On 27 March 2002, Sportsworld announced that it was to seek the disposal of parts of its business as it had been unable to find a purchaser for the entire Company.
While the Company’s current debt facilities were to expire on 31 March 2002 the Company’s bankers had indicated their continuing support beyond this date whilst the sale of parts of the business continued.
The Board regrets to announce that although positive discussions have taken place with several parties interested in acquiring the separate parts of the business, the Company does not have sufficient working capital to continue trading while this process continues.
Consequently, the Board was left with no option but to ask its lenders to appoint an Administrative Receiver to Sportsworld Media Group plc (the parent company). The Company’s subsidiaries continue to trade under the control of their existing management.
Following the appointment of an Administrative Receiver such administrative receiver may make further announcements in relation to the existing sales process.
For further inforamtion please contact:
Tim Spratt / Tania Parsons
+44 (0)20 7831 3113