Sullivan stepped in to loan the newspaper's publishers, Sport Media Group, £1.68m after falling revenues left it unprofitable.
Sullivan sold the newspaper to the company in September 2007 for £40m. Since then it has been hit by falling ad revenue and falling circulation.
The publisher plans to make ‘significant cost reductions' across all areas of its business. Its operating profit has fallen 82% to £637,000 for the six months up to 31 January. In the same period, a year earlier, SMG had an operating profit of £3.3m.
Revenue in the six months to 31 January was £11.7m, down from £14.4m over the same period the previous year.
Sullivan has pledged to return the newspaper to ‘basic wholesome page three'.
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