Sport Media Group, publishers of the Daily Sport and Sunday Sport, may not be a "going concern", according to Mazars, a firm of international accountants and auditors. As the company prepares to send its annual report to shareholders tomorrow, it is still desperately trying to secure financing from lenders.
The group's share price fell 0.87, or 32%, to 1.88p, following Mazars' uncertainty about whether the accounts "give a true and fair view" of the company's affairs. It made a pre-tax loss of £18.2m for the year up to July, which includes a £18.4m write-down on the value of its papers since they were bought in 2007 from David Sullivan. (Via Daily Telegraph)
