Last week, 31 months after its high-profile launch, the magazine ceased publication when its French parent company, Sport Media & Strategie, went into administration.
Sport is now on the hunt for fresh investment and Greg Miall, UK managing director, claimed to have had interest from "a number of interested parties".
Yet the magazine, which has never made a profit, has been down this route before and, according to sources, has been quietly touting itself to media companies for at least the past six months.
It is understood that rival free magazine publisher ShortList Media was among those approached, but decided against investing after looking at Sport's financial figures.
Hand-distributed in London every Friday, Sport has, for the most part, been well-regarded by commuters and those calling the shots at media agencies.
Andrew Power, press development director at Starcom, believes Sport's demise highlights the problem for brands "solely reliant on advertising revenues" in the current downturn.
ShortList founder Mike Soutar does not see this as a death knell for the sector, noting that critics do not voice concerns about paid-for magazines despite recent closures.
Soutar also claims his free title ShortList is a different proposition due to the commitment of its long-term investors, its national footprint and the experience of its management team.
ShortList's wider distribution - 505,970 against Sport's 317,257 in the latest ABCs - meant it could command considerably higher page rates, up to a 40% premium on Sport, of about £4,000.
Did industry experts see it coming?
Hannah Murphy, press development director at Vizeum
We knew Sport's parent company had been in trouble. If the market was stronger, this wouldn't have happened. I question whether it will find a backer. ShortList will benefit.
Greg Miall, managing director of Sport
Although the magazine is popular with readers, over the last few months we've seen several clients close down and cut advertising spend. I'm optimistic; we have had a number of approaches.
Rob Lynam, press account director at Mediaedge:cia
I think ShortList's more experienced team has helped. If you go through each issue of the magazine, you will find that ShortList has a larger pool of advertisers.
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