Scotland legend James McFadden made bankrupt as eyewatering debts of more than £2.5M revealed

SCOTLAND legend James McFadden has been made bankrupt with debts of more than £2.5million.

The Scotland legend and Sky Sports pundit, 42, applied for bankruptcy after his debts soared to £2,594,192.

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James McFadden is bankrupt after the Scotland hero racked up multimillion pound debtsCredit: Alamy

Hamilton Sheriff Court heard the ex-player sought help from a relative to settle the debtCredit: Les Gallagher

He was declared insolvent after failing to settle large tax bills — seven years on from narrowly avoiding a similar fate.

Faddy joins other ex-footballers including former Scotland team-mate Barry Ferguson and fellow TV pundit Chris Sutton, who have suffered cash crises after investing in UK film production partnerships during their careers.

Players were offered tax breaks to plough money into the industry but HM Revenue and Customs later ruled several schemes were a form of tax avoidance.

Trustee Paul Dounis, of Edinburgh-based insolvency specialists Opus Restructuring has now been appointed to try to recover cash owed to McFadden’s creditors.

But the ex-Motherwell and Scotland forward — who was on screen tonight commentating on Rangers’ Premiership clash with Aberdeen, has declared he has no assets available.

It comes after national agency Accountant In Bankruptcy approved his bankruptcy application last month.

His sequestration order lists his occupation as a commentator and links to a business called Sports and Media Consultancy Limited.

Wife Gillian is sole director of the company, which had funds of £25,796 in its latest accounts.

An Opus spokesman said: “We can confirm that James McFadden has voluntarily entered sequestration in Scotland.

“This follows losses connected to historic property and film investment schemes from the early 2000s and associated tax matters. All appropriate legal processes are being followed.”

We told how McFadden was previously taken to court by HMRC in 2018 over an unpaid tax bill.

Hamilton Sheriff Court heard he sought help from a family member to settle the debt.

Others who went bust while owing the taxman over the film schemes include former Celtic stars Sutton, Darren Jackson and Rab Douglas, as well as ex-Dundee United ace Billy McKinlay.

Ex-Rangers midfielder Ferguson was made bankrupt in 2017 with debts of £1.4million.

McFadden became a Tartan Army hero for his spectacular goals, including his stunning 30-yard, left-footed strike against France in Paris in 2007, which secured our famous 1-0 win in the Euro 2008 qualifier.

He was capped 48 times for his country.

The BBC analyst began his career with Motherwell before Everton signed him for £1.25million in 2003.

It is understood he earned tens of thousands of pounds a week in the English Premier League.

He moved to Birmingham City for £5million in 2008 but returned to Everton in 2011.

Two further spells with Motherwell followed plus stints with St Johnstone and Queen of the South before he retired in 2018.

McFadden declined to comment.

James McFadden covering tonight’s Rangers-Aberdeen game at Ibrox alongside Ian CrockerCredit: Willie Vass

The former Motherwell and Everton player is renowned for his famous goal against France in 2007Credit: AP:Associated Press