Freddy Maertens - Financial Problems

Financial Problems

Maertens and his wife were naïve about money. Carine Maertens said money “flooded in” when her husband reached the top as a professional. Maertens estimated his earnings throughout his career as 10-15 million French francs, “which was a lot of money in the 1970s.”

Carine Maertens said: “We let ourselves be sweet-talked by sponsors, team directors, managers, architects, accountants, tax advisers, bankers, investment advisers, doctors. We believed all these people. We believed them because they dressed well and they’d been to school and they could talk well. We had no experience with money, fame, celebrity. We built far too large a villa, we borrowed money until we were raw, we invested in businesses we knew nothing about. We were honest people who trusted others, who never knew there was such nastiness in the world. By the time we realised what was happening, our bank accounts had been plundered. We had a chic villa and not a franc between us.”

The Flandria team was riding the Giro d'Italia when it heard rumours of trouble at the Flandria company. He received only half his salary in 1978 and none of the cash to be paid without its being registered in the accounts. In 1979, he was not paid at all. He lost money entrusted to others to invest, including 500 000 francs in the Flandria Ranch, run by his sponsor. He also lost 750 000 francs in a furniture business which burned down. By then he was being challenged by the tax authorities. He won little of significance. He said he was riding for nothing during the day and spending every evening with lawyers. He still disputes the tax that the government demanded. He and his wife lost their house, their car and their furniture.

He owed interest on interest and lost all he had. He calculated his tax bill at 30 million francs . He insisted he owed 1.5 million francs . He spent long periods without a job and without unemployment benefit and his wife cleaned houses. The problems lasted 30 years. They ended on 10 June 2011. He felt so bitter about Paul Claeys - “not a good guy; he promised and promised and...” - that he refused to attend his funeral in 2012.