Mon, 04 Apr 2011 | BUSINESS SALE
Sport Media Group, the owner of The Daily Sport and Sunday Sport, has collapsed into administration with the immediate suspension of the publication of its newspapers.
The group had recently warned that its recovery had been ‘insufficient’ since the harsh weather in December last year.
Sport Media Group, which had struggled to meet the payment demands of creditors, is now seeking to appoint administrators. One task will be to seek a buyer.
Mr David Sullivan set up The Daily Sport in 1991, which was followed by the Sunday Sport, first printed in 1986. The papers are renowned for their outlandish article titles including “World War 2 bomber found on moon.”
The company negotiated a repayment break with RBS so that it could defer on its monthly loan repayments of £50,000 for six months.
At its peak in 2005, The Daily Sport’s readership reached 189,473, while circulation for its sister paper peaked at 167,473.
In 2009 sales of the papers fell dramatically, in response the group withdrew the titles from the official newspaper industry monthly circulation audit.
The Daily Sport was subject to a relaunch in April 2008 with new editors Barry Mcllheney and Loaded magazine founder James Brown. Mr Mcllheney explained his editorial focus at the time, “if it is not about sport, if it is not about girls and does not make you laugh then don’t bother.”
Sport Media Group reported losses of £29.16 million with revenues of £30.9 million for the year to 31 December 2009.
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