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March 5, 2009

Sport Media Group wins more time to get finances in order

By Jon Slattery

The owner of the Daily Sport and Front magazine has told the City it has negotiated an interim extension to its existing bank facilities.

Sport Media Group said the interim agreement had come while discussions about the longer term facilities are being finalised over the coming weeks.

In a statement to the London Stock Exchange, the board said it remained optimistic that longer term facilities will shortly be agreed, but nonetheless continues to explore all other possibilities to secure the group’s future.

In January, the company was given two months by its banks to reorganise its finances after it breached one of its lending agreements. That has now been extended.

The Manchester-based publisher was formed in 2007 when digital content firm Interactive World bought Sport Newspapers.

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