Daily Sport owner no longer for sale

Sport Media Group, owner of the Sunday and Daily Sport newspapers, says it is no longer considering a sale after agreeing new financing.

The group announced in February that it was exploring opportunities to sell the business “in part or whole” but says it no longer in discussions with any third parties.

The newspaper firm says its former owner David Sullivan and Gold Group International Ltd is providing a £1.7m loan initially for the next 18 months which has enabled the company to agree new long term banking facilities.

Sullivan will also return as “honorary publisher” role to help boost circulation and profitability.

The news comes as Sport Media reports turnover fell 19% to £11.7m in the six months to January 31. Underlying operating profit fell to £0.6m from £3.3m in the first half last year.

The company has been struggling with the decline in advertising revenue, confirming in January that it had broken one its banking covenants as well as stripping over £18m from the value of its newspapers.

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