Sportsman seeks cash injection as sales flag

A spokesperson at The Sportsman denied that the newspaper, which launched in March, was actively seeking extra shareholder revenue, but added that future investment would be welcomed.

Shareholders at The Sportsman, who include Michael Spencer, the chief executive of commercial banking service Icap, environmental campaigners Ben and Zac Goldsmith, and Andy Stewart, co-founder of brokers Collins Stewart, may now be asked to provide cash to prop up the title.

It is understood that The Sportsman's executives are currently working on a revised business plan to make the title appeal to horse-racing enthusiasts, a move which would put it in direct competition with Trinity Mirror's market-leading Racing Post.

Yesterday, the Sportsman said it would be withholding its official ABC circulation figures this month because of inconsistencies that have occurred as a result of changing distributors.

It had been hoped that the World Cup would contribute to a major sales push for June, but The Sportsman concedes its circulation is likely to be around 23,500, marking a marginal improvement on May's 22,333.

The Sportsman is still looking for a permanent replacement for managing director and founder Max Aitken, who left only three months into the newspaper's launch last month.

Aitkin oversaw the 18-month development phase of The Sportsman and, although his departure was described as amicable, it came as a blow to the title, which has yet to become a serious challenger to Racing Post.

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