An Australian cricket legend, famed for terrorising England's batsmen during the Ashes, faced a dramatic financial collapse after a property venture left him with debts exceeding £20 million. Craig McDermott, a formidable fast bowler in the late 1980s and early 1990s, was declared bankrupt following the failure of his business interests, a stark contrast to his on-field success.
From Bowling Spearhead to Business Collapse
On the pitch, Craig McDermott was a central figure in Australia's attack, claiming 32 wickets in his final full Ashes series and securing eight five-wicket hauls against England. His career included being part of the 1987 Cricket World Cup-winning squad and taking 494 international wickets. However, his transition to business proved disastrous.
His property company, Maxen Developments Pty Ltd, collapsed in 2008. Liquidator Susan Carter reported the firm owed more than £9 million to investors, with over 100 fellow Queenslanders affected. One individual lost over £300,000. Furthermore, the business owed more than £11 million plus interest from loans with the failed finance company Bridgecorp.
Personal Struggles and a Coaching Lifeline
The financial implosion capped a difficult period for McDermott, who faced potential legal action over unpaid childcare costs following his second divorce. With his finances in ruins, he turned back to cricket to rebuild his life.
In 2011, he re-joined the Australian Test set-up as bowling coach. During his initial 12-month tenure, he was widely credited with revitalising Peter Siddle's career and helping introduce future stars Pat Cummins and Mitchell Starc to the Test side. He returned to the role in 2013, overseeing Mitchell Johnson's devastating bowling in the 5-0 Ashes whitewash of England. He later held coaching positions with Bangladesh and the Brisbane Heat.
Repeating Past Mistakes in Property
Despite his coaching success, McDermott ventured back into property investment with similar consequences. Through a new company, Aushome Developments Pty Ltd, he took out two loans totalling around £5 million to finance a project in Logan, south of Brisbane.
The company defaulted on both loans in 2022, leading the lender to seize control of the development to recover costs. This marked another significant financial setback for the former cricketer, illustrating the persistent challenges he faced away from the sporting arena.
The story of Craig McDermott serves as a poignant tale of sporting excellence contrasted with severe financial turmoil, a journey from the heights of Ashes glory to the depths of bankruptcy and a subsequent, if turbulent, return to the cricket world he once dominated.
