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Sport newspaper loses £29m after a torrid year
THE publisher of the Daily and Sunday Sport newspapers was forced to rely on an emergency loan as its losses mounted up to almost £29m in the 18 months to the end of last year.
The paper’s former owner David Sullivan bailed it out with a £1.6m loan through his Roldvale vehicle.
The financial tsunami follows spiralling circulation figures for the newspaper famed for its “World War II Bomber Found on Moon!” headline.
Circulation averages 73,700 for the daily, down from 79,500 in 2009. The Sunday’s sales are 64,400, down from 77,500.
It was also rocked by the advertising drought, losing 14 per cent of its ad revenue, while its debts mounted up £1.3m to £11.7m.