Sport Media appoints BDO as administrators

SPORT Media Group has announced that it has appointed the Manchester office of BDO as administrators.

Dermot Power and Patrick Lannagan from the Manchester office of BDO have been appointed as administrators of Sport Media Group and its subsidiaries Sport Newspapers Ltd and Moresport.

It is now seeking a buyer for the Daily Sport and Sunday Sport newspapers, as well as for its digital content provider Netcollex and telecoms provider Telecom2. The latter pair are continuing to trade as normal outside of the administration process.

Power said: “The companies have been  exploring restructuring and sale options and  regrettably the  cash flow problems being experienced as a result of historic trading difficulties, coupled with  limited  interest from third party investors or an acquirer for the businesses, have resulted in the companies ceasing to trade. 

“The joint administrators are taking all necessary steps to maximise recoveries for the benefit of creditors and would welcome early contact with any interested parties.”