Sportsman to reveal buyers as five are made redundant
LONDON - The Sportsman newspaper says it is extremely confident that negotiations about the sale of the business will be finalised within the next two weeks.
The adminstrator with UHY Hacker Young said that it was in talks with a number of parties as five redundancies were made at the paper.
However, UHY Hacker Young stressed the majority of the paper's 100-strong team would be safe, because it was looking to secure a purchaser "committed to investing a substantial sum towards working capital".
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The Sportsman went into administration on July 20, and has been looking to secure around £1m worth of additional funding, having already used the majority of its £12m start-up cash.
Andrew Andronikou, partner at UHY Hacker Young, said: "We are extremely confident that the negotiations over the sale of the business and its assets, which have been taking place with a number of interested parties, will be concluded within the next seven to 10 working days."
He added that the support of the title's suppliers and editorial staff had ensured a smooth transition into administration, allowing it to fast-track efforts to secure The Sportsman's future.
"Although some redundancies have been made, the majority of the 100-strong team will have their jobs safeguarded," Andronikou added.
The title, which is currently withholding its circulation figure after discrepancies occurred when switching distributor, claimed a May figure of 16,315.
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The Sportsman: five job losses
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