Planning beyond the pitch: a Q&A on estate planning in sports 

For professional athletes, the journey to sporting success requires dedication, sacrifice, and years of hard work. Yet whilst most sports professionals focus intensely on their performance and career progression, many overlook a crucial aspect of financial security: comprehensive estate planning. 

Athletes face unique challenges that make estate planning particularly important. Careers are often short, sometimes lasting only a few years, yet the wealth accumulated during this period must provide security for decades to come. Income can be substantial but irregular, assets may be held across multiple jurisdictions, and the risk of career-ending injury is ever-present. Add to this the complexities of image rights, sponsorship deals, and trust structures, and it becomes clear that sports professionals need tailored estate planning strategies. 

Following the launch of gunnercooke sport, Steve Kavanagh who leads the division sits down with Amy Lane, a partner specialising in estate planning to talk about the overlap between their two sectors.  

Amy:  Steve, thank you for sitting down with me today.  For those who may not have heard of you, do you want to share a bit about you and your background?  

Steve: Hi Amy. I trained and qualified as an ACCA with BDO, a firm of chartered accountants and following a career with BDO I ventured into the business and found myself as FD of, then Premier League, Charlton Athletic.  I became CEO several years later and then moved to Southend United and again to Millwall Football Club. 

I am now drawing on nearly 25 years’ experience in the Sports sector to Head up gunnercooke Sport and looking to bring this vast broad experience to help and aid sports people, owners and investors. 

Amy:  Before we put pen to paper, you and I spoke recently and you told me a couple of personal experiences of tragedy in the sporting world that have stuck with you, would you like to share a bit more about that? 

Steve:  Sadly, as we all know life is fragile. Being a top sports person, you need belief and strength of character but it doesn’t protect you from life’s challenges and as we saw in the summer with Diego Jota terrible events can lead to tragedy. 

I was unfortunate enough to lose my chairman, investor and friend when John Berylson had a tragic accident in his car in 2023 and dealing with that is probably one of the hardest things professionally, I have had to do.   

There are no manuals and of all the things we planned and spoke about this was very rarely one of the outcomes we considered. 

On that tragic day we were speaking just before the crash about potentially signing a young goalkeeper, as a Club we did later sign him and a year on Matty Sarkic also sadly passed from an unknown medical condition.  

So, whilst sport can make you feel strong and invincible we are all human. Death and taxes are the only real certainties in life, sadly! 

Amy:  You’re right.  I think we all take life for granted sometimes. I think it’s really important to remind everyone in the sporting world, not only the players, the importance of planning. There have been some awful deaths of players on the pitch such as Juan Izquierdo in August 2024 and Billy Vigar this year who were 27 and 21 respectively, and off the pitch such as Diogo Jota and Andre Silva, also this year. 

I think players are particularly vulnerable because: 

• Compressed earning period: Most athletes earn the majority of their lifetime wealth within a 10–15-year window, creating substantial estates quickly 

• Asset concentration: Wealth may be concentrated in property, investments, or business interests rather than pension funds (which are typically IHT-free) 

• Young families: Many athletes have young children and may not have considered what happens if tragedy strikes 

• International complications: Playing or living abroad can create domicile and tax residence issues that complicate IHT planning 

From the players’ perspectives, they need to be thinking about the basics really early on in their career – putting in place a Will and a power of attorney as standard. Their circumstances will then dictate what happens next, but they will want to think about structures that are tax efficient, the position with sponsorship deals and how the company’s investment in the player may have an impact on their estate on death too.   

From the managers’ and club owners’ perspectives, they need to think about the basics as standard too, in the same way as players. However, often, they will have a vested interest in the club, so there needs to be a wider discussion with how that interest passes on death. There also needs to be a discussion regarding who takes over as manager on death and accommodating any specific requests about that.  Do you have any views on this point, Steve? 

Steve: I couldn’t agree more, risk management in the business world is commonplace, although after John passed when I spoke to various CEOs and owners and it was clear they were not ready if a similar event hit them. Of course, it can never make it easier, grief and tragedy are tough, especially when it’s so public and the media are watching, but knowing you have a plan for the business is critical. 

As a player you are trained to be the best, not have vulnerabilities, so thinking of such terrible things happening will never be at the forefront of your mind, but it’s essential these things are covered, just in case. Hopefully it’s a document that never sees the light of day! 

Amy: I couldn’t agree more. It’s the thing I say to clients most – do it, put it away and forget about it but know it’s there if you need it.  

I suppose the other thing people in the industry also need to consider is due to the compressed nature of their prime earning years, it is crucial for athletes to begin estate and retirement planning at an early stage in their careers to build a substantial legacy. They need to think about life cover, pension planning etc. All of these points factor into their estate planning at an early age.One thing that comes up particularly in the sporting world is charitable giving. How do clubs tend to support charitable giving, Steve? 

Steve: In my experience Clubs and Players know they have a responsibility. They are Community Clubs and fans, and those communities are vital to success and support.  Giving back has always been part of the Sports world. 

As a Club you will have a Charitable Trust delivering unbelievable work in your communities, impact reports value this work at Club like Millwall, Charlton and Southend in the tens of millions.  Local authorities and charities benefit substantially. The players play a critical role as Ambassadors and also support charities of their own for causes close to their own hearts as well. 

I lost my dad to Prostate Cancer and through the relationship between Prostate Cancer UK and The EFL I started taking part in an event called “Football to Amsterdam”, annually it would see over 200 football staff, CEOs and ex-players cycle from London to Amsterdam. I met someone the other day and he has just been diagnosed with Prostate Cancer and his chance of having a normal life are very good, I like to think the funding Football have supported in this space has made a huge difference.  I do know the visibility and the profile the Prostate Man figure and the exposure over the years have provided numerous early diagnosis and saved lives.   

Amy: I am sorry to hear about your Dad but thank you for sharing your story. I am sure a lot of people in the sporting world will want to factor in charitable giving to their estate planning, and the potential to set up charitable organisations to support after they stop playing, especially given the benefits you have highlighted. The things they may want to think about are a Charitable Trust, a registered charity, or even charitable giving through their lifetime and their Will. These all come with tax benefits for them too.  

Steve: I hope the sporting sectors starts thinking about this more because, as I say, it plays a big part. 

Amy: The final thing I wanted to raise with you Steve was about intellectual property. For high-profile athletes, image rights and intellectual property can be valuable assets that continue generating income after retirement or death. They should consider: 

• Assigning image rights to a company or trust to manage tax efficiently 

• Ensuring your will addresses ownership and control of image rights, social media accounts, and personal brand 

• Appointing executors with commercial experience to maximise value 

Do you have any views on this, Steve, or any nuggets of wisdom for your experience with image rights etc? 

Steve: Image Rights have been around a long time, and the advent of social media is only growing this.  Thinking about your rights and how they are controlled not just when you aren’t here but while you are playing is critical in this day and age. It’s an area we have vast knowledge of and one that is only growing. 

Amy: Thanks Steve. There’s a lot for those in the sporting world to think about off the back of our chat today, so thank you for taking the time to sit down and talk with me.  

You can learn more about Steve and Amy’s work on their website profiles.