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Sports Media Group shares suspended as questions raised over financial status


By The Drum Team, Editorial

April 1, 2011 | 2 min read

Publisher of the Daily Sport and the Sunday Sport newspapers, Sport Media Group, has had its shares suspended, as its financial status is clarified.

Questions have hung over the future of the newspaper group since the beginning of 2009, when auditors Mazars described the company as not being an ongoing concern after it breached its banking covenant.

Founder David Sullivan was forced to rescue the business later that year, while the company has also been forced into implementing major restructuring, with its turnover at the end of 2009 reported by Creditsafe as £30,937,000 and a pre-tax loss of -£29,164,000.

Interim results for six months until June 30 2010, released last month, showed that it declared an operating profit of £838,000, with the full financial results for 2010 expected to be published this month.

No one at Sports Media Group was available for comment at the time of writing.

Daily Sport Sports Media Group Sunday Sport

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