NZ Sportsworld in liquidation

By IRENE CHAPPLE

The New Zealand arm of Sportsworld Media Group is in liquidation after the collapse this month of its British parent.

The London-listed former Stock Exchange darling was put into receivers' hands on April 11.

On Tuesday night, PricewaterhouseCoopers was called in as liquidator of the New Zealand operation.

The collapse of the global media company is an astounding fall from grace. In mid-2000, it was valued at £480 million ($1.5 billion). Two profit warnings dropped the share price to 5.25p on April 2, before it was suspended from trading after failing to find a buyer for all or part of its business.

In New Zealand, Sportsworld Media signed a multimillion-dollar deal with the five Super 12 franchises in January. The contract was to introduce scrolling signage and large-screen entertainment, and the company said several million dollars would be invested in the new technology.

Receiver Richard Agnew said the deal was one of the company's more substantial contracts.

He would examine all company assets to determine the best way forward.

The Business Herald understands several companies are interested in buying the company's assets.

Sportsworld, which employs about 15 fulltime staff plus freelancers, has a sole director, Australia-based Michael Gower. He was unavailable for comment yesterday.

Sportsworld Media Group bought Uplink Sport, New Zealand's largest independent producer of sports television, for $7 million in July last year.