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Earlier this week, SPMG's auditor Mazars said it could not be sure whether the company had prepared its accounts as a "going concern".

In not saying the company is a "going concern", Mazars is declaring that it cannot be sure the group can stay in business for the next year.

However, in a statement entitled "Business as usual at Sport Media Group", SPMG today (30 January) said there were no changes "in the short-term trading position of the company".

The company said it is currently in negotiation with its bank to revise facilities, adding that it "continues to negotiate a number of financing options, and remains confident that a refinancing solution will be reached in the short term".

In August, Sport Media Group announced its pre-tax profits for the year to 31 July would surpass £6m, despite a flagging advertising market and a troubled start to the relaunch of its Daily Sport newspaper.