Senegal defender has entered into voluntary insolvency arrangement amid problems paying a tax bill
CRYSTAL PALACE defender Pape Souare has gone bust – despite earning £1.5million-a-year in wages.
Souare collects £30,000-a-week at Selhurst Park but has been hit by financial problems which have forced him to take action to avoid bankruptcy.
The Senegal international has entered into a voluntary insolvency arrangement to protect himself from creditors.
The Mail claim the 27-year-old has ended up with money worries, with an unpaid tax bill believed to be the biggest problem.
Personal insolvency arrangements see an individual enter an agreement with their creditors to pay off a percentage of their debts over an agreed period of time.
The IVA is said to have been agreed on March 5, and the Crystal Palace star will now make regular payments to an insolvency practitioner who then divides the cash out to creditors.
Souare has managed to put his off-field problems to one side to win his battle to save his career following a horror car crash in 2016.
The full-back broke his right thigh and jaw when his car crashed into the central reservation on the M4 having dropped off a friend at Heathrow Airport.
The early prognosis was that defender’s career was in doubt, but after a year on the sidelines he returned to training and took his first steps towards returning to fitness.
And he finally made his first team return in September, although he has been limited to just three appearances this season.
He was an unused substitute yesterday as Palace suffered a disappointing late 2-1 defeat to Liverpool that leaves the club in relegation trouble.
Roy Hodgson’s side are currently down in 17th, just two points clear of the relegation zone and having played a game more than nearest rivals Southampton and Stoke in the bottom three.
The London club have six games left to secure the points needed to ensure survival – including a trip to Stoke in the penultimate game of the season.