Sport Media Group announced on April 1st that as a result of its “inability to meet certain creditors as they fall due” the company – publishers of the Daily Sport and Sunday Sport newspapers – had ceased trading. The announcement, posted on its website, added that it was in the process of appointing administrators.
Earlier that day the group suspended trading in its shares “pending clarification of its financial position”.
Dermot Power and Patrick Lannagan, business-restructuring partners at BDO LLP, were subsequently appointed joint administrators for Sport Media Group on April 5th and all 80 members of staff were made redundant.
The administrators are now seeking a buyer for the business’s assets, which include the two Sport newspapers and investments in digital content provider Netcollex and telecoms provider Telecom 2 – both of which are continuing to trade normally outside of administration.