British sports paper backed by Desmond ceases trading

A British newspaper backed by the billionaire Irish financier Dermot Desmond has stopped trading after failing to secure further investment.

Ian Kehoe - avatar

Ian Kehoe

7th October, 2006

The Sportsman was only launched in March but went into administration last month after spending its budget of €17 mi l l ion. The newspaper stopped trading last Friday.

Desmond, one of Ireland’s wealthiest men, was thought to be keen on rescuing the business at one point, although the firm’s administrator has since said the businessman was not interested in investing further capital into the venture.

Other investors in the newspaper...

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