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The old joke says that the way to make a small fortune is to start out with a large one and invest it in a football club. A salutary tale from Scotland shows how true this is. When hospital porter John McGuinness won £10m on the lottery, he accepted an invitation to join the board of Livingston football club. His £4m investment helped the club reach the Scottish Premier League and win the league cup in 2004. But success on the field was not mirrored financially for the new town club (whose ground you often see as you fly into Edinburgh Airport) and it crashed into administration. Mr McGuinness had used his personal fortune to guarantee club loans and they were called in. With big legal costs adding to his debts, he owes £2.1m to the Royal Bank of Scotland. He is said to have no money left and stands to have his house repossessed. He admits he was probably a bit naive over the football investment and says he now wants his life back the way it was before - without the football.
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