Despite the spectacular start to the World Cup, which saw Senegal unexpectedly defeat France in the tournament opener, Bruce Mackay and Colin Haig of top ten accounting firm Baker Tilly were appointed this morning as administrators to Sports.com Limited in the London High Court.
Mackay said cutbacks in advertising budgets across Europe, coupled with high operating costs, were the root cause of cashflow problems at the company, which publishes www.sports.com as well as handling Manchester Unitedûs online advertising and official betting for Arsenal.com.
The administrators hope that with the benefit of restructuring the businesscan be sold as a going concern.
Mackay said: ‘We think there is a possibility of selling the sports.com website and we intend to keep it running through the World Cup. However, it is vital in the interests of everyone involved that we secure the support of key suppliers, advertisers and sponsors, and of course the public who use the site.’
Sports.com has European subsidiaries in Italy, France, Germany, Italy andSpain, which although not in administration are for sale.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children