How Djokovic’s former coach Boris Becker went bankrupt

• The ex-German player Borris becker faces 24 charges under the Insolvency Act
• He is facing trial in London for among other things, failing to return medals he won during his career
• His net worth was estimated to be $55 million in 2020 but he has huge debts

It was “shocking and embarrassing” for Boris Becker when he was declared bankrupt in 2017, he says.

The six-time Grand Slam champion is currently on trial in London for failing to hand over his assets, including nine tennis trophies and medals.

Becker claims he was planning to sell his Spanish estate in order to repay a private bank, Arbuthnot Latham to settle his $5 million loan.

Becker says he was taken aback by this declaration, and it ended in humiliating him.

“As you can imagine, I was very shocked at the fact. Because it was all over world news, and I walked through the gate of Wimbledon and everyone knew. I was embarrassed because I was bankrupt,” Daily Star reports.

During this period, Becker and his then-wife Sharlely Becker were alleged to have been residing in “different quarters” of their rented property.

When he appeared in court this week, he was accompanied by his current girlfriend, Lilian de Carvalho Monteiro. He then testified from the witness box.

Boris Becker. Photo/Sky News

HOW DID BANKRUPTCY AFFECT BORIS BECKER’S LIFE?

It’s also been difficult for the 54-year-old to make money because of the media attention that’s come his way since the story surfaced.

Becker says being in the news every week for bankruptcy is extremely difficult.

“It is very difficult when you are bankrupt and in the headlines every week for it. It is very difficult to make a lot of money with my name.”

WHAT IS BORIS BECKER KNOWN FOR?

Becker, a former coach of Novak Djokovic, is accused of neglecting to return nine trophies and faces 24 offences under the Insolvency Act.

Two of his three Wimbledon men’s singles titles, his Olympic gold medal from 1992 Atlanta Olympics title, two Australian Open trophies, and his Davis Cup trophy and gold coin are all in target.

The German tennis legend was born on November 22, 1967, and retired from the sport in 2001.

At the age of 17, he won the first of six Grand Slam singles titles – three Wimbledon Championships, two Australian Opens, and one US Open.

Additionally, he won three year-end championships, 13 Masters Series titles, and a gold medal in doubles at the Olympics.

Both the ATP and the ITF named him Player of the Year in 1989. Pete Sampras, Novak Djokovic, and Roger Federer are all tied for the record of seven Wimbledon final appearances by a male player.

In the past, Becker’s personal life has been tumultuous because of his early success and recognition. Since his playing days ended, he has tried earning a living in many ways.

He coached Djokovic for three years, and played professional poker. He also ran other multiple businesses through his Spanish firm.

Becker was estimated to be worth $ 35 million in 2020.

HOW DID BORIS BECKER BECOME BANKRUPT?

When it comes to prize money and endorsement deals, the former world No.1 earned roughly $ 50 million US dollars (about £38 million) during the course of his career.

He went on to train current Djokovic, served as a BBC pundit, and as a brand ambassador for companies including Puma.

But Becker claimed that once he retired, the amount of money he made “dropped considerably.”

After divorcing his wife Barbara Becker in 2001, he had to support his daughter Anna Ermakova and her mother in a deal that included a £2.5 million Chelsea flat, he revealed in an interview.

“Expensive lifestyle commitments” were cited as the reason for Becker’s move from Monte Carlo and Switzerland to the United Kingdom in 2012.

In addition, he owed five million Swiss Francs (approximately £4 million) and just under one million Euros in German tax evasion.

Besides, he owed a private bank, Arbuthnot Latham which had loaned him 4.6 million euros (about £3.85 million) in 2013.

British businessman John Caudwell borrowed £1.2 million (with a 25 percent interest rate) the following year which Becker was responsible for.

Boris Becker. Photo/The Telegraph

“The first year of the loan, I would pay back roughly one million euro (more than £800,000) but in the second year I had difficulties because various companies didn’t prolong their contracts,” he explains.

But, the court heard that Becker allegedly transferred hundreds of thousands of pounds to the accounts of his ex-wife Barbara Becker and his estranged wife Sharlely “Lilly”.

This followed the sale of a Mercedes car dealership he had in Germany. Additionally, he is accused of failing to disclose two German residences –  his involvement in the flat occupied by his daughter, and hiding an 825,000 euro (nearly £700,000) bank loan and shares in a computer company.

But, Becker defended himself saying his income decreased by at least 50 percent and he couldn’t keep up with his loan payments at the time.