How Obafemi Martins squandered N3.1 trillions while a player of Newcastle

It has been revealed how Super Eagles striker, Obafemi Martins, extranvagantly squandered about N3.1 trillions while a player of Newcastle.

His former management company, NVA Management Limited who has dragged the player to court over breach of contarct, told the jury how the player’s account almost went red because of his lifestyle.

Obafemi Martins was paid £75,000, but allegedly squandered the earnings on an extravagant lifestyle
A former Premiership footballer routinely blew his £75,000 a week wages in a matter of days and was constantly overdrawn, a court was told yesterday.

Obafemi, ex-Newcastle striker 25, was paid the handsome salary after he joined the club for a £10million fee in August 2006.

But despite his extraordinary earnings, his former management team yesterday claimed they repeatedly bailed him out after his bank account continually slipped into the red.

The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.

But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.

He was always overdrawn and repeatedly relied upon NVA Management Limited to ‘manage his life’, the High Court was told.

Martins, who owned several fast cars including a top of the range Porsche 4X4, spent the money funding an extravagant lifestyle of luxurious penthouse homes and fine dining.

He is now being sued by his former management company which claims that he still owes them 300,000 for sorting out his finances.

He told the court that Martins would withdraw £40,000 for the weekend, followed by another £25,000 on the Monday.

‘Despite earning these vast sums of money he was constantly overdrawn,’ added Mr Tennink.
He said the firm, which looks after the affairs of several footballers, film and music stars, said that Martins had agreed to pay them for simply managing his life.

It was under their stewardship that Martins agreed a £2million image rights deal ‘simply for being Mr Martins’.
It’s claimed Martins was constantly overdrawn despite earning £75,000-a-week
He also had lucrative sponsorship deals with various companies including Pepsi and Nike but had not been paid.

When the company stepped in to run his affairs they sorted the unpaid contracts, bringing in thousands of pounds.
They also organised visas when he travelled to Italy, where he once played for Inter Milan, and sorted out his passport, his mortgage and property valuations.

They even arranged critical illness cover and were constantly running up and down the motorway from their London offices to Newcastle in a bid to do all that he required.
‘But surely these were things a secretary could do?’ asked Judge Richard Seymour QC, referring to the size of fees charged.

‘It was a Jeeves-type of role that they performed.’
Mr Tennink protested that managing every aspect of his life was just part of what they did, and asked the judge to bear in mind the sort of figures these players earned.

He said Martins had come to them in July 2007 and had agreed a fee of around £300,000 plus 20 per cent of any sponsorship monies they managed to acquire on his behalf.
“He asked for these services to be carried out,” Mr Tennink told the court.

Before they managed his affairs, Martins had not been paid a penny for his image rights for the use of his name on Newcastle shirts and mugs and had received nothing from his sponsorship deals.
He could not even find the contracts he had originally signed, Mr Tennink added.

Martins paid the company £67,500 in January last year and another £25,000 in April last year.
But the question for the court to decide, said Mr Tennink, was whether there was a ‘binding obligation’ for him to pay the outstanding bill of over £300,000.

After Newcastle were relegated from the Premiership last summer Martins was sold for £9million to German Bundesliga Champions Wolfsburg.

Martins, who once owned a penthouse apartment overlooking Newcastle’s exclusive Quayside, is fighting the claim.
The hearing is scheduled to last for three days.



source: Daily Sun
Friday, November 20, 2009