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05 Apr 2011
THE DAILY SPORT and Sunday Sport publisher has called in BDO administrators.
Dermot Power and Patrick Lannagan, restructuring partners at BDO, were appointed joint administrators to Sport Media and its subsidiaries Sport Newspapers and MoreSport.
Further reading
The companies ceased trading prior to the administrators' appointment, and all 80 employees have been made redundant.
Power, said: "The companies have been exploring restructuring and sale options and regrettably the cash flow problems being experienced as a result of historic trading difficulties, coupled with limited interest from third party investors or an acquirer for the business, have resulted in the companies ceasing to trade."
Both Power and Lannagan will seek a buyer for the companies which include newspaper titles, two adult content magazines and investment in digital content provider, Netcollex and Telecom 2. Both digital businesses will continue to trade as normal.
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