Vieira sports firm collapses

Vieira sports firm collapses

Vieira is a shareholder in the stricken firm

A sports marketing firm part-owned by Arsenal football star Patrick Vieira has collapsed.

World Sports Solutions specialises in brokering lucrative endorsement deals for top sports stars.

Its glittering client list includes England and Manchester United player Rio Ferdinand and jockey Richard Johnson, boyfriend of Zara Philips.

But the company, which is headed by Tory peer Lord Taylor, has been hit by a slump in the sports marketing industry.

Rio deal

It was launched four years ago by Micheal Franan, the man responsible for helping to build Manchester United into a global brand.

Rio Ferdinand is the face of Ben Sherman

Initially based in Manchester, it signed up the cream of the football world including Real Madrid star Luis Figo and the Williams Formula One team.

It was also hired by Leeds football club to mend its tarnished image in the wake of the Jonathan Woodgate and Lee Bowyer trial.

The company was listed on the alternative investment market (AIM) 15 months ago.

Earlier this year, it helped transform Rio Ferdinand into the "face" of Ben Sherman shirts, in a three year deal.

Losses

Mr Franan quit the company earlier this year to be replaced by Matthew Patten, founder of Saatchi and Saatchi's sports marketing division.

Mr Patten set about restructuring the company, but it was not enough to prevent it racking up losses of £1.8m over the past 18 months.

A source close to WSS said it had been hit by a downturn in the advertising market.

But, he added, it had also branched out into too many areas, such as golf, when football and Formula One where the only activities which made money.

The company has also come under pressure from investors who loaned it money when it was still a private company.

Its shares, which touched 165p after its 2001 float were suspended by the stock exchange at 12p.

It has called an emergency general meeting for 28 March to close the business voluntarily.

It is understood WSS could be sold off or agree to a managment buy-out.