The Sportsman shuts its doors as money runs out

The news comes just six weeks after The Sportsman re-marketed itself as a title that would appeal more to racing enthusiasts, but its key rival, Trinity Mirror's Racing Post, was never challenged. The Racing Post recorded an ABC of 76,009 for August.

In comparison, The Sportsman's had modest circulation figures, which in May dropped to just 12,762. It failed to capitalise on the World Cup, had problems with distributors that forced it to withhold its ABC figures, and unsuccessfully attempted to find a backer -- circumstances that have now combined to force its closure.

Deedes said: "Ironically, our last recorded sale of 21,000 was not only our best day's sale since the launch period, but also corresponded to the figure set out as the breakeven under the new business plan."

However, the 21,000 figure quoted by Deedes is still a massive drop from The Sportsman's original breakeven figure of 40,000, cited when the title launched in April.

Deedes said: "To be shutting on a rising sale is somehow more heart-breaking than if we had been in steady decline. Our first thoughts are with the staff, who have put in a Herculean effort over the past weeks in very difficult circumstances."

It is understood that staff at The Sportsman will be paid until today and will receive a statutory amount of holiday pay.

Deedes paid tribute to the staff's dedication in the face of imminent closure: "Producing a daily newspaper places enough demands; to do it enthusiastically every night while the future is in doubt shows a dedication way beyond the realms of duty. I can only say thank you."

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