The Manchester-based published of The Daily Sport has announced today that it’s seeking a buyer.
Sport Media Group has confirmed it's already been speaking to a number of unnamed companies.
In a statement to the stock exchange the directors said there had been a number of "unsolicited approaches" and the "Board is exploring all opportunities to sell the business, in part or whole."
It comes after a rocky end to 2008, just a year after buying Sport Newspapers for £50m. Last month it had to write down their value by a third as it announced pre-tax losses of £18.2m.
At the same time directors admitted they were looking at refinancing options and that they were in "breach of one of [their] banking covenants." While the latter was negotiated, they received a 2 month extension on their bank facility. This runs out in a fortnight.
The financial struggles have come after what appeared to be a turnaround at the paper. They'd brought in experts, such as former Loaded editor James Brown and Barry McIlheney (Empire, Zoo) to move into the lads mag market.
The more adult content was put into a new magazine and they even brought in their first female editor-in-chief, Pam McVitie.
The company is now in an offer period and we’re told a further update will be provided soon.
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