Last month, SPMG's auditor said it could not be sure whether the company had prepared its accounts as a "going concern" - a term that refers to a company's ability to continue functioning as a business.
The Daily Sport was relaunched in April last year, but circulation fell from above 100,000 before the acquisition, to around 75,000 in December.
Today, SPMG said that following a number of "unsolicited approaches", the company was "exploring all opportunities to sell the business, in part or whole". The company did not reveal the identity of the would-be buyers.
It added there could be "no certainty that any sale of the business will proceed or that an offer will be made for the company".
Last month, Sport Media Group posted an £18.1m loss in the year to 31 July, after being forced to write down the value of its assets by £20.7m.
SPMG was forced to write down the value of Sport Newspapers, which it acquired for £50m in autumn 2007, by around one third - £18.4m. This and other write-downs led to the posting of the £20.7m impairment charge.
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