Former Everton striker James McFadden has reportedly been declared bankrupt, despite earning substantial wages during a lengthy Premier League career.
The 42-year-old, now a regular television pundit, is said to have accumulated debts totalling around £2.59 million.
Reports claim McFadden was declared insolvent after failing to clear significant outstanding tax bills owed to authorities.
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The former Scotland international enjoyed spells with Everton, Birmingham City and Sunderland, earning strong salaries throughout his top-flight career.
McFadden also represented Scotland 48 times, becoming a national hero thanks to several iconic international goals.
Tax issues and failed investment schemes
His financial difficulties are reportedly linked to historic property and film investment schemes dating back to the early 2000s.
Players were encouraged to invest after being promised tax benefits, which were later deemed tax avoidance by HMRC.
An insolvency trustee has now been appointed to recover funds for McFadden’s creditors under Scottish bankruptcy laws.
Reports suggest McFadden has declared no personal assets available, despite continued work in football media, reports Give Me Sports.
This is not the first time he has faced issues, having previously been taken to court by HMRC in 2018.
At that time, McFadden reportedly avoided bankruptcy after receiving financial assistance from a family member.
Despite off-field struggles, he remains fondly remembered for his stunning 2007 goal against France in Paris.
McFadden’s situation highlights how financial planning challenges can affect footballers long after lucrative playing careers end.
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