—Covenant breach: A statement from the company’s chairman today confirms a revised agreement has not been reached, but its bank has agreed to extend the current terms for another two months – while the company sets out on the urgent task of finding alternative forms of credit.

—Newspaper struggling: The Sport, famed for soft-porn spreads and outlandish headlines, is going through a rough patch. The company admits to “setbacks” in the past year – a lads’ mag-styled redesign saw circulation dip to 77,000 in November, far below the target of 100,000 to 110,000. And the company says that a 10,000-copy fluctuation in sales can mean a loss or gain of £2 million on an annual basis. Print display advertising for the papers is down by almost half year-on-year, and SMG warns of more cost-cutting to make ends meet. Classifieds are slightly up year-on-year and the company argues the newspapers were in a far worse state in 2007, when they were “almost entirely reliant on classified advertising revenue from the adult industry” and lacked direction. Newspaper costs have been cut by £1.6 million, though, mainly through redundancies.

—£50 million price tag: Some more details emerge from the results on just how Interactive World got its hands on Sport Newspapers in 2007 from longstanding proprietors David Sullivan and partners. The company paid a staggering £50 million, raised by way of a £5 million loan, a £5 million cash payment and through the issuing of more than 58 million shares worth £43 million.

Results.