The sports betting newspaper has called in administrators having spent its initial £11.5 million start-up budget and failing to secure a further £4.5 million from backers.
Sales in the first four months have been well below the minimum circulation of 40,000 needed to break even causing founder and Managing Director Max Aitkin to leave the paper just three months after its launch.
While the betting paper is working on a revised business plan, managers denied that there are any plans to reduce the daily frequency nor that they have produced a strategy involving job cuts.
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