Monday, May 16, 2022
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How Boris Becker Squandered $68 Million?

Tennis Player Boris Becker has apparently lent himself to massive legal trouble. The tussle that Boris is going to be a part of will harm and deteriorate him financially and socially. Boris even after having so much net worth has been found guilty of insolvency charges that were posed against him in 2017.

The court has sentenced Boris to two and a half years of imprisonment along with a considerate amount of fine on him. Not one or two, the 54-year-old Wimbledon champion has been guilty of four bankruptcy charges since 2017. The question that ponders herein is even after having six grand slam titles, three Wimbledon, and around $68 million as his prize money with some sponsorship amount, what made Boris go insolvent?

The court, authorities along with his fans are wondering about the fact that what could be the mindset of Boris when he was avoiding payments and debts despite having enough finances. According to several reports and insiders, Boris possessed some intricate and expensive habits that lead him to this way of imprisonment.

The case against Boris Becker

In 2017, the Bankruptcy and Companies Court in London declared him bankrupt for an unpaid €4.6m (£3.5m) debt from British private bank Arbuthnot Latham for a house in Mallorca. He also couldn’t fully repay £1.2m borrowed from British businessman John Caudwell, founder of Phones 4u, in 2014. The six-time Grand Slam winner said he was “shocked” and “embarrassed” when he was declared bankrupt earlier this year.

During the bankruptcy hearing, the court learned he owed the Swiss government £5m and a separate €1m fine for tax evasion and attempted tax evasion in Germany.
Becker was accused of concealing almost £4.5 million in assets and transactions, including trophies earned during the 1985 tournament that launched his career.

Becker denied knowing where the items were. He was acquitted of 20 charges, including nine for failing to hand over his tennis trophies and medals. On April 8, 2022, he was found guilty of four counts: removal of the property, two counts of failing to disestate, and debt concealment

Mr. Becker was found guilty of transferring £356k to nine recipients, including his ex-wife Barbara and his separated wife Lilly. Becker allegedly failed to register a house in Germany, an almost £700,000 bank loan, and interests in a software firm. He was sentenced to 2 years and 6 months in prison on Friday.

Becker revealed how all these incidents and court cases have disparaged his reputation and brand at another level. He also expressed his concern and dilemma over how all this can be stopped. In the courtroom, Becker made the same arguments by narrating how his income has been reduced drastically.

Not only his income and career but also a very expensive divorce was the reason behind Becker’s poor financial condition. In 2001 he divorced his wife Barbara and incurred a huge maintenance expense subsequently. This included child maintenance, her lavish lifestyle management, etc. Due to all these reasons, Becker revealed his condition deteriorated.

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