A former England football legend has submitted a debt payment schedule in the hope of avoiding financial ruin.
Paul Gascoigne owes the taxman £32,000 and has been given another chance to fend off his impending bankruptcy.If his proposed timetable to manage the debt is accepted in court, it means the 43-year-old Geordie will be able to avoid bankruptcy proceedings.The case against Gascoigne – who is known to football fans worldwide as ‘Gazza’ – was adjourned for a further two weeks at a brief hearing at the High Court in London last week.The proceedings followed a hearing in February when Deputy Registrar Clive Jones agreed to adjourn a petition for bankruptcy for six weeks.But last Wednesday Mr Registrar Jaques heard that a proposal has now been put forward by Gascoigne which would enable him to pay off the full debt to HMRC within a structured timescale.If his proposal is accepted it would ‘stay’ bankruptcy proceedings against him, meaning an automatic injunction would halt the actions of his creditors.Gascoigne was once one of football's highest-paid stars and at the peak of his career he was reported to be worth £14 million. When he was transferred from Newcastle United to Tottenham Hotspur in 1988 he became a millionaire. He later secured a £1.25 million deal with Italian club Lazio.As a key player in the England squad, he won sponsorship deals worth more than £5 million with sports clothing manufacturers and Walkers crisps.Gazza then went on to play for Rangers, Everton and Middlesbrough before having short spells at Burnley, Chinese side Gansu Tianma and Boston United.Since quitting football he has battled alcoholism and had a bizarre involvement with the armed stand-off between the police and killer Raoul Moat.He arrived at the scene in Northumberland and offered to help with negotiations, bringing the murder suspect a "can of lager, some chicken, a mobile phone and something to keep warm”.In December, Gascoigne was given a suspended prison sentence and an alcohol treatment order after admitting drinking and driving.Manchester debt firm is liquidated owing creditors over £2.2m
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