The Sportsman Could Announce Rescue Bid

The Sportsman is believed to be on the verge of securing a rescue package, with an announcement as to the paper’s future being made this week, according to reports in the trade press.

Robin Holt, currently a director of Swindon Town Football Club, is reported to be taking over from acting MD Mark Maydon, appointed following Max Aitken’s departure in June.

The Sportsman went into administration in July (see The Sportsman Goes Into Administration) following poor sales.

The administrators for the betting paper, UHY Hacker Young, have said that additional funding of £1 million is needed, although this may not be enough to secure the paper’s future in the long term.

There have been five redundancies at the paper so far, although UHY Hacker Young has emphasised that the majority of the 100-strong work force will be secure.

The Sportsman: www.thesportsman.com