Appointment of Administrators

 
TIDMSPMG 
 
SPORT MEDIA GROUP PLC 
 
                    ("Sport Media", "SPMG" or "the Company") 
 
                         Appointment of Administrators 
 
 
The   Company  announces  that  Dermot  Power  and  Patrick  Lannagan,  business 
restructuring  partners  at  BDO  LLP,  were appointed Joint Administrators over 
Sport Media Group plc and two of its wholly owned subsidiaries, Sport Newspapers 
Limited  and  Moresport  Limited  ("the  Companies"),  on  4 April  2011 by  the 
Directors of the Companies. 
 
The  Joint Administrators will  continue to seek  a buyer for  the assets of the 
Companies,  which include the Newspaper titles  and the Group's investments in a 
digital  content provider (Netcollex Limited) and a telecoms provider Telecom 2 
Limited).   Netcollex Limited and Telecom 2 Limited  continue to trade as normal 
outside of Administration. 
 
Dermot  Power, BDO  business restructuring  partner, said:   "The Companies have 
been  exploring restructuring  and sale  options and  regrettably the  cash flow 
problems being experienced as a result of historic trading difficulties, coupled 
with  limited  interest  from  third  party  investors  or  an  acquirer for the 
businesses,  have  resulted  in  the  Companies  ceasing  to  trade.  The  Joint 
Administrators  are taking  all necessary  steps to  maximise recoveries for the 
benefit  of  creditors  and  would  welcome  early  contact  with any interested 
parties." 
 
Due  to  the  early  stage  in  the administration, the Joint Administrators are 
unable to comment further at this time. 
 
 BDO LLP 
 
 Patrick Lannagan/Dermot Power   Tel: [phone] 
 
 
 
 Daniel Stewart & Company plc 
 
 Oliver Rigby/Noelle Greenaway   Tel: + 44 (0) 20 7776 6550 
 
 www.danielstewart.co.uk 
 
 
 
 
 
 
 
 
 
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Source: Sport Media Group PLC via Thomson Reuters ONE 
 
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