In the midst of World Cup fever, spare a thought for the football fans who invested in Britain's only football fund. Investors bought into the Singer & Friedland Football Fund at its high-profile launch in February 1997 and have already lost 13 per cent of their money.

The fund, which is advised by television pundit and former Scotland international, Mr Alan Hansen, started off with £28 million but has since shrunk to £22.2 million. The fall means that fans who bought the hype with a £1,000 minimum investment 16 months ago will have less than £870 in the fund this week. But because of the fund's charges, disgruntled investors who sell now will only get £800, a 20 per cent reduction.

Something of an own goal!