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Daily Sport calls in BDO 5 April 2011

The newspaper, which once ran with the headline ‘Shoot You Sir’ while covering the murder of fashion designer Gianni Versace, stopped trading on Friday April 1 before administrators were appointed and 80 staff made redundant.

BDO business restructuring partners Dermot Power and Patrick Lannagan were appointed joint administrators over parent companies Sport Media Group, Sport Newspapers Limited and Moresport Limited.

Sport Newspapers Limited and Moresport, based in Manchester, were the publishers of the Sunday and Daily Sport newspapers and two adult content magazines.

The administrators are now seeking a buyer for the assets of the companies, although reports suggest the markets have shown limited interest so far.

If a buyer is not found, the Daily Sport will be the first national newspaper to close since Rupert Murdoch pulled the plug on Today, the mid market tabloid, in 1995.

The group’s other interests include a digital content provider and a telecoms provider. These two will continue to trade as normal outside of administration.

Dermot Power, BDO business restructuring partner, said: “The companies have been exploring restructuring and sale options and, regrettably, the cash flow problems experienced as a result of historic trading difficulties, coupled with limited interest from third party investors or an acquirer for the businesses, have resulted in the companies ceasing to trade.

“The joint administrators are taking all necessary steps to maximise recoveries for the benefit of creditors and would welcome early contact with any interested parties.”

 

 

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