Sven-Goran Eriksson 'duped into managing football minnows by businessman who promised billions in incredible fraud'
By Neil Sears
Last updated at 7:32 AM on 19th April 2011
Convicted fraudster Russell King, 52, fooled Eriksson and other victims by claiming to have links to the fabulously wealthy royal family of Bahrain, who he said wanted to invest billions in British firms.
As a result, King first secured a 49 per cent shareholding in an investment bank, then gained control of Notts County Football Club where he lured in former England coach Eriksson to be director of football with promises of shares worth £10million.
Conned: Sven-Goran Eriksson with the portly Russell King, right, at Notts County's ground
Russell King is believed to have been behind the bid to buy Notts County. Five months later the club was sold with debts of £7million
In the fraudsters most audacious move, he took Eriksson to North Korea as he signed a deal with the rogue states leadership which gave one of his front companies the rights to mine all the countrys gold, oil and iron ore, in return for £1billion from Bahrain.
After signing the deal, King nicknamed Lord Voldemort after the Harry Potter villain claimed one of his firms was worth $2trillion (£1.27trillion).
But the schemes all collapsed leaving millions in debts when the fabled Bahraini billions failed to turn up.
King is being investigated by the Serious Fraud Office, the Financial Services Authority, and Nottingham police. He is now on the run, although he denies any fraud. King is living in Bahrain and angry Bahraini officials have barred him from leaving the country.
Eriksson, 62 who cheated on his now ex-girlfriend Nancy DellOllio, 50, first with TV presenter Ulrika Jonsson then with FA secretary Faria Alam was left with a pile of shares not worth the paper they were written on.
Attracting the big names: Sol Campbell was one of the stars lured to Notts County
It was a bitter blow for the Swede, who earned £25million for five years managing England, then £2.5million for a year managing Manchester City plus £1.25million when sacked. He also demanded £3.5million a year to coach Mexico and then secured a £2million payoff when he lost the job.
In a report broadcast last night, Eriksson told the BBCs Panorama programme of his embarrassment at being taken in by King when he first accepted the job as manager of Notts County, then went on a trip to a palace in North Korea to meet officials from the communist leadership.
Eriksson said: I was in the palace and they were handing over to the North Korean government so-called shares.
I asked them how much that was because at the same time we couldnt pay the milk bill at Notts County and what they told me was not millions, it was billions of dollars.
They used my name. Of course they did. At the end it became a big, big mistake.
After the Notts County debacle, Eriksson managed Ivory Coast, and has most recently moved to Leicester City.
Eriksson said he joined King on a trip to the Pyongyang to persuade the hardline Communist regime to hand over gold mining rights in return for billions from Bahrain
King, who used to live with his wife Paula in a £900,000 house in Hampshire and a £4million house in Jersey, was convicted of fraud in 1991 and jailed for two years. His crime was to try to claim insurance for a £600,000 Aston Martin he owned, which he reported as stolen when he had hidden it in a garage.
In 2008 he approached the First London PLC bank, claiming that he was handling investments for the royal family of Bahrain and that they had billions to offer.
On this promise, he was given a 49 per cent share in the bank, despite it being a reputable firm. Using his links to First London, King then audaciously arranged a takeover of the Notts County, the oldest club in the football league, buying it from fans for £1.
Claiming to represent mysterious members of the Middle Eastern royalty, who wanted their names kept out of the headlines, he encouraged the lowly team to splash out a fortune on new players, and promised millions in shares to Eriksson.
King has since claimed to have simply been a consultant in the deal, but senior figures at the club have revealed that it was really he who was giving out instructions.
Because of his reluctance to be named, he was nicknamed Lord Voldemort, the Harry Potter villain also known as He-Who-Must-Not-Be-Named. After King had signed his North Korean deal, a firm he seems to have controlled, Swiss Commodity Holding, claimed its mining rights in the pariah state gave it assets worth $2trillion.
Swiss Commodity Holding then seems to have changed its name, and taken out an as-yet un-repaid £170million loan from the First London bank.
The bank has since gone into receivership with debts of £8.7million, while Notts County was left £7million in the red.
King claims he was neither a director, shareholder nor beneficiary or any of the firms.
Explore more:
People: Sven Goran Eriksson Places: North Korea, United Kingdom, Bahrain, Mexico Organisations: Financial Services Authority
Read more: Sven-Goran Eriksson 'duped into managing football minnows' by Russell King | Mail Online
By Neil Sears
Last updated at 7:32 AM on 19th April 2011
- Eriksson went to North Korea to seal deal on rights to mining gold, iron and coal
- Serious Fraud Office may probe BBC Panorama claims
Convicted fraudster Russell King, 52, fooled Eriksson and other victims by claiming to have links to the fabulously wealthy royal family of Bahrain, who he said wanted to invest billions in British firms.
As a result, King first secured a 49 per cent shareholding in an investment bank, then gained control of Notts County Football Club where he lured in former England coach Eriksson to be director of football with promises of shares worth £10million.
In the fraudsters most audacious move, he took Eriksson to North Korea as he signed a deal with the rogue states leadership which gave one of his front companies the rights to mine all the countrys gold, oil and iron ore, in return for £1billion from Bahrain.
After signing the deal, King nicknamed Lord Voldemort after the Harry Potter villain claimed one of his firms was worth $2trillion (£1.27trillion).
But the schemes all collapsed leaving millions in debts when the fabled Bahraini billions failed to turn up.
King is being investigated by the Serious Fraud Office, the Financial Services Authority, and Nottingham police. He is now on the run, although he denies any fraud. King is living in Bahrain and angry Bahraini officials have barred him from leaving the country.
Eriksson, 62 who cheated on his now ex-girlfriend Nancy DellOllio, 50, first with TV presenter Ulrika Jonsson then with FA secretary Faria Alam was left with a pile of shares not worth the paper they were written on.
It was a bitter blow for the Swede, who earned £25million for five years managing England, then £2.5million for a year managing Manchester City plus £1.25million when sacked. He also demanded £3.5million a year to coach Mexico and then secured a £2million payoff when he lost the job.
In a report broadcast last night, Eriksson told the BBCs Panorama programme of his embarrassment at being taken in by King when he first accepted the job as manager of Notts County, then went on a trip to a palace in North Korea to meet officials from the communist leadership.
Eriksson said: I was in the palace and they were handing over to the North Korean government so-called shares.
I asked them how much that was because at the same time we couldnt pay the milk bill at Notts County and what they told me was not millions, it was billions of dollars.
They used my name. Of course they did. At the end it became a big, big mistake.
After the Notts County debacle, Eriksson managed Ivory Coast, and has most recently moved to Leicester City.
King, who used to live with his wife Paula in a £900,000 house in Hampshire and a £4million house in Jersey, was convicted of fraud in 1991 and jailed for two years. His crime was to try to claim insurance for a £600,000 Aston Martin he owned, which he reported as stolen when he had hidden it in a garage.
In 2008 he approached the First London PLC bank, claiming that he was handling investments for the royal family of Bahrain and that they had billions to offer.
On this promise, he was given a 49 per cent share in the bank, despite it being a reputable firm. Using his links to First London, King then audaciously arranged a takeover of the Notts County, the oldest club in the football league, buying it from fans for £1.
Claiming to represent mysterious members of the Middle Eastern royalty, who wanted their names kept out of the headlines, he encouraged the lowly team to splash out a fortune on new players, and promised millions in shares to Eriksson.
King has since claimed to have simply been a consultant in the deal, but senior figures at the club have revealed that it was really he who was giving out instructions.
Because of his reluctance to be named, he was nicknamed Lord Voldemort, the Harry Potter villain also known as He-Who-Must-Not-Be-Named. After King had signed his North Korean deal, a firm he seems to have controlled, Swiss Commodity Holding, claimed its mining rights in the pariah state gave it assets worth $2trillion.
Swiss Commodity Holding then seems to have changed its name, and taken out an as-yet un-repaid £170million loan from the First London bank.
The bank has since gone into receivership with debts of £8.7million, while Notts County was left £7million in the red.
King claims he was neither a director, shareholder nor beneficiary or any of the firms.
Explore more:
People: Sven Goran Eriksson Places: North Korea, United Kingdom, Bahrain, Mexico Organisations: Financial Services Authority
Read more: Sven-Goran Eriksson 'duped into managing football minnows' by Russell King | Mail Online
