Eight staff and 30 freelances are out of work after Bernie Ecclestone decided to close EuroBusiness magazine.
The Formula One boss pulled the plug on the title just a week after closing his Formula One magazine.
The announcement took staff by surprise, as several publishers were known to have expressed an interest in buying EuroBusiness. Ecclestone is believed to have held talks with the Barclay brothers before Christmas.
Negotiations with Ink Publishing were believed to have been continuing right up until last week.
Many former staffers felt that, with sufficient investment, the title could have been a success. Although it was profitable during the dot.com boom, some claim it was often neglected in favour of the Formula One magazine.
“It’s a complete tragedy,” a source said. “There was no reason for it to shut. It failed because there was no marketing budget or strategy. Given the smallest amount of care and attention, it would have been successful.”
Tom Rubython joined forces with Ecclestone to relaunch EuroBusiness in 1999.
A spokesperson for Ecclestone declined to comment.
By Ruth Addicott