Daily sport in trouble

This was one credit crunch development that I was very happy to read about:

Sport Media Group, the Aim-listed publisher of the downmarket Daily Sport newspaper and its Sunday sister title, said on Wednesday that it was in breach of a covenant on a bank loan thought to represent about half of its £8m net debt.

The company, which in its most recent figures had a turnover of £14m in the six months to the end of January 2008, said the bank in question, which it did not name, had granted an extension to its facility for two months.

If we are lucky, we might even see that foul rag - the Daily Sport - close for good.