on the harrowing experience in prison, Pennant admitted in a 2025 interview:

Pennant admitted to being in ‘pure shock’ and disbelief that he had gone from being a Premier League footballer to sharing the prison with dangerous criminals.

“I think I cried the fourth day in. The first two or three days were pure shock. I was still numb. Once that went away, I broke down. What have I done with my life? How have I got here? I was playing for Arsenal, playing in the Premier League, setting up [Emile] Heskey for goals, celebrating with my fans, had the world at my feet at one stage.

“How am I sitting in a prison cell like I’m some terrorist, murderer, rapist, because that’s who I was amongst. I was in a Category A prison, which is for the worst offenders out there.”