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.
National Press
Troubled Sport Media Group up for sale
Tristan O'Carroll, 24 February 2009, 2:35pm
LONDON - Sport Media Group, publisher of the Daily Sport, has put itself up for sale after receiving several "unsolicited approaches".
For sale: Sport Media Group put on the market
- Account Director - Leading Media Owner, Sphere Digital
- 50- 60k + COMMS, London, South East
- Media Sales Executive, Hunt4Staff
- £16,000 to £20,000 basic + uncapped commission (OTE £40,000 +), Newcastle-Under-Lyme
- Business Development Director - Audience Platforms (DSPs), Sphere Digital
- 85k + 50k bonus, East London
- Publisher Development Director; Video RTB, Sphere Digital
- £50,000 - £70,000 plus OTE, London
- Digital Media Account Manager, Bullfrog Digital LTD
- Up to £35,000 Basic + Commission Structure, Shoreditch
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