Scottish footballers lose out as media veteran's firm goes bust

A COMPANY run by former tabloid journalist Steve Sampson and which attracted investment from a number of Scottish Premier League footballers was yesterday put into liquidation.

Scottish Enterprise successfully petitioned the Court of Session to have Grant Thornton appointed provisional liquidator to TalentNation, a website set up in 2007 to blend social networking with young people's sporting achievements.

Sampson, a former Daily Record director and Sun Scottish editor, created the business which hoped to make a profit from advertising and sponsorship.

The company raised 2.6 million and was backed by Scotland stars Kenny Miller, Gary Naismith, Gary Caldwell and Scott Brown who each invested an estimated 25,000 for a 0.5 per cent stake. Scottish Enterprise paid 1m to acquire 20 per cent.

But the company has been loss-making and the agency said it had made several unsuccessful attempts to resolve matters through more conventional routes. Yesterday's court action was the first time it had used this process.

A spokesman said. "We have had grave concerns for some time. After substantial investigation and professional advice we have no choice but to ask the court to appoint a liquidator to take appropriate action in the interests of the taxpayer and those dealing with the company."

SE yesterday defended its decision to pour money into the venture. It said: "Scotland's risk capital market is the healthiest in the UK and this model of investing in Scottish companies is widely recognised as being a key factor in this. Our investments have helped to generate more than 500m for some of Scotland's most ambitious growing businesses since 2003."