Premiership footballers sold to bank

Some of Britain's best known footballers are owned by Barclays Bank.

They are so expensive the clubs can't afford them and so take out mortgages to pay their transfer fees.

Leeds United and Bolton Wanderers are among the clubs reported to be taking part in the scheme.

The Sunday Telegraph reports that Rio Ferdinand is one of four players Leeds has sold to the bank.

Liverpool, Leicester and Everton may also be taking part in the scheme.

It works like a mortgage so the player's contract is handed to the bank and the club spreads the cost of the purchase over the length of his contract.

Stephen Harrison, chief operating officer at Leeds United, wouldn't name the players involved but said: "It is a little bit sensitive. But there are some very big names in many clubs that are funded this way.

"The player is still effectively ours. It is basically unsecured financing at an attractive rate. If we default, the insurance company pays."

Alan Duckworth, chairman of Bolton Wanderers, has confirmed his club has sold three players to Barclays.

A spokesman for Barclays wouldn't say how many players it owned but said: "We are hoping some of them might turn out for our five-a-side team."