Sullivan buys back Sunday Sport
DAVID Sullivan, the founder of the Manchester-based Sport Newspapers business, has bought the Sunday Sport newspaper back from administrators.
Mr Sullivan, who is also co-owner of football club West Ham United, has concluded a deal with joint administrators BDO which will see the Sunday Sport newspaper being relaunched on May 8.
The newspaper has restarted with an initial staff of eight from new headquarters Anvic Developments’ City View House office building (formerly known as The Works Business Centre) at Ardwick in Manchester, close to the Mancunian Way.
The newly-formed company, Sunday Sport (2011) Ltd, will be run by managing director Mark Harris.
He said: “Anvic have helped us immensely, as we’re working to a tight schedule to get Sunday Sport up and running again.
“To find appropriate facilities was a challenge for a newspaper editorial team, as we have large data requirements and we need to be close to the action.
“Anvic’s flexible approach has been very helpful and they have been able to provide us with first class facilities on the edge of Manchester city centre. We’re only a few minutes from Piccadilly Station, so it’s great for commuting and means we have an easy connection to London.”
Paul Dawson, managing director of Anvic Developments, said: “We’re delighted to be supporting the relaunch of Sunday Sport as they move into our City View House facility.
“They were the first newspaper to break major stories such as ‘World War II Bomber found on Moon’ – so I’m very much looking forward to more of their incisive journalism!”
BDO confirmed that administrators Dermot Power and Patrick Lannagan concluded the sale of the Sunday Sport title and associated intellectual property to Sunday Sport (2011) Ltd on April 19. They are continuing to look for buyers of the Sunday Sport’s sister publication, the Daily Sport, and the group’s other publications.
Mr Power said: “The companies that published the Sunday Sport experienced cash flow problems as a result of historic trading difficulties and ceased trading prior to the administrators’ appointment. Given the difficult trading environment in the print media industry, we are pleased to have achieved the sale of the Sunday Sport title.”
Former parent company Sport Media Group was placed into administration on April 1. Both the Sunday Sport and Daily Sport titles were closed immediately, which led to 80 job losses.
It had been labouring under a debt burden incurred as part of the £50m reverse takeover by mobile content firm Interactive World which gave Sport Media Group its stock market listing in 2007.
Sullivan had stepped in to rescue the business in May 2009 offering an emergency loan of £1.68m which gave him share options equating to around 10% of the firm’s equity. However, despite a major restructuring exercise and a rescheduling of its debt the company fell into administration after one of its backers recalled a loan.
