The London office of Worldsport Networks Europe Limited which
publishes Worldsport.com, the UK-based sports web site, has been
forced to close due to financial difficulties.
Administrators were appointed in July at which time half of the
company’s 180 staff were laid off. They have been searching for
investors ever since but have now announced that none could be
found. The company at least £5.4 million to pay off its debts,
including a significant unpaid tax bill.
The company’s administrators said that there are sufficient
funds to pay three months of severance pay to remaining staff.
The site had secured a deal with the General Association of
International Sports Federations to web-cast its members sporting
events for which it paid each member around £40,000. However, TV
broadcasters had prior rights, meaning that Worldsport.com was
obliged to broadcast events after a 24 hour time lag. The delay
meant it lost out on potentially lucrative advertising.
