South African Footballers Who Went From Riches To Rags

• Once a star for FC Copenhagen with a statue in his honor, Zuma is now struggling financially and faces ridicule in his hometown of Hammarsdale
• The football legend who secured South Africa’s 1998 World Cup qualification went from owning luxury businesses to being declared bankrupt and living in his late mother’s house
• Despite earning R330,000 per month, Modise was declared bankrupt in 2014 due to poor financial decisions
• Briefly News interviewed actuarial analyst Fulufhelani Mashapha on smart financial strategies for tight budgets

While footballers enjoy fame, fortune, and adoration during their careers, many struggle financially after retirement.

According to former Bafana Bafana striker Hareipha ‘Simba’ Marumo, approximately 70% of retired South African players live in extreme poverty.

Poor financial management, extravagant lifestyles, and a lack of financial education contribute to their downfall.

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Here are some well-known South African footballers who faced financial ruin after their playing days.

1. Sibusiso Zuma: From star striker to financial struggles

Sibusiso Zuma was a fan favorite, both in South Africa and Denmark.

His incredible goal-scoring ability led FC Copenhagen to honor him with a bronze statue at their stadium entrance.

However, since retiring two years ago, Zuma has reportedly lost his wealth.

He is no longer celebrated in his hometown of Hammarsdale, KwaZulu-Natal, where people mock him for his financial downfall.

2. Benedict Vilakazi: Talent overshadowed by controversy

Benedict ‘Tso’ Vilakazi was once considered a future superstar.

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Unfortunately, his off-field behavior, including legal battles and disciplinary issues, derailed his career.

His move to Swedish club Djurgården fell through due to controversy, and he struggled to find stability in the later stages of his career.

He eventually retired at the young age of 30, leaving behind what could have been a legendary career.

3. Teko Modise: Bankruptcy despite high earnings

Teko Modise, once celebrated as one of South Africa's premier footballers, faced significant financial challenges despite earning around R330,000 per month during his career.

In 2014, he was declared bankrupt, reportedly due to accumulating debts from car purchases and personal loans.

Modise later acknowledged that owning multiple cars was his biggest financial setback, advising others to save diligently and manage debts responsibly. Since retiring from professional football, Modise has reinvented himself as a football analyst.

He serves as a pundit for SuperSport, offering insights and commentary on football matches.

Additionally, he acts as an ambassador for Mamelodi Sundowns, the club where he achieved considerable success during his playing days.

Beyond football, Modise is venturing into business, aiming to build a new legacy through strategic investments and entrepreneurial endeavors.

4. Jabu Mahlangu: Partying led to financial ruin

Jabu Mahlangu, formerly known as Jabu Pule, overcame a difficult childhood to achieve football stardom.

However, his love for partying and reckless spending led to financial hardship.

Mahlangu has openly admitted that footballers lack proper financial education, which often results in bankruptcy after retirement.

5. Philemon Masinga: From multimillionaire to homeless

Philemon Masinga, the man who scored South Africa’s historic World Cup qualification goal in 1998, experienced severe financial struggles after his playing days.

At his peak, he owned petrol stations, high-end boutiques, nightclubs, luxury cars, and a multi-million-rand mansion.

However, by 2011, he was declared bankrupt and forced to move into the backroom of his late mother’s house in Khuma township, Klerksdorp.

6. Steve Lekoelea: Early retirement and financial struggles

Steve Lekoelea was a household name in South African football during the early 2000s.

He retired early and, like his close friend Jabu Mahlangu, indulged in an extravagant lifestyle.

His love for partying and alcohol eventually led to bankruptcy, and he struggled to sustain himself post-retirement.

Briefly News spoke with Fulufhelani Mashapha, a qualified actuarial analyst and financial expert, to discuss practical strategies for managing finances wisely on a tight budget. She explained:

"one should consider downgrading their lifestyle, such as trading in a German car for a smaller, fuel-efficient vehicle that is cheaper to maintain. Other sacrifices may include moving into a smaller space to save on rent.

Regarding debt, one can consider negotiating with creditors to restructure their debt, thereby lowering monthly installments."

Lessons for Future Footballers

The financial downfall of these footballers highlights the importance of financial literacy, planning for life after football, and making smart investments.

Many retired players have advocated for financial education programs to help younger athletes avoid similar mistakes.

Dino Ndlovu's R20 million luxury car collection

Briefly News previously reported that Dino Ndlovu, a prominent South African striker, boasts an impressive luxury car collection valued at around R20 million.