Carlton Cole has been declared bankrupt despite earning millions over a 16-year career playing in the Premier League and for England.

Most known for his time at West Ham, Cole once earned up to £30,000 per week.

The 34-year-old was told of the verdict at London's High Court and hopes his desperate situation can be a warning to young players exposed to the riches of the modern game.

"I hope my story will help young footballers to take responsibility for who they listen to and take advice from," Cole said.

(Image: Getty)

(Image: Getty)

(Image: EMPICS Sport)

"Unfortunately, I didn’t realise what was going on until my career was in the latter years and too late for me to turn things around."

Cole enjoyed a fine career after coming through the ranks at Chelsea, including seven caps for England.

His best spell came at West Ham, with 293 appearances and 68 goals for the Hammers over nine years.

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"Carlton Cole is currently working mentoring young people and footballers about the pitfalls of life and money," a statement on behalf of the player from the Sun read.

(Image: Scott Heavey)

(Image: REUTERS)

"He will be going into more detail in the coming weeks about the advice that contributed to this situation and the people he had around him who had a negative effect on his career and finances."

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Cole's future will be in youth development, with the launch of his CCTwelve Football Academy in East London.

Kids from aged seven to 14 will have the opportunity to play against professional academies and prove their worth.