MANCHESTER based Daily Sport publisher Sport Media Group today said it was no longer in search of a buyer, after striking a rescue deal with David Sullivan, the previous proprietor, in which he will take an ‘honorary publisher’ role.

Mr Sullivan – who sold the media group nearly two years ago – will provide part of a £1.68m loan, as well as advice on increasing circulation and profitability.

The deal comes just months after the firm put itself up for sale after breaching one of the terms of its banking agreements.

Sport Media had tried to revamp its newspaper business last year, with a move away from more ‘smutty’ content to an offering of ‘sport, girls and funny stuff’ as it looked to attract more mainstream advertising.

Sport Media said that while the business had been profitable and circulation ‘reasonably steady’ until last November, the newspaper business had since suffered a trading loss.

This was blamed on a price war among the so-called red top tabloids that, combined with the economic slowdown, left circulation and advertising revenues ‘substantially’ lower.

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