The UK-based firm, part-owned by France and Arsenal soccer star Patrick Vieira (pictured), saw trading in its stocks suspended earlier in the week.
According to media reports, a meeting has been called for March 28 to close the business 'voluntarily'.
Launched four-years ago its collapse is being blamed on the slump in the advertising market and for over expanding into too many sports.
It is believed the company lost more than $2.88m (EUR2.66m) over the past 18 months, despite the arrival of Matthew Patten, the founder of Saatchi & Saatchi's sports marketing division, being drafted in to help restructure the business.
Floated on the AIM stock market 15 months ago, shares reached a peak of 165p in 2001. When shares were suspended earlier this week they were priced at just 12p.
