Sportsman pulls up after short run

The Sportsman newspaper has been forced to stop the presses after spending
£12m in just over half a year.

UHY Hacker Young are overseeing the liquidation at the sports and betting
publication, which was Britain’s first new paid-for national daily newspaper in
two decades.

Investors decided to cut their losses after a ten-week search to secure
a confirmed backer proved fruitless. 

Ninety staff received the news that they no longer had jobs, in light of
existing shareholders being unwilling to bankroll an extra £350,000 to keep the
business afloat for another month while negotiations with a potential investor

The anonymous backer had requested more time to undertake due diligence but
shareholders were unprepared to grant the last-minute reprieve.

Andrew Andronikou of UHY told the Times: ‘I’m very disappointed. We had a
white knight who was keen to take it forward and it’s possible that we could do
something next week. But for now we’ve ceased to trade.’

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