Sportsman announcement expected next week

The Sportsman is due to make an announcement early next week regarding its financial status according to administrators currently making financial decisions for the sports betting daily.

Peter Kubik, of UHY Hacker Young chartered accountants, told Press Gazette that an announcement was expected “probably” on Tuesday.

Kubik and Andrew Andronikou, also of Hacker Young, have been in charge of the Sportsman’s finances since July 20 when the troubled title went into administration.

In July, Kubik said that the paper was looking for reinvestment of at least £1 million, which could come from new buyers or more cash from exising investors.

The Sportsman launched in March with initial private funding of £12 million and a stated aim of hitting a 40,000 daily circulation to break even.

But its last ABC (for May) was 16,315 — a figure which dropped to 12,762 when bulk give-aways were discounted.

There have been speculative reports that Irish investor and racing enthusiast Dermot Desmond, already a Sportsman shareholder, could provide some or all of the required reinvestment.

When the Sportsman went into administration Kubik said that small newspapers had expressed an interest and that there had “been interest from people who do a similar type of paper.”

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