The independent publisher of Sport First has secured a £3m investment from venture capitalists 3i, which will enable it to embark on increased marketing investment, editorial development and promotion, as well as the national launch of its Friday/Saturday edition.
Launched March 1998 (see First Issue Review – Sport First) by founder and publisher Keith Young, the paper, is distributed via around 40,000 retail outlets nationwide on Sundays, and, since last year on Friday/Saturday (see Sport First Plans Second Edition). The Sunday edition achieved a circulation of over 75,500 in its last ABC audit. A tabloid with a cover price of 70p, Sport First contains coverage, photography, analysis, comment and statistics on sport, on a preview basis for the Friday edition and on a review basis on Sundays.
Rumours have been circulating for some time that the paper was seeking investors (see Sport First Woos Investors) and last year new distribution partnerships were announced (see Sport First Creates New Distribution Partnerships). However, this injection of real funds will be welcome at the company, as Young explained: “[3i’s] support and commitment means that we have the opportunity to develop our business at a rapid rate. In the past year we have reduced our losses dramatically and increased our turnover by 100%. The investment means that we have the ability to develop the sports newspaper market in the UK- a sector that is incredibly successful in many other parts of the world.”
Richard Scott, who led the 3i investment, said it came as a result of the venture capitalist’s media sector focus and added “Sport First exploits a clear gap in the UK market for a national sports newspaper.”
Young will continue to hold a majority stake in the business and will also remain as publisher. Managing director Neil Webster and editor Chris Mann will continue in their current positions, while Andrew Brode, a chartered accountant who is chairman of technical translations group RWS, will join the Board of Directors as a non-executive director.
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