Former Premier League striker Carlton Cole has been declared bankrupt following his retirement from competitive football in March of this year.
As reported by The Sun, the now 34-year-old was given the verdict by London's High Court on June 27th, despite earning a reported £30,000-a-week at the height of his playing career, although now hopes his recent plight will serve as a warning for stars of the future.
Cole said: "I hope my story will help young footballers to take responsibility for who they listen to and take advice from.
"Unfortunately, I didn’t realise what was going on until my career was in the latter years and too late for me to turn things around."
Starting his career at Chelsea, Cole made 290 Premier League appearances in total, scoring 51 goals for the Blues, Charlton, Aston Villa and West Ham, with the forward spending nine seasons at the east London club.
Brief stints at Celtic, Sacramento FC and Persib Bandung followed after leaving the Hammers, and now that his playing days are behind him, a spokesperson on behalf of the ex-England international has shed some light on what he will be doing now.
He said: "Carlton Cole is currently working mentoring young people and footballers about the pitfalls of life and money.
"He will be going into more detail in the coming weeks about the advice that contributed to this situation and the people he had around him who had a negative effect on his career and finances."
In the wake of the news of his bankruptcy, Cole has launched the 'CCTwelve Football Academy' in east London, offering children between the age of seven and 14 the chance to play against professional academies.